How to Find the Right RIA Marketing Strategy

Building and growing a successful RIA firm takes more than just financial expertise—it requires a strong marketing foundation. Advisory firms with a written marketing plan acquired 67% more new clients and 68% more new client assets in 2024, according to Schwab’s 2025 RIA Benchmarking Study. For newer or smaller firms, limited time and tight budgets can make it especially challenging to stand out. That’s why having a well-crafted RIA marketing plan is essential. The right strategy can help you attract and retain clients, while making the most of your resources and driving sustainable growth.

SmartAsset’s Advisor Marketing Platform (AMP) offers financial advisors services like client lead generation, automated marketing and more. Learn about SmartAsset AMP today.

Inbound vs. Outbound Marketing for RIAs

RIA marketing takes different forms, but can be grouped into two primary categories: inbound and outbound marketing.

• Inbound marketing is designed to draw clients into your circle
• Outbound marketing centers on broadcasting out to an intended audience

A comprehensive RIA marketing plan incorporates both inbound and outbound marketing. How much of your marketing budget you dedicate to each category can depend on your niche or target audience, which marketing channels they’re most likely to be receptive to, and your overall goals.

Client Acquisition Simplified: For RIAs

• Ideal for RIAs looking to scale.
• Validated referrals to help build your pipeline efficiently.
• Save time + optimize your close rate with high-touch, pre-built campaigns.

CFP®, CEO

Joe Anderson

Pure Financial Advisors

We have seen a remarkable return on investment and comparatively low client acquisition costs even as we’ve multiplied our spend over the years.

Pure Financial Advisors reports $1B in new AUM from SmartAsset investor referrals.

Target New Clients This Year

I am a registered fiduciary*

Book Your Free DemoNot sure? Learn more about AMP.

Inbound RIA Marketing Plans

The purpose of inbound marketing is to bring prospective clients to you, fostering engagement and conversion. Inbound marketing most often revolves around digital marketing strategies.

Digital Marketing Strategies

Digital marketing can be highly appealing to smaller or newer RIA firms from a cost perspective, as you don’t need a sizable budget to get started. Here are some of the options you might consider for your firm.

Content Marketing

Content marketing involves creating and sharing digital content that’s designed to grab attention or spark interest. That can include:

• Blog posts
• White papers
• Videos
• Infographics
• Case studies
• Surveys or polls

RIAs can leverage content marketing to generate interest in their firm’s products and services. If you have a financial advisor website, for instance, you might write blog posts that answer some of the questions prospective clients most frequently ask. Sixty-one percent of advisors polled by Schwab generated leads from their blogs. 

The key to content marketing is sharing information that’s useful, relevant, helpful, entertaining or valuable. In other words, something your audience won’t be able to resist reading.

Search Engine Optimization (SEO)

Search engine optimization refers to strategies that are designed to help websites rank higher in search results. SEO can be an invaluable tool for RIAs who are relying on content marketing to drive traffic to their websites.

The more optimized your content is for search engines, the higher it’s likely to rank. A higher ranking can increase the likelihood of someone clicking through to your website or blog.

SEO also matters for local searches. If someone in your local area searches for “financial advisor near me,” your firm will ideally show up on page one. Learning the basics of SEO for RIAs can help you to improve your search rankings, landing you on more prospective clients’ radars.

Lead Generation Tools

Lead generation tools can help you attract targeted leads based on your preferred criteria. You might consider using a lead generation platform or service if you want to fast-track your marketing efforts and connect with prospects who are ready to buy.

When comparing platforms or services, consider:

• What type of leads you’ll be able to connect with
• How much you’ll pay to use the service
• What built-in features or tools are included for following up on leads

It’s also helpful to consider who the platform is designed for. LinkedIn Sales Navigator, for example, is a popular marketing tool for professionals, but it’s not directed exclusively toward the finance industry. SmartAsset AMP, on the other hand, is a marketing platform that was created specifically for RIAs and advisors. Some advisors choose to get leads with a certain amount of investable assets, such as $1 million or more. You can also choose how many leads you would like to get per month.

For example, T.J. Tamura, a financial advisor at Capital Planning Group, gets “around 30 to 50 leads per month, on average.”

“I’m usually looking to close about one to two clients per month,” says Tamura. “And right now it’s much closer to two, getting closer to three, because I am generating a significantly higher quantity of leads.”

