Reliance on referrals and traditional methods persists amid budget constraints
Financial advisers in the UK are facing significant obstacles to business growth due to limited marketing budgets and continued dependence on traditional outreach methods, according to recent research conducted by Unbiased.
The study, which surveyed advisers using the Unbiased platform, found that 44% identified restricted budgets as the main impediment to expanding their businesses.
This financial constraint has prevented many from investing in digital marketing or exploring new approaches to client acquisition. As a result, 28% of respondents reported difficulties in generating sufficient leads, while 16% cited unsatisfactory returns on their marketing investments.
The research also revealed that only a small proportion (5%) viewed adapting to the influence of artificial intelligence (AI) on marketing as their primary concern, despite AI’s growing role in shaping client engagement strategies.
In terms of sourcing new clients, 31% of advisers said they rely on referrals from existing clients. While digital marketing is becoming more common, 12% of advisers continue to use more traditional methods such as direct mail and newspaper advertising, in addition to the Unbiased platform.
“Financial advice firms face growing pressure to scale while keeping costs down. Traditional methods like referrals can help, but they often lack the consistency and reach needed today,” said Matt Cockayne (pictured right), chief revenue officer at Unbiased. “Many firms are stuck in a cycle of tight budgets, low lead volume, and missed opportunities.
“With AI reshaping how people search for financial advice, those who don’t adapt risk falling behind. With the right tools and support, every advice firm can thrive.”
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