How to Become a Top-Ranked Financial Advisor

For financial advisors, a spot on a “top advisor” list can help raise your profile with prospects and give existing clients another reason to make referrals. Assets under management, client attrition and retention rates and documented organic growth are some of the factors that may get your firm ranked. Studying the qualities of top advisors and the methodology behind notable ranking systems can help you develop an actionable framework for boosting your firm’s position.

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Importance of Ranking on Top Advisor Lists

A paper from two University of Kentucky researchers examines “third-party quality certification” in the financial advice marketplace. It specifically evaluates the ripple effects of appearing on Barron’s “Top 100 Financial Advisors” list and its impact on advisor firms and client behavior. ¹

The authors took several approaches to identify a causal relationship between Barron’s top advisor placement and its effects. They worked to separate the granting of the award itself from the underlying quality of the advisor. Their research included using Securities and Exchange Commission (SEC) Form ADVs to identify firms that have an advisor who is named to Barron’s rankings in a particular year.

The researchers crunched the numbers by comparing, for example, an advisor who made it into the top 100 against one who narrowly missed the cutoff. Here are some notable takeaways:

• After scoring a spot in the top 100 list, advisors increase AUM and client accounts.
• Advisors are less likely to commit professional misconduct after inclusion in the top 100.
• The “effect size” or impact of inclusion in the top 100 nearly doubles for advisors from smaller and less-known firms and for newer advisors.

The evidence suggests that ranking on top advisor lists functions as a trust signal for prospective investors who need professional financial advice. A high-net-worth individual, for example, may feel more comfortable with an advisor who’s the face of a visible, respected brand.

Ranking may increase the confidence your current clients feel about your services, which may encourage more referrals. And having a seal of approval from a verified, trusted source can be a useful marketing tool for attracting new clients to your business.

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Characteristics of Top-Ranked Advisors

Understanding what drives one advisory firm to the top of the rankings versus another can help you identify areas for improvement in your business. If there’s a particular ranking list you’re hoping to land a spot in, studying its methodology can offer some valuable clues.

As an example, let’s consider how Barron’s ranks advisors included in its Top 100 Financial Advisors list. Advisors who wish to be ranked first must complete a prequalification process that’s designed to assess experience and sophistication. They must complete a 100-question assessment and Barron’s verifies the answers they provide against information available in regulatory databases.

From there, they must meet several criteria:

Barron’s performs multiple calculations and subcalculations to assign rankings, based on how firms perform across these metrics.

Consider how you can use this information as a guide for rising in the rankings. For example, you may be able to increase AUM by developing a new service offering or targeting client assets held away. Referrals can be another valuable source of AUM and revenue, and you may draw them from your existing clients or other professionals in your network. Cultivating centers of influence with CPAs, bankers and insurance agents, for instance, could put you in contact with more leads if they serve a similar clientele.

You may also invest in your marketing efforts with a platform like SmartAsset AMP. With SmartAsset, connect with investors who may be interested in working with an advisor and get access to automated email and text messaging tools to nurture relationships with prospects. Schedule a demo to learn more.

Earning one or more professional certifications is something else to consider if you’d like to earn a top advisor ranking. Certified Financial Planners™ (CFPs®), for instance, earn 11% more than other financial planning professionals, according to the CFP Board’s 2026 Compensation Study. ² That can be attributed in part to the way this certification is viewed among financial services professionals and investors; it’s essentially the gold standard.

Certifications and designations can make you appear more credible to prospects. The same is true for advanced degrees. A master’s degree in finance or accounting, for example, can reassure prospective clients that you understand complex financial concepts. Just consider the investment of time and money required to earn an advanced degree, relative to its return. A Ph.D. in financial planning, for instance, may be more useful for teaching or research than serving clients.

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Popular Advisor Rankings

The researchers used characteristics specific to Barron’s list to inform their analysis. But Barron’s is just one of the many publications ranking advisors and firms for consumers and industry watchers. Popular advisor rankings include these:

• CNBC’s Financial Advisor 100
• Investopedia Top 100 Financial Advisors
• Forbes Best In-State Wealth Advisors

Additionally, SmartAsset uses Form ADVs and other metrics to provide this advisor-focused data:

• Top 10 U.S. Financial Advisors
• Top Financial Advisors by State and City
• Top Fee-Only Financial Advisors in the U.S.

Data used to crunch individual top advisor lists can run the gamut. Common metrics include these:

• Interviews
• Questionnaires
• Experience
• Number of employees
• Online presence
• Peer recommendations
• Compliance records
• Revenue produced
• Assets under management
• Accounts under management

Other publications may focus top advisor lists on certain groups, such as top female advisors or next-generation advisors.

What Advisors Should Know About Ranking on Top Advisors Lists

Of course, not every advisor can rank as the “best advisor.” Developing the business, reach and success to appear on such a list takes time. But even newer advisors can position themselves to take advantage of the relationship between third-party acclaim and business success. Here’s what to know:

Outreach Matters

When it comes to top advisor lists, actively seeking inclusion may pay off. Sometimes, rankings require participation from the candidates. For example, Barron’s requires that advisors who wish to be ranked fill out a 102-question survey about their practice. Filling out forms, completing questionnaires and increasing marketing and social media reach may help advisors who want to be considered.

Tales of the “Barron’s Curse” May Be Exaggerated

The study referenced earlier counters the concept of the “Barron’s Curse.” This theory postulates that advisors who rank on Barron’s top 100 experience an increase in client complaints and disciplinary actions.

The paper doesn’t see evidence of that outcome. “The disproportionately high percentage of customer complaints among Barron’s list members” is due “in large part to the large scale of business and long careers of this population,” the study concludes.

Keep Marketing Compliance In Mind

On a broader level, marketing is a hot compliance topic thanks to the SEC’s marketing rule, which offers updated guidance on how advisors can promote their firms.

For example, advisors must refrain from making inaccurate or misleading statements in their marketing materials. If they ask clients for reviews or testimonials, they must give every client a chance to respond. Advisors must also adhere to recordkeeping requirements for all communications, including texts and emails.

Frequently Asked Questions (FAQs)

Bottom Line

Appearing in an advisor top 100 list may be a boon to advisory practices and individual advisors. Advisors may want to monitor popular ranking lists and consider how their marketing and client outreach efforts align with ranking criteria.

Tips for Growing Your Financial Advisory Business

• Let us be your organic growth partner. 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.
• Expand your radius. SmartAsset’s recent survey shows that many advisors expect to continue meeting with clients remotely following COVID-19. Consider broadening your search and working with investors who are more comfortable with holding virtual meetings or spacing out in-person meetings.

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