Schwab survey finds 53% of RIAs track new clients

Fifty-three percent of RIAs now track new clients as a growth metric, up from 40% in 2025, according to Schwab's annual survey of 1,235 firms, first reported by WealthManagement.com.

AUM remains the primary growth metric for 75% of the firms surveyed. Another 44% track client referrals, and 40% track changes in AUM per client or household, up from 27% a year earlier.

For an owner weighing succession or a sale, new-client counts, referral sources and AUM per household show where growth came from rather than market appreciation. Jalina Kerr, head of advisor experience at Schwab Advisor Services, said RIAs are asking Schwab for help with organic growth because they know valuations tied to pure AUM will not be as strong.

Looking ahead, 70% of advisors expect referrals to drive growth over the next three years, and 60% cited client service. "They're redoubling their efforts for referral sources, centers of influence, and I think they are recognizing they need to work on that," Kerr said.

Sales and marketing drew investment from 40% of firms, second only to AI integration to improve workflows at 49%. Tech stack upgrades came next at 32%, then new tools and platforms at 30%, with professional development programs at 22%.

Kerr pointed to employees at private companies going through liquidity events, including going public or preparing to, as a specific source of new households. "That's a great way for advisors to source some organic growth, and that's been really fruitful for them in the markets from what we've been seeing," she said.

Schwab's survey also found RIAs want investment options typically reserved for higher-net-worth clients, including alternatives. As Private Wealth Daily previously reported, 37% of advisors already offer private market investments.