A staggering 75% of advisory clients left or considered leaving their advisors in 2023, according to a recent YCharts survey. This alarming trend highlights the shift in the financial advisory landscape, with clients increasingly seeking better communication, service, and guidance from their advisors.

Paying for qualified prospects from lead-generation services, can be profitable provided that the proper processes are in place to capture, follow up with, and nurture new opportunities.

RIAs must grow sustainably in order to achieve the scale needed to deploy the latest technology systems and build out a centralized infrastructure. Relying wholly or primarily on referrals is a foolhardy strategy.