Where Do People Find Financial Advisors

September 1, 2022

People are searching online for financial advisors more than ever before.

In July 2022, Google Trends data hit a milestone in search volume for "financial advisor". This trend will accelerate, as the great wealth transfer unfolds. Approximately $68 trillion in wealth will be transferred between generations over the next 25 years. Heirs receiving their inheritance are searching online for a new financial advisor. Read more about what the great wealth transfer means for financial advisors.

Andrew Osterland, CNBC Business Writer

Most studies suggest that 80% or more of heirs will look for a new financial advisor after inheriting their parents’ wealth. While that may be an existential threat to many advisors down the road, it doesn’t change the fact that engaging those younger clients is still a money-losing proposition for most financial advisors.

Gauthier Vincent, Lead Wealth Management Partner at Deloitte Consulting

If firms are slow to embrace the digital transformation of the business, more people will change advisors.

Looking for client retention strategies?
Read our tips for financial advisors to retain their clients' children.