Social Media

Social media is an excellent way to reach your target audience with minimal financial investment. Among firms that incorporated social media into their marketing plans, 50% generated leads through it, according to Schwab. Creating a social media marketing plan for your RIA comes down to knowing two things:

• Who you want to target
• Where they spend their time online

Researching social media usage across different demographics can give you a better idea of where your ideal clients are likely to be found. If you’re also doing content marketing, that can clue you in as to what kind of content they prefer to consume.

For example, if your client base skews younger and prefers short-form content, then it could make sense to market your firm on TikTok or Instagram. An older audience, on the other hand, might be more attracted to longer-form videos on YouTube.

Digital Ads

Digital ad campaigns can make it easier for your firm to be seen online – they’re also a relatively passive way to market your RIA. You can create an ad, set your advertising budget and then monitor the results. You don’t have to create social media posts or write any blog content. According to Schwab, 85% of firms who used digital ads in 2024 were able to generate leads from their campaigns. 

In terms of where to post ads, you have plenty of options, including:

• LinkedIn
• Facebook
• YouTube
• Instagram
• Google search

Again, deciding where to place ads goes back to knowing your target audience and which channels they most often use.

Outsource Your RIA Marketing

Automate your marketing with a proven system. Automated outreach, nurture campaigns and more.

Get Started

Outbound RIA Marketing Plans

Outbound marketing encompasses more traditional marketing tactics. Comparing the cost against your projected ROI can help you determine which techniques are likely to produce the best results.

Cold Calling

Cold calling is an old-school marketing technique that still works in 2024, though it’s admittedly gotten a bit harder. Robo-callers and spam callers have made people more reluctant to pick up the phone, for one thing. And if you can get someone to answer, you’ll need to be able to give them a reason to stay on the line within the first few seconds.

The upside of cold calling is that if you’re making calls yourself, you’re not spending any money—just your time. That’s also a downside, however, if you have other tasks you’d like to focus on.

Email Marketing

Email marketing allows you to send your message directly into clients’ inboxes, and it can be a highly effective way to “warm up” prospects who have entered your sales funnel. Your sales funnel might begin with offering a lead magnet on your website, such as an e-book or white paper. To get the lead magnet, prospects must first enter their email address.

Once you have their consent to be on your list, you can start sending them email blasts. Creating a weekly or monthly email newsletter allows you to develop a rapport and foster trust, both of which are essential to converting and retaining clients.

As far as cost goes, you’ll need to invest in an email marketing tool that allows you to collect email addresses and send out messages in bulk. Shopping around can help you find the right plan for your budget.

Direct Mail Marketing

Direct mail marketing can be more expensive than email marketing since you’ll need to pay for postage and mailing materials. It’s also more difficult to track results, as you won’t be able to see who’s opening your mailers and who isn’t.

However, direct mail can still have value for RIA firms if the goal is attracting more local clients to your business. Consistency in the frequency with which you send direct mail and recognizable branding can help increase open rates.

Event Marketing

Marketing your RIA through events, either in person or virtually, is an opportunity to make a good impression on prospects and establish both credibility and relatability. According to a 2024 Kitces report ¹ on how financial planners market their businesses, roughly one-quarter of advisors do so through events. Here are some of the ways you might adopt this strategy:

• Host a free seminar or lunch-and-learn event on a topic that’s of interest or concern to your target audience
• Offer a webinar that allows prospects to attend virtually, at a time that works for their schedule
• Volunteer your time as a pro bono financial advisor in your local community
• Sponsor local events or participating in community fundraisers
• Offer free initial consultations

Those are forms of direct marketing. You can also use in-person events to market your business indirectly. For example, hosting a client appreciation event is a chance to spend time with clients in an informal setting while reminding them how important they are to your business. Clients who feel valued may be more likely to tell their friends, family members and coworkers, effectively expanding your reach.

Hybrid Marketing Strategies

Some RIA marketing tactics are not exclusively inbound or outbound; instead, they combine elements of both. For example, boosting SEO content with targeted ad campaigns is one  example of a hybrid approach. Cold calling or direct mail campaigns that are paired with personalized nurture campaigns are another. 

One of the most impactful hybrid marketing strategies for advisors centers on referral generation. Kitces found that 88% of advisors rely on client referrals for growth. Reliance on referrals for new client revenue is greatest among smaller firms with less than $250,000 in AUM and larger firms with $2 million or more in AUM. 

