Referral Programs Can Raise Assets, But Most RIAs Are Without One
It has been steadily assumed that RIAs with referral programs can bring in more client assets than those lacking them. Assumption is one thing, but what about hard numbers?
Now, Charles Schwab’s 2026 RIA Benchmarking Study can put concrete evidence to the thought: documented protocols equal 1.6 times more assets. This finding follows a study of 1,236 RIA firms representing over $2.5 trillion in AuM.
Every year since 2023, firms have listed Client Referrals at the ultimate priority, and 2026 mimics the same story; those that manage more than $250 million in AuM are focusing greatly on referral-driven acquisition.
Another glaring finding, though, is the widening gap of those that put this intention into practice. Less than half of larger firms lack documented procedures for their existing clients, and only 30% have adopted one for centres of influence that usually pass on clients to advisors, i.e accountants and attorneys.
Even the top performers only peak at 52% and 36% on those two measures, respectively.
Execution is lacking, and actually indicative of an industry-wide net of RIAs. The research all backs up why organic growth is named “a perennial top focus area […] year after year” by Schwab’s managing director of business consulting and education Lisa Salvi.
Other industry research sees RIAs and independent broker-dealers’ organic growth under 2%: a greater spotlight that firms are reactive rather than proactive to net new business, M&A, or market appreciation (or ignoring it!).
So, what does this mean for fund marketers?
Referrals are not a given. Many RIA funds will see (the rather fluffy term) of ‘good service’ as a direct influence, or treat referrals as a reductive byproduct of a happy customer.
A document program, though, removes relying on cross-fingers and hope. Questions, follow-up measures and timeframes to do so can be determined by marketing, IR and distribution teams, separating those more likely to see a 1.6x payoff in raised assets.
Luckily, an initial build for a referral workflow is a low-stakes and cost-effective way to start addressing the industry’s shortcomings. With formalised steps, marketers can show the C-suite how theirs and advisors’ time results in solid data. And increased client assets, no less.
