New Ficomm Partners Research Challenges Industry Assumptions on Organic Growth: Half of $5M+ Investors Found Advisors Without Referrals

Study shows reduced reliance on referrals, increased use of multiple touchpoints, and early AI adoption

IRVINE, Calif., June 3, 2026 /PRNewswire/ -- Ficomm Partners today released new research surveying 1,000 investors across three investable asset tiers to examine how investors find, evaluate, and select an advisor. The findings show that referrals are no longer the primary way investors with $5 million or more in investable assets find an advisor, and that investors across wealth levels are using multiple touchpoints, including digital channels and AI tools, to evaluate advisors before selecting one, reflecting a broader shift in how firms generate organic growth.

The findings highlight a broader shift in how high-net-worth (HNW) investors are finding financial advisors, with the most pronounced changes among those with $5 million or more in investable assets.

Key Findings Include:

• 50% of investors with $5M+ in investable assets found their advisor with no referral involved, while only 31% of that group relied on a referral alone
  
  
• AI is already part of the advisor selection process, with nearly 9% of all respondents reporting that they used an AI-driven tool to find an advisor, rising to 25% among respondents under 45 and 15% among those with $5M+ in investable assets
  
  
• 18% of respondents overall used four or more methods to find an advisor, compared to nearly half of respondents under 45
  
  
• Respondents who used multiple methods to find their advisor are more likely to refer their advisor to others¹
  
  
• 73.8% of respondents said the most important factor in choosing an advisor was demonstrating an understanding of their specific needs

"These findings challenge one of the most persistent assumptions in the industry that higher net worth investors rely primarily on referrals," said Meg Carpenter, CEO & Co-founder at Ficomm Partners. "Even among investors with $5 million or more in investable assets, that's no longer the case. Referrals are still important, but they're rarely the only factor. Investors are forming opinions across multiple touchpoints before they ever speak to an advisor. The firms that are growing are the ones showing up consistently across those moments. That's what drives organic growth today."

This shift reflects a broader change in how advisory firms generate organic growth, moving from reliance on a single channel to a system of connected touchpoints. The findings show a clear connection between how investors find an advisor and whether they go on to refer others. Investors who engage across multiple touchpoints are more likely to refer, as those interactions reinforce trust and validate their decision.

"This reflects a pattern we've seen consistently in our work," said Julie Littlechild, Founder of Absolute Engagement. "Clients are often willing to refer, but that intent doesn't always translate into action. What's compelling here is that investors who engage across multiple touchpoints and validate their decision are more likely to refer others to their advisor. It shows that how clients find you is closely connected to how they advocate for you."

These findings build on Ficomm's previous consumer research, which identified a broader shift away from reliance on referrals and toward the use of multiple touchpoints in the process of choosing an advisor. This latest study extends those insights by examining how those behaviors show up among high-net-worth investors, including those with $5 million or more in investable assets.

The full research report, The New Growth Equation, is available at ficommpartners.com/new-growth-equation.

¹ Referral activity findings sourced from Absolute Engagement's client engagement research.

About the Study

The study was conducted by Ficomm Partners in partnership with Absolute Engagement and surveyed 1,000 investors who currently work with a financial advisor. Respondents were segmented across three investable asset tiers: $500,000 to $999,999, $1 million to $4.9 million, and $5 million or more. The research examines how investors find, evaluate, and select financial advisors, including the role of referrals, digital channels, and emerging tools such as AI in the advisor selection process. The study also explores how different discovery methods influence client behavior, including their likelihood to refer others.

About Ficomm Partners

Founded in 2012, Ficomm Partners is an embedded growth partner for RIAs and wealth management platforms. Ficomm drives meaningful business results through an aligned marketing strategy and scalable advisor marketing services, leveraging decades of industry expertise, multiple disciplines, and our human approach to extend the meaningful impact of financial advice. For more information about Ficomm, please visit www.ficommpartners.com or follow us on Twitter, LinkedIn, and Instagram.

SOURCE FICOMM PARTNERS