Executive Summary
One of the more intriguing challenges in advisor marketing is that the qualities that attract new clients aren't always the same ones that make long-term advisor-client relationships 'stick'. In other words, while current clients may value certain advisor traits over time, new prospects – who are often still exploring their options – may prioritize something entirely different. This can create a dilemma: Advisors need to market themselves to bring in new business, but the message that resonates with prospects may not reflect the traits that keep clients loyal over time. And with limited time and resources, advisors who want to grow can't afford to opt out of the marketing game. Which means understanding what today's prospects actually want becomes essential.
In this article, Philip Palaveev, CEO and owner of the Ensemble Practice, explores new survey data from investors with $1–$5M in investable assets. The findings offer insight into what attracts clients to advisors, what keeps them in the relationship, and what ultimately leads them to consider switching. This last point is particularly relevant for advisory firms targeting delegator clients within that asset range who haven't previously worked with an advisor. The data suggests this ideal profile is relatively rare – and of those who fit it, only 6% are likely to hire an advisor in the next two years. By contrast, 24% of current clients are considering changing advisors within that same timeframe, highlighting that while retention is common, it's never guaranteed.
Interestingly, prospects who are already in (or who have recently left) advisory relationships tend to have more specific preferences, often shaped by what hasn't worked for them in the past. Events that trigger a search for a new advisor include significant market downturns resulting in portfolio losses, as well as major life changes like divorce, the death of a spouse, relocation, inheritance, or a health scare. While advisors can't prevent these events, they can prepare for them by identifying the potential risks and proactively communicating during times of change.
When it comes to choosing a new advisor, prospects are especially interested in the firm's financial planning approach, investment philosophy, and pricing. Perhaps unsurprisingly, those who are thinking of leaving their current advisor place particular value on the prospective advisory firm team. Which reinforces how difficult it is to be all things to all people while still providing the level of specificity needed to attract prospects – so staying focused on the target client remains essential.
Ultimately, the key point is that advisors may benefit not only from targeting new prospects but also from appealing to current clients who may be quietly considering a change. Being transparent and specific about the firm's philosophy, structure, and approach can go a long way in helping both types of clients find the right fit. And by staying alert to the life changes that often lead clients to consider leaving, advisors can adjust their communication and services to meet potential departures with the kind of connection that keeps relationships strong. And with consistency and proactive communication focused on those actively looking for new relationships, advisors can help to communicate their value in the right way to the right future clients!
Ask a married person to describe what makes them a good spouse, and they'll likely say things like: loving, loyal, supportive, caring, helps with chores, and loves a good evening binge-watching Game of Thrones. Then look at dating profiles, and you'll see a different set of words: attractive, work out daily, fun, successful, and love to travel.
Such seems to be the nature of human relationships – how we begin is quite different from what we value the most after years of connection. And for advisory firms trying to grow, that difference creates a real marketing problem.
This phenomenon – the mismatch between what attracts people at the start of a relationship and what they value over time – often gets in the way of an advisory firm's marketing and growth. What advisors perceive as their most attractive qualities – often based on what their current clients appreciate most – are genuinely valuable, but they don't always translate into an effective first impression. It's the equivalent of a happily married person's perception of their relationship: You truly care, you give me attention, I trust you…
But try turning that into a first-impression marketing message, and that message is ineffective. It lacks credibility when offered before the two parties develop a relationship. Start with Trust me… and the reaction is more likely to be Run away.
To make matters worse, the people who appreciate the qualities of a good spouse tend to already be married. Similarly, those who appreciate the qualities of a good advisor already have one.
To grow, advisory firms need a message that resonates with those who are looking – not those who are already in a happy relationship. In a way, they have to update their dating profile. And beyond that, advisors also need to find out how to begin a new relationship. They lack good ideas for a first date, if you will. Rather than proposing marriage to people they just met, they might do better by offering a service that's actually needed.
Trust is built over time; it's rarely instantaneous.
If it seems like I'm getting carried away in the dating analogy, I am – I tend to do that. That said, I also have data to back it up: survey results from 151 investors with $1 million to $5 million in investable assets – the 'bread and butter' client base for most advisors. This was part of a larger survey of 1,000 investors across various wealth levels conducted by my colleagues at The Ensemble Practice LLC and me in the first quarter of 2025.
Unlike in romantic relationships, an advisory firm can't just opt out of the 'dating game' and dismiss it as superficial (even if it is). And they can't wait around for the equivalent of a well-meaning aunt to make an introduction (a.k.a. referrals). I live alone with my two (super-cute!) cats – Rocky and Creed – and I think they're pretty great, but I don't want them to be my only company in life. Even I've realized the importance of going out and starting new relationships.
