Financial advisers were struggling with traditional marketing tactics and tight budgets, according to a study from Unbiased.
Nearly half (44%) said limited budgets were the biggest barrier to growth, stopping them from investing in digital channels or trying new strategies.
This led to 28% saying they did not get enough leads, and 16% citing poor return on investment.
Just 5% said keeping up with the impact of artificial intelligence (AI) in marketing was their main challenge, even though AI is changing the way firms attract new clients.
When asked about their biggest marketing issue, 44% pointed to tight budgets, 28% said low lead generation, 16% flagged poor ROI and 5% were concerned about AI.
In terms of generating new business, 31% relied on client referrals.
Digital marketing use was growing, but 12% still used older techniques like direct mail and newspaper ads, in addition to Unbiased’s platform.
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.”
Cockayne added: “With AI reshaping how people search for financial advice, those who don’t adapt risk falling behind.
“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.”
