For years, referrals have been considered the gold standard for growth in the financial advisory space. And for good reason: being referred by a trusted source can create an immediate sense of credibility and connection.
But in 2025, the data tells us that something is shifting.
In our 2025 Annual Growth Study, referrals were narrowly edged out by organic marketing for the first time in the survey’s history. Organic marketing—like content strategies, SEO and education-based outreach—accounted for 28% of new client growth, surpassing the 24.5% attributed to referrals. The difference is slight, but the implications are significant.
This doesn’t mean referrals no longer matter. They remain powerful. But they may not be enough on their own to sustain growth, particularly in today’s competitive, digital-first environment.
That observation hits close to home. In my own experience, my parents each have financial advisors. Despite that, not one of their advisors has ever reached out to me, even though, respectfully, I have more investable assets than they do. It’s a missed opportunity, and I don’t believe it’s an isolated one.
The question is: Why aren’t more advisors actively growing with the business development tools already at their disposal?
Technology now gives advisors more power than ever to understand their clients deeply, anticipate needs, and engage prospects meaningfully. CRM platforms are rich with insights waiting to be activated. When paired with modern marketing and communication tools, such as email marketing and client engagement platforms, they become engines for growth.
That’s why the most effective growth strategy today isn’t choosing between referrals and digital, it’s combining them. According to our growth survey, advisors say content marketing and SEO are now their top-performing lead sources, even outperforming ads, social media and in-person events. Yet referrals still account for nearly a quarter of new client growth, making them a powerful complement.
But attracting attention is only the first step. Once leads come in, 68% of investors say they’d consider switching to an advisor who communicates more clearly and uses better client-facing technology. And 88.6% want to hear from their advisor monthly or quarterly, reinforcing that clarity and consistency aren’t extras, they’re now expectations.
Put simply, investors are asking for transparency, visibility and tools that support better decisions. The advisors who deliver that experience, online and in conversation, are positioned to win the trust and loyalty of today’s and tomorrow’s clients.
Growth in this new era may look different from that in the past. It’s less about hoping for the next introduction and more about building a client experience so compelling that people want to refer you. When advisors lead with clarity, communicate proactively and make use of the technology available to them, growth becomes a natural outcome.
If you’re an advisor reading this, ask yourself: Are you making it easy for the next generation of clients to find and engage with you? Are you leveraging the full potential of your tools to deepen trust and drive action?
We believe growth is still within every advisor’s reach, but it now takes more intention, more clarity, and a more proactive mindset than ever before.
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