The 2018 fourth-quarter market downturn significantly slowed RIAs’ asset growth last year, but they were able to continue growing their client base and revenue at a healthy clip, according to news reports.

Assets under management at RIAs grew just 5.9% in 2018, compared to 17.4% the year prior, said Vanessa Oligino, a director at TD Ameritrade Institutional, at the company’s Elite LINC conference recently, citing the firm’s survey of more than 400 RIAs, according to

At the same time, however, RIAs’ revenue grew on average 14.3% last year, which was slightly higher than the year prior, the web publication writes. And RIAs’ client base grew 7.5% in 2018 which, while slightly lower than the year prior, was still better than all other other years since TD Ameritrade started the survey 10 years ago, according to

In addition, revenue per revenue-generating employee was an average of $547,000 last year, or 14% higher than the year prior, according to TD Ameritrade, the web publication writes. Lead advisors’ compensation rose 12.5%, although associate advisors’ revenue dropped 8.5%, the survey found, according to the publication.

TD Ameritrade also found that 80% of RIAs in the top quartile in terms of revenue growth have acquired another firm in the past five years, compared to less than half of other large RIAs, writes. Top-growth RIAs also boosted the number of full-time employees by 12% from 2016 to 2018, three times higher than lower-performing large RIAs, TD Ameritrade found, according to the web publication.