The firm said the number of new advisors to join its network “continues to increase rapidly,” highlighted by the fact that last year saw a 30 per cent hike in the number of new advisors from 2010.

“For the second year in a row, a record number of advisors joined SEI,” said Wayne Withrow, executive vice president and SEI advisor network business leader.

Withrow added that advisors are seeking ways to spend more time “attracting and keeping clients,” with less time dedicated to administrative and business activities.

Last year SEI expanded its investment solutions, practice management support and back-office administrative services - the business’ three core functions. More specifically, the firm promoted three managed volatility funds: the US Managed Volatility fund, the Global Managed Volatility fund and the Tax-Managed Volatility fund.

From a back-office administrative perspective, SEI said it had focused on enhancing numerous technology tools, including its advisor transaction portal to help streamline transactions.

SEI provides financial advisors with turnkey wealth management services through outsourced investment strategies, administration and technology platforms, and practice management programs.

The firm’s network consists of over 4,900 advisors, who manage an aggregate $30.4 billion in assets under management, as of 31 December 2011.