How RIAs Can Get More Referrals

Referrals can come through inbound and outbound marketing strategies. Inbound referrals happen when a client comes to you based on someone else’s recommendation. Outbound referrals are the result of intentional actions by you and your team to ask clients for referrals, either directly or indirectly. 

For example, you may decide to develop a referral program that incentivizes clients to spread the word about your firm. Advisors are not barred from paying for referrals, if they follow compliance rules. If you’re not ready to launch a full-scale referral program yet, consider other ways you could generate referrals. In addition to client appreciation events, you can:

• Talk to clients about generational planning, which is an opportunity to offer your services to their children or grandchildren
• Form centers of influence with tax professionals or attorneys who may have clients who could benefit from your services
• Collaborate or develop strategic partnerships in your local business community in spaces that attract your ideal clients
• Include a mention in your regular email newsletter that you’re always looking for new clients to assist
• Use a lead generation service like SmartAsset AMP to reach more prospective clients and scale your business more efficiently

Having a strategic plan for referrals is key. In the Kitces report, the vast majority of advisors relied on referrals for growth but 58% lacked a well-defined, consistent plan for obtaining them. Evaluating which sources or activities are most likely to produce a steady stream of referrals can help you decide where to focus your efforts and how to shape your marketing. 

Why RIA Marketing Plans Matter

“If you build it, they will come” is a nice sentiment, but it doesn’t always work, especially in the financial services space. Why? Simply because investors have so many options to choose from when searching for an advisor to work with.

An already-crowded market is likely to become even more so, meaning more competition among advisory firms. According to the Bureau of Labor Statistics, financial advisor employment will grow by 13% through 2032, a much faster pace than other industries.

This means marketing is crucial for independent RIAs who are attempting to gain a foothold in an industry that’s already dominated by larger firms. And brand awareness and visibility are key to gaining attention and building a loyal client base.

Frequently Asked Questions (FAQs)

What Is the SEC’s Marketing Rule?

The SEC marketing rule outlines what RIAs can and cannot do when marketing their firms. For example, you cannot make false or misleading statements or present unbalanced information that doesn’t accurately represent both the risks and rewards. Proper disclosures are required when incorporating client testimonials into marketing materials.

Do I Need an RIA Marketing Plan?

You don’t need a marketing plan to start or grow an RIA firm, but you could put your firm at a disadvantage if you’re not thinking about marketing from day one. Referrals and word of mouth can help you gain new clients, but establishing your reputation can take time. Actively marketing your firm online or offline can help you build a loyal following.

How Much Should RIAs Budget for Marketing?

The amount you budget for marketing can depend on your firm’s overall budget and the type of results you’re hoping to achieve. It’s common for firms to dedicate a set percentage of revenues to marketing, but it can be difficult to pin down a number if you’re just getting started. A good marketing budget for a new, independent RIA is typically anywhere between 1% and 10% of revenue.

Bottom Line

RIA marketing is not about finding just one thing that works. A thorough marketing plan incorporates a variety of strategies that are designed to generate the maximum ROI for your budget.

Tips for Growing Your Advisory Business

• If you’re seeking organic growth, consider investing in lead generation and marketing. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Compliance is something to keep in mind when developing your marketing plan. RIA firms are subject to SEC regulation concerning marketing; it’s also important to understand Federal Trade Commission marketing rules for businesses.

Photo credit: ©iStock.com/pixelfit, ©iStock.com/MTStock Studio, ©iStock.com/shapecharge

Testimonials appearing on this site are actually received via text, audio, or video submission. The testimonials are provided by financial advisors that have ongoing business relationships with SmartAsset. They are individual experiences, reflecting the real-life experiences of those who have used our products and/or services. The testimonials are not 100% representative of all of those who will use our products and/or services, and we make no admissions of such.

The testimonials displayed (text, audio, and/or video) are given verbatim except for correction of grammatical or typing errors. In some cases, the testimonial has been shortened in length where it has not been possible to display the whole testimonial, and where we considered, acting reasonably, that some parts of the testimonial were not relevant to our site, products, or services. SmartAsset may extend free products, discounts, promotional support, or other indirect or direct financial incentives to these sources. These incentives may or may not influence the nature of the testimonial. In this case, compensation was provided.