Family always comes first, but more advisors are relying on accountants and lawyers for referrals, according to a new study from Cerulli Associates.
Centers of Influence, or COIs, could be CPAs, lawyers, or other professionals. The Cerulli report – U.S. Advisor Metrics 2025: Collaborating for Sustainable Organic Growth – says that, while referrals from clients, friends, and family are still the biggest drivers of new business, collaboration with COIs and forming strategic alliances is proving increasingly effective for driving engagement with both clients and prospects.
The research, which surveyed financial advisors operating across all channels, including wirehouses, RIAs, and broker dealers, found that family, friend, and client referrals accounted for 52.4% of new clients. However, COIs helped bring in 13.9% of new clients, making them the second most common source of new business.
Survey respondents said that the top three most effective strategies for forging strategic alliances are joint meetings with clients or prospects, connecting over mutual interests, such as golf, wine, or art, and starting partnerships by making client referrals to the other professional.
Andrew Blake, associate director at Cerulli, explained that 63% of practice management professionals find working with COIs or forming strategic alliances to be highly effective marketing strategies. “This strategy not only generates new introductions but also offers clients a broader range of services, as the advisor benefits from close connections with those providing different expertise,” he said, in a statement.
“Partnering with other professionals, such as CPAs and attorneys, creates a mutually beneficial relationship, leading to more high-quality referrals, fostering trust with clients through expert recommendations, and broadening the advisor's professional network,” Blake added. “This collaboration is essential for expanding practice capabilities and driving sustainable growth.”
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