The State of Advisor Discovery

What Do Today's Prospects Want?

Beyond demographics, understanding prospect preferences helps advisors position their services effectively.

Meeting Preferences: The Virtual Shift

The pandemic permanently shifted expectations around how financial advice is delivered. Our data confirms that virtual and hybrid meetings are now the norm, not the exception.

"Two-thirds of prospects prefer virtual or hybrid meetings. Advisors who don't offer flexible options are limiting their reach."

What we found:

• Virtual preference is the majority. Roughly two-thirds of prospects indicate a preference for virtual or "mostly virtual" meetings. This represents a fundamental shift in how financial advice is consumed.
• "Mostly virtual" is the sweet spot. The largest single preference is "mostly virtual with occasional in-person"—prospects want the convenience of video calls with the option for face-to-face meetings when needed.
• Pure in-person preference is the minority. Only about one-fifth of prospects specifically prefer in-person meetings. Advisors who require in-person are excluding a significant portion of the market.
• Virtual-only opens geographic markets. About one in four prospects indicate they're open to purely virtual relationships, meaning they'll work with advisors anywhere in the country.

Portfolio Complexity

What types of assets do prospects own? Understanding portfolio composition helps advisors tailor their messaging and service offerings.

• Cash and savings accounts are nearly universal—most prospects have basic savings in place.
• Retirement accounts (401k, IRA, etc.) are held by a strong majority of prospects.
• Taxable investment accounts are increasingly common, suggesting prospects have moved beyond basic retirement savings.
• Real estate holdings are present in a meaningful portion of portfolios, requiring integrated planning.
• Business equity and ownership stakes represent a smaller but growing segment, particularly among higher-asset prospects.

The High-Net-Worth Client: A Different Profile

Not all advisor searches are equal. High-net-worth prospects—those with substantial investable assets—exhibit distinct patterns that warrant specific attention.

How HNW Searches Differ

Our analysis reveals that affluent prospects search differently, prioritize different things, and respond to different messaging than the general population.

"High-net-worth prospects behave differently. One-size-fits-all messaging doesn't work."

Key differences:

• Retirement-focused, not wealth-building. While the general population skews toward wealth accumulation, high-net-worth prospects are dramatically more likely to be focused on retirement transitions and legacy planning. They've already built wealth—now they need help preserving and transferring it.
• Stronger preference for in-person. Affluent prospects show notably higher preference for in-person meetings compared to the general population. The relationship matters more when the stakes are higher.
• More complex portfolios. High-net-worth prospects are significantly more likely to own real estate, business equity, and diversified investment portfolios. Multi-asset coordination is essential.
• Tech and business owners over-represented. Technology professionals and business owners are significantly over-represented in the high-net-worth segment, suggesting equity compensation and business succession expertise are particularly valuable.
• More intentional research. Affluent prospects appear to conduct more thorough research before engaging. They're not impulse searchers—they're deliberate decision-makers.

Messaging Implications for HNW

If you're targeting affluent clients, your messaging should reflect their priorities—not the priorities of the general population.

Geographic Demand Patterns

Where are people searching for financial advisors? Geographic concentration matters for advisors thinking about their target market.

Major Metro Concentration

Advisor searches concentrate heavily in major metropolitan areas, with particular strength in financial centers.

Emerging Markets

Beyond established financial centers, several markets show disproportionate demand relative to their population—potentially representing less competitive opportunities.

What This Means for Advisors

The data points to specific actions advisors can take to better align with how prospects actually search for financial guidance.

Recommendations for Individual Advisors

What This Means for Wealth Management Firms

Beyond individual advisor positioning, these trends have implications for how wealth management firms recruit, train, and position their teams.

Strategic Implications

Emerging Opportunities

Several underserved areas present potential growth opportunities:

• Life transition specialists. Divorce financial planning, sudden wealth management, and career transition guidance represent high-stakes moments where prospects actively seek help.
• Next-generation wealth builders. The "building financial foundation" segment is large but may be underserved by advisors focused on traditional wealth management minimums.
• Emerging geographic markets. Charlotte, Atlanta, and other growing metros may offer less competitive environments than established financial centers.

Looking Ahead

The landscape of how Americans search for financial advisors continues to evolve. The trends we've observed in 2025 suggest several ongoing shifts:

Advisors and firms that align their positioning with these realities—rather than assumptions about who "should" be seeking advice—will be better positioned to capture the demand that exists.