Driving Firm Growth 2024

Understanding the Differing Needs of Younger and Veteran Advisors

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Overview

The financial advisory landscape is rapidly evolving, shaped by shifting market dynamics, changing client demographics, and emerging growth opportunities. While firms have historically relied on both organic and inorganic strategies to expand, rising interest rates and a more competitive environment are pushing many to refocus on organic growth.

This report explores the perspectives of advisors—both veteran and newer professionals—on firm growth, their marketing efforts, and how they plan to meet growth targets in 2024. Key findings highlight the differing approaches between younger and older advisors, the importance of referrals, and the tools advisors need to succeed in a more complex marketplace.

Report

Driving Firm Growth 2024

This report presents key findings, explores their implications, and offers actionable strategies to help advisors drive firm growth and enhance client acquisition in today’s evolving market.
Download the Report
Research Methodology
Webinar – On Demand

Social Media Marketing: What Advisors Are Doing Now

Are advisors’ and firm social media marketing efforts succeeding? To find out, Wealth Management IQ in partnership with Commonwealth Financial Network recently conducted an in-depth survey to learn more about advisor and firm marketing and whether those efforts are increasing organic growth.

This webinar will present highlights of this timely research, with a focus on social media. As a bonus, two advisors will discuss social media approaches that have been successful for them.

The webinar will cover:
  • How advisors approach growth at different stages of their careers
  • The technology advisors really want and need
  • How veteran advisors seek to boost growth
  • LinkedIn, Instagram, X. Which work best?
  • The social media piece that’s missing and most advisors want.
Register Now
David Armstrong – Moderator
Executive Director, Content WealthManagement.com, Informa Connect
Maggie Johndrow, M.Sc., CFS®, CDFA® – Speaker
Financial Advisor and Partner, Johndrow Wealth Management
Dylan Ripley, AAMS® – Speaker
Financial Advisor and Managing Partner, Cedarwood Financial Partners
Research Highlights

Trends in Firm Growth

Despite market fluctuations, advisory firms saw consistent organic growth in 2022 and 2023, with a median AUM increase of 7% and 12%, respectively. The majority of growth came from referrals (54%) and other organic efforts (37%), while only 8% cited mergers or acquisitions. Most advisors expect further growth in 2024, targeting $7.6M in assets and 12 new clients.
Annual growth rate accelerated in 2023 (mean 11.3%) relative to 2022 (mean 9.4%).
Research Highlights

Planning for Growth

Advisors with formal business plans aim for 14.3% growth in 2024, but 57% lack a plan. Among those with plans, 52% differentiate between organic and inorganic growth, with 57% viewing both as equally important. Marketing efforts are crucial to achieving these growth goals.
Estimated Mean: 14.3%
Estimated Median: 12.0%
Research Highlights

Marketing Respondents’ Current Efforts and Plans

About 43% of advisors have a formal marketing plan, with target markets and objectives being common components. Younger advisors favor referral partnerships and diverse strategies like social media, print, and content marketing. Client referral programs are seen as most effective (49%). Satisfaction with marketing efforts varies by age, and 52% of advisors seek more technology tools to automate tasks and enhance marketing. Social media, especially LinkedIn, is widely used.
Explainer Video

Leveraging Organic Growth for Maximum Potential

Advisory firms are increasingly focused on driving organic growth, but the strategies that resonate differ between younger and veteran advisors. This video dives into key insights on how advisors can refine their marketing efforts and maximize referrals to strengthen client relationships and increase AUM.

With 91% of respondents reporting success in their organic growth efforts over the past two years, this approach has proven to be effective even in challenging market conditions. Learn how both new and seasoned advisors can harness their strengths—whether through social media, content creation, or streamlined automation—to achieve sustainable growth and build a thriving practice.

Fastchat Video

Organic Growth in Wealth Management

Join Kristine McManus, chief growth officer at Commonwealth Financial Network, and David Armstrong, director of editorial operations at Wealth Management, to learn about the recently completed survey on Organic Growth and what that looks like for advisors depending on their age.
View Fastchat Video
Report

Driving Firm Growth 2024

This report presents key findings, explores their implications, and offers actionable strategies to help advisors drive firm growth and enhance client acquisition in today’s evolving market.
Download the Report
Research Methodology
Commonwealth and Wealth Management IQ are separate and unaffiliated entities.
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Research Methodology

Overview: Methodology, data collection and analysis by WealthManagement.com in cooperation with Commonwealth. Methodology conforms to accepted marketing research methods, practices and procedures.


Methodology: Beginning on May 22, 2024, WealthManagement.com emailed invitations to participate in an online survey to active users. By June 11, 2024, we had received 453 completed responses.

To encourage prompt response and increase the response rate overall, email invitations and survey materials were branded with the WealthManagement.com name and logo to capitalize on user affinity for this valued brand. Each respondent was afforded the opportunity to receive a $10 Starbucks gift card as a token of appreciation for their participation in the survey.