U.S. advisors are looking to grow their businesses as financial markets improve by focusing on marketing, investing in technology, and enhancing service levels, according to a recent survey.

According to the survey of registered investment advisors released Friday by TD Ameritrade Institutional, independent advisors are taking advantage of dissatisfaction with Wall Street by making marketing the top area of increased investment, at 64%, up 11% from three months earlier.

There are also signs that RIAs are having some success with 60% reporting they are continuing to bring in new business, primarily at the expense of traditional wirehouses and broker-dealers (they estimate that 65% of new client assets are coming from full commission brokerages).

Additionally, 52% are increasing client contact, and ranking improving client service as a critical business focus for 2010. And, the survey found that investing in technology to streamline back offices and provide scale for continued growth remains another area of importance, with 61% of advisors reporting that they have increased their investment in technology by upgrading existing systems, purchasing new technology and enhancing training.

Independent advisors also remain bullish on the markets, the survey found, allocating 48% of client assets to equities. Although that optimism is tempered by concerns over unemployment rates, deficits and other potential global macro issues.

But independent advisors now consider the pending changes in the regulatory environment as their top area of concern, the survey reports, with nearly half of advisors worried about regulatory changes vs. just 9% one year ago.

Separately, TD Ameritrade also issued a white paper about the impact of proposed regulatory reform on investors and financial advisors. It cautions against adopting a common fiduciary standard for brokers and advisors.

“Although some proponents of regulatory reform would like all individuals providing financial advice to function as fiduciaries, we believe that the broker-dealer model and the independent RIA model both play important roles in our financial system and serve the unique needs of investors. However, for the two models to co-exist, a clear line of distinction needs to be drawn between them so investors can more easily understand the differences between the two. We believe it is time to re-examine the legislation regulating the provision of investment advice,” it says.

The survey was conducted by Maritz on behalf of TD Ameritrade using a random sample of 507 registered investment advisors contacted between Dec. 2 and Dec. 17, 2009. The margin of error in this survey is plus or minus 4.4%

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