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Who Gives Better Referrals: Accountants Or Attorneys?
The key is finding the right person, not choosing between the professions. By Russ Alan Prince, Brett Van Bortel and Jerry D. Prince
ORGANIC GROWTH IS CRUCIAL FOR THE SUCCESS of wealth management firms. Indeed, it distinguishes successful RIA aggregators from unsuccessful ones. And there are two main ways to achieve organic growth: One is for wealth managers to increase business with their current clients, and the other is to increase their number of clients.
Unquestionably, one of the most effective ways for wealth managers to expand their client base is through referrals. The primary source for generating wealthier client referrals is through professionals in other fields( sometimes called“ centers of influence.”)
Who Provides Better Referrals?
When we asked those wealth managers who identified such centers of influence as the source of their top five clients, we also asked them what type of professional gives the best references. Sixty percent said accountants, 35 % said attorneys and 5 % said some other professional( which could be anything from executive coaches to investment bankers to mastermind group leaders. See the chart).
The Best Referrer 58.2 %
36.2 %
Accountants N = 196 wealth managers
Attorneys
5.6 % Other
Why do accountants and attorneys lead the pack? There are several reasons.
• Their expertise aligns with and complements that of wealth managers.
• Their regular conversations with clients usually delve into specific wealth management topics.
• Many of their clients could benefit from wealth management.
• They often maintain a strong and trusting relationship with their clients.
24 | FINANCIAL ADVISOR MAGAZINE | DECEMBER 2025 WWW. FA-MAG. COM