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:
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:
Action steps:
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.
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:
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.
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:
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.
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.
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:
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.
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:
Clients who feel seen, supported, and understood are more likely to stay – and to bring others with them.
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:
The best growth doesn’t come from doing more – it comes from doing the right things, better.
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.
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.”