Referrals vs digital leads: why digital leads are now essential for adviser growth 

The referral cliff: What’s driving the decline? 

Referrals aren’t disappearing entirely, but they’re no longer the dependable growth engine they once were.  

More people are turning to digital channels to find financial support, meaning relying solely on word-of-mouth is no longer enough. 

At Unbiased, we’ve seen this shift first-hand. In 2024, 59% of people who used our platform to find an adviser had never worked with one before. 

Additionally, according to Ficomm Partners, only 29% of clients say they needed a referral to find their adviser. In contrast, 45% chose their adviser based on digital marketing. 

This shift is being driven by: 

• The rise of digital financial tools. Tink reports that over 7.5 million Brits now use digital finance apps. 

• The ongoing Great Wealth Transfer, which is bringing younger, more digitally native clients into the advice market. 

• A growing preference for self-directed research and online discovery. 

To stay competitive, advisers must meet clients where they are online. 

What are the differences between referrals and digital leads? 

Digital leads behave differently from referrals, so they also require a different approach. 

Understanding these differences is key to converting digital leads effectively. 

Here’s how they compare: 

How to start building a digital pipeline 

To generate high-quality digital leads, you need a multi-channel strategy.  

According to Ficomm Partners, 64% of effective marketing tactics are digital, and most clients require at least two digital interactions before taking action. 

Here are three proven tactics you can add to your strategy: 

1. Digital advertising 

Social media ads, search ads, and display campaigns are powerful tools for expanding your reach.  

With the right creative and targeting, you can connect with clients who are actively looking for advice. 

To succeed, you’ll need: 

• Strong creative tailored to your audience 

• Expertise in platforms such as Google Ads and Meta 

• A clear strategy for targeting and retargeting 

2. Content marketing 

According to O’Brien Media, 90% of UK adults used a search engine in May 2024. That means your firm needs to show up in search results. 

Create content that: 

• Answers common client questions 

• Highlights your specialisms 

• Builds trust and credibility 

While content marketing takes time, it delivers long-term results. 

3. Lead generation platforms 

Platforms like Unbiased connect you with people actively seeking financial advice. We deliver: 

• Verified, high-intent enquiries 

• Tools to manage and convert leads 

• A scalable, repeatable growth strategy 

Unlike referrals, digital leads can be tracked, measured, and optimised. 

How to convert digital leads? 

To turn digital leads into clients, you need a strategy built around speed, consistency, and personalisation. 

Respond quickly 

Speed is critical. Unbiased data shows that advisers who respond to an enquiry on the same day achieve an 80% lead-to-first-appointment rate compared to 25% for those who wait 24 hours.  

Use a CRM system 

Digital leads often require more nurturing than referrals. 

A good customer relationship management (CRM) system helps you: 

• Automate follow-ups 

• Personalise communication 

• Track performance and enable improvements over time 

Create a contact cadence 

We recommend at least 10 contact points in the first 10 days, using a mix of: 

• Emails 

• Phone calls 

• Text messages 

Yet, we found that 43% of advisers only attempt to contact a lead up to three times. That’s a missed opportunity. 

Ready to grow your firm with digital leads? 

Unbiased is the UK’s leading assets under management (AUM) growth platform for financial advice firms. In 2024 alone, we helped bring over £37 billion in assets into the industry. 

Additionally, as the UK’s leading AUM growth platform for financial advice firms, we connect thousands of advisers with digital leads every month, especially those new to financial advice. 

Book a free demo today and learn how Unbiased can help you scale your business in a repeatable and effective way with a steady stream of new clients.