Younger Prospects Don't Need Referrals to Pick an Advisor: Survey

"The survey results align with what we have heard anecdotally," Megan Carpenter, the firm's chief executive said in a statement. "As these cohorts age, their habits won't change. They're used to researching and making purchases digitally and tend to rely on social proof such as online reviews and clearly defined digital brands."

The survey sample comprised 1,107 consumers, 52% of whom were women and 47% men. Eighty-two percent of respondents had annual income of less than $149,000, while 17% had annual income of more than $150,000.

Effective Marketing Tactics

No single digital channel was superior to another, the survey results showed. Rather, a mix of digital channels was required to generate enough touchpoints to move a prospect to take action.

According to the research, 64% of effective marketing tactics were digital, and not one tactic outshone another. Moreover, consumers required a minimum of two digital interactions before responding — with the ideal number of interactions being five or more, Ficomm said.

Referrals will remain an important lead source, Ficomm said, but can no longer be the exclusive way that leads come into the business. Advisors who want to remain competitive will need to implement an integrated, multi-tactic digital marketing strategy.