Independent advisory firms in 2025 are experiencing record-breaking growth.
According to Schwab’s latest RIA Benchmarking study, overall advisory firm assets under management increased 16.6%, revenue growth approached 18%, and even client rosters saw nearly 5% increases.
What then are successful RIAs doing to stay competitive and grow further?
In discussion with Action! magazine, leaders at several firms provided their tips on how advisors can build practices that are scalable, forward-thinking and centered on delivering exceptional client experiences.
Here are five proven strategies to elevate your advisory business in 2025 and beyond:
Own your space
Focusing on a specific audience may seem limiting, but often, it can dramatically amplify growth potential. Some advisors find success when they tailor their services to a well-defined niche – whether that’s business owners, medical professionals, retirees or other focused groups.
Why it works:
- Specialized knowledge builds deeper trust
- Messaging and marketing become more targeted
- Stronger community presence leads to higher referrals
Action steps:
- Identify common traits within your current client base
- Build a profile of your ideal client
- Customize content, services, and branding around that niche
“Developing a niche is actually something that allows for more rapid organic advisor growth,” says Winston Justice, CEO of SageSpring Private Wealth in Franklin, Tennessee, south of Nashville. Individual advisor teams at his firm focus on a variety of industries where current and prospective clients operate, including sports and medicine. In addition, there’s a focus on business owners as clients, helping them run their businesses, set up their retirement plans and/or sell their businesses if that’s what they want, adds Justice.
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Trevor Johnson, founder of Dream Weaver Financial Planning, focuses on a different type of niche — clients who are within 10 years of retirement. “I’ve found that they are getting to the point where they’re starting to think about retirement, wondering when they can retire and how much they can spend each year. And most of them don’t have a planner yet.” That’s not necessarily the case for those in their mid-seventies or eighties who already have a planner or are do-it-yourself investors, according to Johnson.
Build a scalable digital presence
These days, most prospective clients look up advisors online before making contact. If your digital presence doesn’t convey trust and connection, you risk being overlooked.
“The psychology of digital communication is to create an experience that stands out before a prospect even talks to you,” says Joy Slabaugh, founder of the Wealth Alignment Institute, which helps individuals align their wealth with their values and helps advisors develop such supportive client relationships.
After a prospect signs on as a client, digital communications are key to maintaining the advisor-client relationship.
Core elements of a strong digital strategy:
- Clear, professional website with targeted messaging
- Educational content like blogs, videos or webinars
- Visibility through search optimization
- Thoughtful email follow-ups that nurture leads
- Consistent and intentional social media engagement
Pro tip:
Consistency matters more than frequency. One meaningful post or article every two weeks can have a greater impact than daily content without a clear strategy. Focus on solving real problems for your audience.
And do your research first before adopting any new digital strategy. Johnson recalls starting a YouTube channel to educate people about specific financial planning topics. He heard that the best approach was to use YouTube Shorts because short videos tend to appear in users’ feeds more frequently than longer ones. The problem was his short videos ended up in the feeds of 18- and 20-year-olds who tend to scroll videos all day long – not his target audience. About a month ago, Johnson switched to long-form videos that directly target his ideal client.
Leverage strategic partnerships
Sure, digital outreach is key – but real growth often comes from personal introductions. Referrals happen when clients genuinely trust and value the relationship.
Modern referral strategy:
- Deliver an experience worth talking about
- Communicate the type of clients you serve best
- Offer helpful resources or reviews as a soft introduction
- Build relationships with professionals who serve your target clients
Pro tip:
Celebrate loyal clients who refer others – whether it’s with a handwritten note or a small act of appreciation. The goal is to create advocates, not just referrals.
“Referrals and COIs [centers of influence such as attorneys and CPAs] are a huge piece of our growth, " says Brett Bernstein, CEO of XML Financial Group, headquartered in Bethesda, Maryland. “The first step that we did was to survey our entire firm to understand what our advisors are interested in and what they believe their clients are interested in? If I see, for example, that I have three advisors who like wine, we can use different AI strategies to tell us that we have 40 clients who are interested in wine, so shouldn't we be doing a wine event?”
Such events can be a perfect setting for clients to bring friends and family members.
Justice of SageSpring Private Wealth says about one-third of his new business comes from referrals and another third from strategic partners such as CPAs and attorneys. “There’s a clear, distinct division of labor. We focus on the things that we do very well, which are wealth planning, retirement planning and financial planning. We’re not going to draft trust documents…but the attorney who drafts trust documents [for our clients] may have their own clients that need wealth management services.”
But advisors shouldn’t expect working with COIs will necessarily result in mutual referrals. “It's more important that I have a great estate attorney to do the estate plan for a client than whether they're going to refer me business,” says Bernstein.
Streamline operations to reclaim time
Advisors often face growth bottlenecks due to time-consuming administrative tasks. Streamlining your workflows through automation and improved systems enables you to scale your service – without compromising quality.
Areas to optimize:
- New client onboarding
- Meeting preparation and follow-up
- Portfolio rebalancing and reporting
- Appointment scheduling and reminders
The goal isn’t to replace the human touch – it’s to create more space for it. When routine tasks are handled efficiently, you can focus more energy on client relationships and strategic planning.
CRM systems play a crucial role in streamlining operations at advisory firms, helping to manage client interactions, simplify workflows, and enhance client service. These systems are now being further enhanced with the aid of AI.
“We're using AI to take detailed notes at meetings, to identify commitments from meetings and then to identify who has the follow-up,” says Justice.
Finding the best ways to streamline operations can be challenging. “You have to have the right people, the chief technology officer, for example, who can bring you the resources and the tools to streamline the strategy,” says Bernstein. Faced with different communication preferences among clients, Bernstein’s firm ultimately switched its communication system to Zoom for phone calls, texts and video. Even XML’s internal chatting system now uses Zoom.
Evolve from advisor to life planner
Today’s clients seek more than financial advice – they want a trusted partner for all of life’s milestones. Advisors who focus on long-term life planning build deeper, more loyal relationships.
Key elements:
- Align financial plans with personal values and goals
- Support clients through life transitions (retirement, divorce, inheritance, etc.)
- Offer emotional and behavioral coaching around financial decisions
- Provide financial wellness options for families or businesses
Clients who feel seen, supported, and understood are more likely to stay – and to bring others with them.
Final thoughts
There’s no one-size-fits-all path to growth. However, by narrowing your focus, strengthening your digital presence, creating memorable client experiences, optimizing your workflow and expanding your value beyond investments, you will position yourself for long-term success.
“If you want to grow your firm, you have to have a coordinated effort,” says Bernstein. “You have to put real resources behind it and you have to give it time, and if you’re not going to do all three of those things, I don’t believe it will work in today’s day and age.”
Ask yourself:
- What parts of my business scale – and what doesn’t?
- What makes my service truly different?
- How do I attract new clients without constantly selling?
- Am I offering the kind of experience people remember and recommend?
The best growth doesn’t come from doing more – it comes from doing the right things, better.
Ready to take the next step?
Growth doesn’t have to be overwhelming. You can start small, focus intentionally and move forward strategically. Consider connecting with peers, mentors or coaches who can support your vision.
Growth isn’t about hustle. It’s about clarity, and now is the perfect time to begin.
Advisors also “have to have core tenets as a firm,” says Megan Gorman, founder of Chequers Financial Management, in San Francisco, California. “Clients want steadiness, consistency…culture, service, delivery, insights into markets, taxes and estate planning and what they should be doing to be financially safe.”
