As advisors prioritize efficient growth, they rely heavily on referrals to build their client base. While referrals from clients, friends, and family are largely effective, collaboration with centers of influence (COIs) and forming strategic alliances is increasingly proving to be a key strategy for boosting engagement with both clients and prospects, according to The Cerulli Report—U.S. Advisor Metrics 2025.

Cerulli’s research finds referrals from clients, friends, or family members account for over half (54.2%) of new clients for advisors. While these referrals are the primary source of new clients, contacts from centers of influence (COIs), such as CPAs, attorneys, and other professionals, are the second most common source (13.9%), underscoring the importance of networking.

According to practice management professionals, the top-three most-effective strategies for building strategic alliances are joint meetings with clients or prospects, connecting with other professionals over mutual personal interests (e.g., golf, wine, art), and referring clients to the other professional to naturally start a partnership.

“Partnering with other professionals to exchange client referrals is a powerful strategy—nearly two-thirds (63%) of practice management professionals find working with COIs or forming strategic alliances to be highly effective marketing strategies for advisors,” says Andrew Blake, associate director. “This strategy not only generates new introductions but also offers clients a broader range of services, as the advisor benefits from close connections with those providing different expertise.”

Networking will continue to play a vital role in enabling financial advisors to achieve organic growth, especially when practice resources limit the ability to offer certain services in-house. “Partnering with other professionals, such as CPAs and attorneys, creates a mutually beneficial relationship, leading to more high-quality referrals, fostering trust with clients through expert recommendations, and broadening the advisor's professional network. This collaboration is essential for expanding practice capabilities and driving sustainable growth,” concludes Blake.