Referral strategies for financial advisors: How to build a business that grows itself

I hear it from financial advisors all the time: How do I grow my business through referrals without feeling like I’m asking for them?

It’s one of the most common – and most personal – challenges in our industry.

Earlier this year, I had the opportunity to meet with dozens of professionals at AdvisorEngine’s >drive2025 conference in West Palm Beach – not just financial advisors, but also the people who power their success behind the scenes: operations managers, client support specialists and client engagement leads.

In those conversations, one truth became clear: the best referral strategies today don’t come from scripts or sales tactics. They come from authentic relationships, thoughtful communication and a strong sense of community shared across every role in the firm.

Here’s what those professionals had to say about how they’re driving growth – and the lessons every advisory business can learn from them.

Community: The heart of referral success

Some of the best financial advisor referral strategies begin outside the office. Strong community engagement builds credibility and awareness that naturally convert to client introductions.

“Our referrals mainly come from community involvement,” said Ruth Johnson, financial advisor at Godfrey Financial Associates. “It's just tons of community events. The owners do a ton in the community and are involved in lots of different things, and that's really cool. That really keeps the referrals coming in.”

This relationship-first approach isn’t just effective – it’s sustainable. “Community involvement and relationship building give us many referrals,” added Gail Salerno, operations lead at ProVise Management Group, LLC.

Or, as Johnson summed it up, “Community involvement gives us more business than we can handle.”

When advisors become trusted figures in their local networks – through volunteering, hosting events, or supporting charities – they transform community goodwill into lasting business growth.

Smart marketing that multiplies trust

Traditional media can still play a role in a modern marketing plan – if it complements authentic engagement.

“A ton of business from the radio, like almost all of our business comes from the radio,” Johnson said. “It's outrageously expensive. It's like $10,000 a year. But we get like three times that in business.”

The key is alignment. Advisors are finding that when brand visibility through channels like radio or podcasts is reinforced by community presence and strong digital profiles, clients come to them pre-qualified and confident.

Generational referrals: Growing beyond one relationship

Sustaining a referral-driven advisory business means thinking generationally. Today’s referrals often come from a client’s children or family members who have already witnessed the advisor’s value.

“We open trusts up, and then the beneficiaries of these trusts are their children,” said Sheila Epps, application support analyst at Sage Rutty. “They make it so that once the grantor of the trust passes, the children want to stay with us.”

Other firms build those relationships informally. “We get generational referrals through relationship building with our clients’ children,” shared Andrea Earls, client services associate at OJM Group, LLC.

Epps added that technology has made these multigenerational relationships easier to maintain: “Zoom has been a game changer – all of our clients are snowbirds, so they have a residence here, but they live somewhere else part of the year, so they'll do Zoom at that point. Or it's the kids that move away.”

For advisors, connecting across generations builds continuity – and a future referral network that sustains the practice for decades.

Technology that enhances human connection

Modern referral systems depend on relationship management tools that keep advisors organized and responsive.

“The way the AI notetaker is supposed to work is while you're on a Zoom call,” explained Len Alvarez, tech lead at AdvisorEngine. “The AI tool is just listening, recording and summarizing everything in real time. If there’s a follow-up meeting, it will automatically generate CRM actions based on the things that came out of it.”

Automation doesn’t replace personal touch – it frees advisors to focus more on it. With AI and CRM workflows handling repetitive tasks, advisors can give clients the attention that sparks advocacy and referrals.

Turning clients into ambassadors

Creative referral programs help advisors make advocacy feel natural rather than transactional.

“We called them ambassadors,” said Mark Shreve, financial advisor at Brogan Financial. “And that kind of helps the mindset. The mindset of the client, too, is that they might be more willing to give referrals without us even asking.”

Advisors who celebrate client loyalty – through ambassador events, appreciation programs, or personalized gestures – reinforce the gratitude and connection that drive referrals.

Content marketing: A natural path to visibility

For firms less comfortable with direct asks, content marketing offers a softer, yet powerful alternative.

“If you're an advisor and you're uncomfortable asking for referrals, maybe you're doing something more like Pump Up Your Asset,” said Melinda Hyre, director of operations at ProVise Management Group, LLC, referring to her firm’s podcast. “I feel like that's a way more natural way to do it than the other way around.”

Her perspective highlights how sharing insights publicly builds both trust and reach. “I feel like if I were going to do anything, it would be that – something where you're putting content out on the internet,” she added.

When advisors educate and engage through podcasts, blogs or webinars, clients and prospects see them as thought leaders – and naturally want to introduce others to them.

Finding the right balance

Each advisory team has its own rhythm. “We have one or two [advisors] that are just rock stars and bring in the business,” Hyre admitted, “and then we're kind of stagnant on that.”

The takeaway: success in referral generation isn’t about copying another firm’s playbook. It’s about identifying the mix of authenticity, visibility, and structure that fits your culture and your clients.

Key takeaways for advisors

• Lead with authenticity: Clients refer advisors they genuinely trust.
• Engage your community: Local visibility converts to credibility and referrals.
• Invest in technology: Use AI and CRM tools to enhance follow-through.
• Think generationally: Build relationships with clients’ families early.
• Empower ambassadors: Celebrate advocates who share your story.
• Create valuable content: Let education and expertise generate introductions.

The bottom line

Financial advisor referrals don’t come from asking more – they come from connecting better.

By combining community involvement, authentic relationships and smart use of technology, advisors can create referral ecosystems that grow themselves.

When clients see you as a trusted part of their lives – and their communities – the introductions follow naturally.