Why the Fastest-growing RIAs Rely on Referrals the Least with Michael Kitces

Most advisory firms get 80 to 100% of their growth from referrals. But the fastest-growing firms? They get about a third. That gap tells a story. In this episode, financial industry leader Michael Kitces joins the podcast to share findings from the 2026 Kitces Research Study on Advisor Marketing and why the "serve clients well and the referrals will flow" mindset caps your growth. Listen in to learn why high-growth firms win with one or two channels, why marketing takes a year to work (and what's really happening in those first nine months), and how to run the numbers on a single marketing event so that investing in growth stops feeling like a gamble. Michael shares: • Why the fastest-growing firms rely on referrals the least (and what they do instead). • Why client acquisition costs dropped to an average of $2,500. • What sabotages the firms copying high-growth playbooks. • How one $10,000 seminar that lands a single client can return 30% for decades. • Why picking a tactic you actually enjoy is a growth strategy, not a preference. Resources: • Kitces Report: How Financial Planners Actually Market Their Services: http://kitces.com/marketing • Financial Advisor Success Podcast: https://www.kitces.com/podcast/ • Research Articles: https://www.kitces.com/blog/category/... • AdvisorEconomics: https://www.advisoreconomics.com/ • XYPN: https://www.xyplanningnetwork.com/ • AdvicePay: https://advicepay.com/ • New Planner Recruiting: https://newplannerrecruiting.com/ • fpPathfinder: https://www.fppathfinder.com/ • Focus Partners Wealth: https://www.focuspartners.com/ Connect with Michael Kitces: • LinkedIn: Michael Kitces:   / michaelkitces   • Kitces.com: https://www.kitces.com/ • YouTube: Michael Kitces: https://www.youtube.com/user/MichaelK... • Facebook: Kitces.com:   / kitces   • X: MichaelKitces: https://x.com/MichaelKitces Connect with Kristin Harad: • LinkedIn: Kristin Harad, CFP®:   / kristinharad   • FullAdvisorCoaching.com: https://fulladvisorcoaching.com • Fulladvisorcoaching.com/resources: https://fulladvisorcoaching.com/resou... • X: KristinHarad:   / kristinharad   • Email: kristin@fulladvisorcoaching.com • Schedule a Conversation with Kristin: https://go.oncehub.com/MarketingHelp