Financial advisers are being held back by limited marketing budgets and outdated tactics, according to research from Unbiased, the financial advice platform.
The study found that nearly half (44%) of advisers identified restricted budgets as their biggest marketing challenge.
This financial constraint limits their ability to test new approaches, scale outreach or fully invest in digital channels, creating a cycle of low visibility and missed opportunities.
Lead generation also remains a key hurdle, with 28% of advisers saying they struggle to generate enough leads, while 16% cited poor return on investment (ROI) as a major barrier to growth.
Despite the rapid advances of artificial intelligence (AI) in reshaping marketing, only 5% of advisers said keeping up with AI’s impact was their biggest challenge.
By contrast, over one in 10 (12%) continue to rely on traditional techniques such as newspaper ads (4%) and direct mail (8%).
Client referrals remain important too, with 31% of advisers using them to win new business.
Matt Cockayne, chief revenue officer at Unbiased, said: “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.
“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.”
He added: “At Unbiased, we’re breaking that cycle by providing high-quality, high-intent leads. Unbiased is the only scalable, repeatable top of funnel solution to help you grow sustainably and predictably. With the right tools and support, every advice firm can thrive.”
