New research from Deloitte and Wells Fargo Advisors Financial Network reveals how independent practices can avoid costly pitfalls common to expansion
NEW YORK, Aug. 14, 2025 /PRNewswire/ — A new research study from Deloitte, in participation with Wells Fargo Advisors Financial Network (FiNet), unveils critical strategies for independent financial advisors to achieve growth while balancing shifting market conditions. The report, “Harvesting Success: Cultivating Growth for Independent Financial Advisors,” provides a roadmap for advisors seeking to thrive in a competitive market.
Key Findings:
- Organic Growth as a Foundation: A staggering 70% of financial advisors emphasize the importance of organic growth, yet many struggle to achieve it. According to the report, 78% of advisors say that generating leads and referrals is the primary roadblock to growth. The report identifies the reduction of administrative burdens as a pivotal strategy for unlocking organic growth. Independent advisors can benefit from tapping into centralized, scalable models for client service, supervision, marketing, and portfolio management. As an example, practices that centralize portfolio management see a 16% increase in advisor productivity.
- Inorganic Growth Opportunities: The report highlights inorganic growth as a key priority for independent advisors with an average of 67% planning acquisitions within the next two years. Focusing on both organic and inorganic growth is essential for practices aiming to expand their client base and market presence.
- Strategic Planning is Crucial: Only 58% of practices currently have a strategic plan. The report underscores the importance of defining long-term ambitions and developing a strategic plan that includes succession planning and clear growth priorities.
Advisors are the front line of client relationships, and their attention should be focused on retention and client satisfaction. Furthermore, a strong operational foundation ensures that the practice can handle increased complexity post-acquisition.
“The concept of growth is a key priority for most, if not all, independent practices,” said Jeff Levi, principal, Deloitte Consulting LLP. “And while there’s a strong desire to find the silver bullet, it’s critical to remember that growth can’t be achieved in a vacuum. Firms that seek to acquire or recruit additional advisors should first ensure they’re delivering a smooth business model and thriving environment that allows advisors to focus attention on expanding their client base and deepening client relationships.”
Design a strategy that matches your ambition
Having a plan seems like a no-brainer, but it’s often put on the backburner to deal with day-to-day operational items. In fact, only 58% of responding practices reported having a growth plan in place, and 63% of those respondents update the plan annually.
Defining long-term strategic ambitions and aligning plans accordingly, along with implementing robust succession planning, helps ensure continuity and stability, which can make the firm more attractive to potential buyers and partners.
“Organic growth is the health indicator of a successful wealth management business, and it only happens with intention,” said John Tyers, president of Wells Fargo Advisors Financial Network. “It starts with a vision of the specific type of client experience an advisor wants to deliver, followed by an execution plan that can be implemented at scale. Once in place, a firm then has the necessary foundation to be acquisitive.”
Build your structure for inorganic growth
Now is the time to develop a clear and compelling acquisition strategy, highlighting the benefits of independence to potential acquirees, and offering competitive benefits packages to attract top talent from larger institutions, can significantly strengthen the firm’s position.
It’s not uncommon for independent practice owners to face challenges as they navigate the complexities of growing their practices. By adequately laying the groundwork, independent practices can stimulate both organic and inorganic growth.
About the Report
The research for this paper focuses on the drivers of growth and causes of stagnation in investment advisor practices. The findings are based on quantitative and qualitative data from Wells Fargo FiNet independent practices of different sizes and profiles, covering diverse geographies across the United States. The qualitative insights were derived from more than 15 interviews with FiNet practice leaders nationwide. These interviews focused on the independent practices’ key growth decisions, largest challenges, and greatest curiosities. The quantitative insights were obtained from survey data collected from participating practices and supplemented with firm demographic data covering all practices. The survey data was gathered from more than 125 practices of varying geographies, firm sizes, and profiles, representing 30 states and covering more than $61 billion in total advisory AUM. The survey consisted of 30 questions spanning financials, staffing, practice management, client service preferences, and marketing activities. The historical demographic data provided insights into AUM, revenue, and advisor growth across practices.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters for our people, clients, and communities. We bring together distinct talents, technologies, disciplines, and an ecosystem of alliances to help tackle today’s most complex business challenges and drive long-term progress. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing 180 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.
About Wells Fargo Advisors Financial Network
For more than 20 years, Wells Fargo Advisors Financial Network, the independent contractor business model of Wells Fargo Wealth & Investment Management (WIM), has offered financial advisors more control, flexibility, and growth around business ownership as well as support from one of the nation’s largest financial institutions. WIM provides financial products and services through affiliates of Wells Fargo & Company. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC, (WFAFN) Member SIPC , a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Any other referenced entity is a separate entity from WFAFN.
As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.
SOURCE Deloitte
