How to Efficiently Increase Your AUM as an Advisor

Growing assets under management (AUM) is a common objective for financial advisors looking to scale their practices. According to the 2025 Investment Adviser Industry Snapshot, the median AUM for SEC-registered advisors was $427.1 million in 2024.¹ Meanwhile, just over 200 firms controlled 68.4% of all client assets, totaling $144.6 trillion. That concentration highlights just how competitive asset growth can be. Developing a clear, repeatable strategy for attracting and retaining assets can help advisors capture a larger share of the market.

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How Advisors Can Increase AUM

Bringing more assets under your management requires making careful choices about where you spend your time and how you deploy your resources.

Advisors who see sustained AUM growth tend to align their daily activities with clear, measurable growth objectives, rather than chasing every opportunity that comes along. Balancing internal efforts, such as deepening existing client relationships, with external initiatives, like targeted marketing and partnerships, allows you to grow without overextending yourself. This dual focus can help create momentum that’s both scalable and sustainable.

Here’s what that approach can look like in practice.

Cultivate Your Current Clients

Growing AUM internally means leveraging the assets you already have, namely, your current clients. There are several ways that you can increase AUM without actively seeking new clients:

• Target assets held away: Your clients may have investment accounts or bank accounts that are managed elsewhere, or not at all. You can get an instant AUM boost if you’re able to bring assets held away into the fold. Offering a free review of outside accounts can help your client understand how they could be managed more efficiently.
• Ask for referrals: Referrals are a critical source of leads; 88% of advisors rely on them, according to a 2024 Kitces report on how financial planners market their services. ² Superior service that exceeds client expectations can generate referrals organically, but you may decide to take a more direct approach and simply ask. Developing a strong referral program that incentivizes clients for referrals is another way to connect with more prospects. Client appreciation events may also gently nudge clients to make referrals.

Improving the client experience can help make clients more receptive to deeper engagement, referrals and asset consolidation. When clients feel supported and understand the value you provide, they’re more likely to trust you with a larger share of their financial lives. A strong experience also reinforces loyalty, which can reduce attrition and encourage long-term growth across your book of business.

Technology can also play an important role in making this possible. Automating back-end tasks such as scheduling, reporting and routine communications can free up time for more meaningful conversations and proactive planning. Enhancing the clarity and consistency of client communications, along with regularly asking clients what they need or expect from you, can help strengthen relationships across different client segments and uncover new opportunities to add value.

Focus Outreach in the Right Areas

Leveraging your existing client base can be an effective way to grow AUM, but it often has natural limits. At some point, meaningful growth requires expanding beyond your current relationships. Looking outward allows you to attract new clients, diversify your book and bring in additional assets that support long-term scalability.

External growth strategies can take many forms, from refining your services to strengthening your professional network and marketing efforts. The key is to focus on approaches that align with your strengths, capacity and growth goals.

Here are several options to consider as you look to bring in new assets and clients:

• Develop a new service offering: Expanding your service offerings could help increase AUM if you’re attracting a crop of clients you may not have served previously. If you serve a particular niche, you might consider which other areas of planning they may need help with, or target your service offering to attract an adjacent niche. You can also market these offerings to your existing clients, which could also help you generate more revenue.
• Build centers of influence: Networking can be one of your most powerful tools for generating new AUM and expanding your book of business. Connecting with other financial professionals, such as CPAs or insurance agents, estate planning attorneys or tax attorneys could help you collect more referrals for your services. Bear in mind that these types of relationships are reciprocal, meaning you should also be prepared to send referrals to others in your network.
• Share your expertise: Digital ads, social media campaigns and marketing copy on your website can tell prospective clients a little about you, but they may not share the full picture. Hosting a seminar, webinar or workshop is a chance to provide some added value to prospects while also highlighting who you are, what you know and how you’re uniquely equipped to help them.
• Automate lead generation: Instead of spending hours chasing cold leads, you could be focusing your time on building real relationships. With a platform like SmartAsset AMP, financial advisors can streamline their lead generation. SmartAsset uses a holistic approach to help advisors match with fully vetted leads and nurture those relationships automatically. Schedule a free demo today.
• Use tech that works for you: You may be sitting on a wealth of lead information, but not realize it if you’re working with an outdated customer relationship management (CRM) platform. Modern CRMs make it easy to segment prospect lists, differentiate between warm and cold leads, and devise a communication strategy that’s designed to convert. Artificial intelligence (AI) tools, meanwhile, can help you with the content creation side of marketing, from email newsletters to social media posts to blog content.
• Consider a merger, or buy a book of business: If you have the means to do so, you might consider merging with another advisory firm or buying a book of business. This strategy has pros and cons. On the pro side, AUM may increase overnight as you take on new clients. The biggest con, however, is that there are no guarantees that those new clients will stick around. If you’re interested in finding a book of business for sale or discussing a potential merger, you might feel out contacts in your network or visit online marketplaces that bring buyers and sellers together.

If efficiency is a top priority, it’s worth evaluating which strategies deliver the strongest return on both your time and your budget. Narrowing your focus in the near term can help you allocate resources more effectively and build a foundation for sustainable growth over the long run.

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Bottom Line

Is there a secret for how to grow AUM as an advisor? Not really, as increasing assets under management requires a clear understanding of your goals for your business and an evaluation of different strategies. What works well for your firm may not work for another, so it’s also helpful to develop metrics for tracking your progress that reflect your specific objectives. If you’re struggling to gain traction with different methods, you may want to talk to an RIA consultant or marketing consultant about how you can refine your approach.

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Tips for Growing Your Advisory Business

• Consistent AUM growthcan depend on having a reliable system for attracting and nurturing the right prospects. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• If you’re thinking of buying a book of business or acquiring another firm, it’s important to get an accurate valuation before committing to a deal. There are several formulas that can be applied to determine valuation, but you may also benefit from a third-party consultation or appraisal. And for any deal you plan to enter, it’s important to make sure all responsibilities, rights and requirements for all parties involved are thoroughly documented.

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