How can financial advisors and RIAs get more referrals from millionaire clients?

Fidelity Investments The 2016 Fidelity® Millionaire Outlook Study sought to, if not create a formula, to at least understand the relationship between advisors and their most moneyed clients.

Some highlights:

  • 55% of millionaires were “Promoters”—they were loyal to their financial advisors and were likely to recommend them.

  • 71% of Promoters had all their assets with their primary financial advisor.

  • 69% of loyal millionaires provided a referral in the last year.

  • 65% of the Promoter class called their advisors friends.

  • 62% of Promoters would switch firms with their financial advisor; only 17% of Detractors (clients not totally satisfied with their advisors) said they would switch.

  • 45% of millionaires would not recommend their financial advisors to friends.

  • 20% of millionaire clients were “Detractors” ‐ so dissatisfied that they would leave their advisor or encourage others to not work with them.

Not surprisingly, the more advisors talked with, met, and/or emailed their millionaire clients, the more loyalty those clients had for their advisors.


Get the Fidelity study to learn more about how to create advisor advocates to multiply your referrals. And for more information on how to boost lead generation efforts from your website, please download the free white paper below.