If you want to grow as a firm, you need to learn how to attract new clients. If you don't grow, even the cats will leave you – or at least your team will.
The Best People Are Already Taken
If you are dating later in life – say in your 50s (I am 51 and have found out for myself what dating at this stage is like) – you may have a lingering suspicion that the best people are already taken. And unlike dating in your 20s and 30s (or, in advisory industry terms, the 1990s and early 2000s), there just aren't as many uncommitted, eligible people anymore. Most investors are "married" to an advisor.
Still, there are some who are "divorced". 69% of those with $1 to $5 million in investable assets are in a relationship with an advisor. Another 20% had a relationship that, for one reason or another, broke – and they are not presently working with an advisor. Only 11% of consumers in this group have never had an advisor ("always single").
There are three important conclusions that immediately come to my mind:
- To grow and add new clients, you must compete. There are few truly "Always Single" clients, and most of them have made up their mind to stay that way (we'll see that in a moment). Good clients already have an advisor, and if you want them to join your firm, you'll have to convince them that you're a better fit. (Let's leave our dating analogy behind for a second – dating married people can get messy fast.)
This won't be easy. Their current advisor is likely caring and dedicated, and the relationship is happy. This is true for all firms – believe it or not, wirehouse advisors also create great relationships. There are no 'free' clients whose advisors don't return their calls.
- If you're looking for 'delegators' and 'easy-to-work-with' clients, you may need to change your expectations. The most actively searching group is the "Divorced" – those who used to have an advisor, but whose relationship ended. Some may have left their advisor due to circumstances, but most experienced some dissatisfaction and perhaps disappointment.
These clients know advisors well, and they'll ask some difficult questions. They're not first-time buyers, and they will thoroughly do their due diligence. They'll review your social media content, ask about your fees, and scrutinize your investment philosophy. They can tell the difference between a comprehensive plan and your beloved Excel spreadsheet.
- The clients who are looking have different needs from those who are staying. They seek more information and education – they want to understand their money and investments better, not just be told what to do. They ask who you can connect them with in their local or professional community. You will see that data in a moment.
And yes, they may also care about traits that seem superficial to you – the advisory equivalent of 'six-pack abs'. One such example is access to unique investment opportunities.
The Most Active Daters: Who's Actually Looking For A New Advisor?
In our survey, we asked, "How likely are you to seek a new advisor in the next two years?" Respondents could pick one of five answers: Not At All Likely, Unlikely, Neutral, Likely, and Very Likely. For this analysis, we'll define "active shoppers" as those who responded with Very Likely or Likely.
Only 6% of those who do not have an advisor – the "Always Single" group – plan to hire one in the next couple of years. As we noted earlier, most of this group has made up their mind to stay 'single'.
By contrast, 33% of the "Divorced" group (those who had an advisor but no longer do) plan to seek a new one in the next two years. This is the most active shopping group.
And here's where it gets a bit scary: 24% of those who are "Married" – currently working with an advisor – say it's likely or very likely that they may soon be divorced, too, seeking a new advisor within two years. This is nearly a quarter of existing clients who may be considering a switch.
Fortunately, many of these "Married But Shopping" clients have already looked for a 'divorce' but abandoned their plans – whether due to lack of time or energy, or the realization that 'the grass is always greener on the other side'.
From this data, it seems clear that the best opportunity for attracting new clients lies with the Divorced group – those who've worked with an advisor but no longer do. They are the most active shoppers by percentage, and they seem to already 'speak advisor'. They know what they need, and they know how to articulate it.
Just be ready for their scrutiny. These are clients who've been disappointed before – and they won't hesitate to ask hard questions.
Meanwhile, those who are "Always Single" have already made up their mind to stay that way. The days of attracting self-directed investors to work with an advisor may be behind us.
Stay Connected To Your Spouse: Why Retention Matters
The sad reality is that some of your existing clients may already 'have a dating profile'. Your relationships may not be as secure as you think.
Before you dismiss that statement by saying, "Those are just wirehouse clients…" consider this: 52% of the active shoppers are clients of large firms (those with over 1,000 advisors) – but that is also exactly the market share of large firms in this group of investors. In other words, large firms are not more likely to lose clients – they just have more of them.
It is true, though, that small firms are better at client retention. These firms (those with less than 100 advisors) make up 20% of the market, but only 6% of the active shoppers. This 14% difference clearly shows that small firms have an advantage.
The most vulnerable group is the mid-size group (firms with 100 to 1,000 advisors). They represent 26% of the market but account for 39% of the active shoppers. As firms grow beyond 100 advisors, they may need to invest more time in retention efforts – or simply accept that some client attrition comes with growth.
I have long held the belief that the biggest competitive advantage of independent advisors isn't just about fees or fiduciary relationships – it's the fact that decision-makers (owners and executives) who run the firm are also in the client meetings as advisors.
