For decades, the wealth management industry has treated referrals as the gold standard for organic growth. A new study from Ficomm Partners and Absolute Engagement suggests that while referrals remain important, they are no longer sufficient on their own—especially among the ultra-high-net-worth clients that many advisors covet.
The survey, which polled 1,000 investors currently working with a financial advisor, found that 50% of respondents with at least $5 million in investable assets discovered their advisor without any referral. Only 31% of that cohort relied exclusively on a personal introduction. The findings challenge a long-held belief that affluent clients are won primarily through word-of-mouth and personal networks.
Among all respondents, referrals were still the single most common source of advisor discovery. However, 15% of investors reported receiving a referral and then using at least one additional method—such as online research, social media, or review sites—before reaching out. Younger investors showed even less dependence on referrals: 59% of those under age 45 found their advisor without one, and just 8% relied solely on a referral.
Digital channels played a significant role in the search process. Respondents cited advisor websites, Google searches, social media platforms, YouTube, and online reviews as part of their evaluation. Notably, nearly 9% of all respondents said they used an artificial intelligence tool—such as ChatGPT, Gemini, or Claude—while searching for an advisor. That figure jumped to 25% among investors under 45 and 15% among those with more than $5 million in assets.
The study also examined what factors mattered most when choosing an advisor. Nearly 74% of respondents said it was “very important” that an advisor demonstrated an understanding of their specific needs—ranking higher than staying in touch regularly, sharing relevant content, or helping clients think about future goals. This finding underscores the importance of personalized communication, a topic that has gained attention in the industry. For example, a recent Nationwide survey found that 34% of women investors find advisors condescending, highlighting a communication gap that can undermine trust.
The results carry implications for practice management. Advisors who rely heavily on referrals may need to bolster their digital presence and invest in content that demonstrates expertise. As the ICI data shows, even retirement-plan participants are becoming more discerning, with 60-somethings exiting target-date funds at twice the rate of younger investors. For RIAs and broker-dealers, the message is clear: a multi-channel approach to client acquisition is no longer optional.
Ficomm Partners and Absolute Engagement plan to release additional findings from the survey later this year. The full report is available to industry professionals upon request.
