Stephen Beach and Faustin Weber discuss their thoughts on the survey results and implications for RIA firms looking to grow.
👇 Watch the full discussion below:
Co-Founder Stephen Beach & Strategist Faustin Weber discuss Ensemble Practice Survey Results.
Craft on Tap Ep 15 Podcast Takeaways & Summary
Key Takeaways:
- Affluent Investors Rely on Referrals: 23% of wealthy investors start their advisor search by asking friends and family, while 18% ask their CPA or other trusted professionals. Only 11% begin with online research.
- Large Firms Are Losing Clients: 52% of investors actively shopping for new advisors currently work with large firms (1,000+ advisors), compared to just 6% from smaller firms under 100 advisors.
- Pricing Transparency Matters: 44% of affluent investors want to see pricing information and fees on advisor websites - yet most RIA sites don't include this critical information.
- CPAs Are Underutilized Referral Sources: CPAs represent the second-most common starting point for affluent investor searches, but most advisors treat these relationships as afterthoughts rather than strategic partnerships.
- Comprehensive Planning Wins: Investors consistently prioritize comprehensive financial planning covering all life aspects over pure investment management services.
- Firm History Builds Trust: 34% of affluent investors want to see firm history on websites, suggesting they value stability and longevity when choosing an advisor.
Important links:
- Ensemble Practice: How Investors Choose 2025: Understanding how Consumers Select a Financial Advisor
- How People Choose an Advisor…And Who’s Looking for a New One
Podcast Summary: Investor Survey Results & Insights
Who is Actively Shopping?
Here's what jumped out immediately:
20% of all investors say they're likely or very likely to proactively seek a new financial advisor in the next two years.
When you break down where these "shoppers" are coming from:
- 52% currently work with large firms (1,000+ advisors)
- 39% work with mid-size firms (100-1,000 advisors)
- Only 6% work with smaller firms (under 100 advisors)
This is validation for smaller RIAs, and it's a massive opportunity signal.
How the Search Begins
Forget everything you think you know about digital marketing for a moment.
When affluent investors ($1-5M net worth) start looking for a new advisor:
23% ask friends, family, and colleagues for referrals. 18% ask their CPA or other trusted professionals. Only 11% start by researching online.
Compare this to the general population, where 30% start with personal referrals and 18% go straight to Google.
The message is clear: The wealthier the investor, the more they rely on professional referrals over online research.
The CPA Connection Most Advisors Miss
That 18% CPA referral number should wake up every RIA.
CPAs are the second-most common starting point for affluent investor searches, yet most advisors treat these relationships as an afterthought.
The successful firms we work with approach CPA relationships like they approach their best client relationships:
- They know the CPA's kids' names
- They understand their business challenges
- They nurture the relationship consistently over time
What Prospects Want on Your Website
When investors do hit your website (and they will, even if it's not their starting point), here's what they're looking for:
Top 3 for affluent investors:
- 44% - Pricing information and fees
- 39% - Financial planning approach
- 34% - Firm history
Notice what's missing from most RIA websites? Pricing information.
Yet it's literally the #1 thing prospects want to see.
The Pricing Transparency Debate
This creates a fascinating tension.
Most advisors resist putting pricing on their websites. They worry about:
- Prospects not understanding the value
- Being compared purely on price
- Scaring away smaller prospects
But 44% of affluent investors say pricing information is one of the top three things they want to see.
The firms getting this right create pricing pages that:
- Explain their pricing philosophy first
- Show different service tiers
- Include pricing calculators for financial planning fees
- Become the second-most visited page on their site
The Services That Matter
When asked what services they value most, investors consistently prioritize:
- Comprehensive financial planning covering all life aspects
- Goal-based financial planning for specific objectives
- Customized portfolios tailored to individual needs
- Tax planning and preparation (still important, but not #1)
This validates the comprehensive planning approach most RIAs have adopted, while suggesting that pure investment management isn't enough anymore.
The Firm History Surprise
One unexpected finding: 34% of affluent investors want to see firm history on your website.
This suggests sophisticated investors want to know:
- That you've stood the test of time
- Why you started the firm
- What drives your mission
It's about your credentials, yes, but it's also about your "why" story.
What the Survey Means for RIAs
The 2025 data confirms what many successful RIAs already know: relationships drive business.
But it also reveals specific opportunities:
- 52% of active shoppers are coming from large firms
- Affluent investors prioritize professional referrals 2:1 over online research
- Pricing transparency is more important than most advisors realize
- Firm history and planning approach matter more than investment performance
The firms winning in 2025 won't be those with the best digital ads.
They'll be the ones who systematically build referral relationships while ensuring their digital presence supports (rather than replaces) those human connections.
Shameless plug for Craft on Tap
You build the relationships (and investment portfolios). Your marketing partner can do the rest.
This conversation is only a starting point. For ongoing insights and practical strategies for RIA growth, listen to the new Craft on Tap marketing podcast. Available now, wherever you find your podcasts. Ready to chat? Get in Touch
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