But once the distance between the client and the CEO becomes more than a couple of arrows on the org chart, those client bonds begin to weaken considerably.
That doesn't mean: "Don't grow past 100 advisors!" Instead, it means: "Understand how your strengths and weaknesses change as you grow."
What Shakes The Tree: Life Events That Lead To Change
When you shake a tree, some of the fruit will fall. In advisory relationships, the strongest 'shake' is a recession. As many as 39% of those who have an advisor (the Married group) say they would consider a change if a recession led to portfolio losses. Moving to a new city is the second most active factor for this group, at 32%. (Participants could select up to three events in the survey.)
For the Divorced group, a health scare is the most forceful 'shake' – 37% say that would prompt them to seek out an advisor. After that, the most common triggers are receiving an inheritance (33%) and moving to a new city (26%).
It's also worth noting the size of the "Other" category for the Divorced group – 44%. This clearly signifies this group isn't uniform. Not all men and women look for the same characteristics in a partner.
To me, this suggests that instead of buying lunch for the local CPA who's ignoring you (and trying to lose some weight), you might have better luck with your friendly real estate broker, or even your doctor (especially concierge doctors, who are growing in popularity).
As for those who've never had an advisor (Always Single), the death of a spouse matters the most (50%), followed by the advice of a good friend (38%).
The Dating Sites: Where Prospects Actually Look For A New Advisor
Among active shoppers with $1 million to $5 million in investable assets, the most common starting point for finding a new advisor is a referral from a trusted friend. 20% of the Married group (those who currently have an advisor) begin there – and so do 31% of those who are Divorced but currently shopping. 18% of the Always Single group do the same, saying they'd begin with a personal referral.
Internet research is not the preferred first choice of the affluent/high-net-worth group, but it still matters. Only 7% of Married active shoppers and 6% of the Divorced begin there. On the other hand, 21% of the Always Single group hit the browser.
Still, in another survey of investors, we found that the internet may not be the first action step, but it is very often the second.
Brand name recognition also plays a role. It's very important to the Always Single (17% start there) and the Married (23%). However, 'divorce' will make you cynical. That group seems to have been 'burned' by brands, with 0% choosing that response.
Interestingly, the Married group is also very inclined to look at the resources of an organization they belong to, such as AARP. This surprised us. In 25 years of working with advisors, I've never seen an advisor partner with AARP, but there might be some very productive ideas here.
Honestly, we didn't think much about that option when designing the survey, and we didn't define it that clearly. But there is an idea here that someone will seize as an opportunity, perhaps using it as a powerful lead-generation strategy.
What Should Be In Your Dating Profile
Not every profile appeals to everyone, and it shouldn't. Aesop illustrated this notion perfectly in a fable, as he always does. A man and his son were walking to town with their donkey. Passersby commented, "What fools! You have a donkey, but you are walking." So, the father got on the donkey, but passersby commented, "What a selfish father!" So the son got on instead, and people said, "What a disrespectful son!" Then they both rode the donkey, and were told, "You will break the donkey's back!" Finally, they walked into town carrying the donkey. Everyone laughed. They should have.
This is what happens when advisory firms try to please everyone: We specialize in working with corporate executives, business owners, high-net-worth individuals, endowments, foundations… and if we somehow forgot you, please don't be shy… we specialize in you, too. They end up carrying the donkey.
Your marketing message should reflect your target client. Business owners have different needs from retirees. Professional athletes are different from Microsoft software developers. Younger people are different from older ones. These differences are obvious. You can't specialize in everything – and yet many firms still try to cover all the bases. In dating language, that sounds desperate.
So, what are prospective clients looking for?
For the clients who are Married But Shopping, the most commonly sought details are team member bios, the firm's planning approach, and the price of services.
For Divorced clients, the top three are pricing information, firm history, and investment philosophy. And the Always Single are most interested in the financial planning approach, pricing, and investment philosophy.
Many other factors matter quite a bit – for the Married group, the presence of female executives and socially responsible behavior is important (25% and 28%, respectively). Specialization by profession is important to 22% of the Married But Shopping, and 15% of the Divorced. The exact same percentage of Married and Divorced shoppers also want education, and education matters to 18% of the Always Single clients as well.
What This Means For Growth
All this data suggests that if firms want to attract new clients, they need to consider who's actually looking for a new relationship – and why. Firms need to leave the comfort zone of their current cozy evenings and venture into the uncomfortable but necessary world of building new connections from scratch.
One of our G2 Academy participants put it brilliantly in their presentation:
The comfort zone is a beautiful place, but nothing grows there!
Yes, dating is frustrating – but it's also the only path to the future bliss of a new relationship.
