Wealth management firms are increasing marketing investment while facing pressure to prove that growth comes from more than client referrals, according to Gregory’s 2026 Wealth Management Marketing Priorities Survey. Among 100 wealth management marketing leaders surveyed, 64% increased marketing spend over the past year, while 71% identified referrals as their highest-return channel. The findings reveal a marketing function becoming more structured and performance-driven, but still struggling to attribute results across channels and determine which technology investments deliver measurable returns.

Marketing Budgets Are Growing More Strategic

The survey suggests that marketing has become a more established growth function within wealth management firms. Alongside increased spending, 77% of respondents said they work from an annual plan with quarterly reviews or a formal plan with tracked key performance indicators. Another 77% reported having an in-house marketing team of at least two people or an in-house lead supported by an agency partner.

Lead generation was the leading marketing priority, cited by 55% of respondents. These findings point to a shift away from marketing as a largely tactical function toward more formal planning, specialist staffing and accountability for business outcomes.

That shift is also reflected in how firms evaluate performance. Half of respondents measure marketing by net new assets under management (AUM) or revenue attributed to marketing, while 35% focus on qualified leads or prospect meetings.

However, sophisticated goals do not necessarily translate into reliable measurement. Only 23% said they track attribution very effectively. Nearly half, 46%, described their attribution as incomplete, while another 23% identified solving attribution as a top priority.

For firms investing more heavily in marketing, this gap makes it difficult to determine which channels generate incremental business and where additional spending is most likely to pay off.

Referrals Remain Dominant, but Diversification Is the Challenge

Client referrals remain the strongest reported marketing channel in wealth management. Some 71% of respondents said referrals deliver the best return, and 86% said referrals account for at least 40% of new business.

By comparison, earned media, content marketing and events each received 6% of responses as the best-return channel, while digital advertising received 3%.

The figures highlight the challenge of expanding beyond established referral networks. Referrals can bring trust and qualified prospects, but firms seeking more predictable growth may also want channels that build awareness among prospective clients who do not already have a connection to the business.

Content marketing, earned media, events and digital advertising can support that effort, although their contribution may be harder to quantify across a long financial-services sales cycle. Prospects may encounter a firm's content, attend an event and later convert through a personal introduction. Without adequate measurement, the value of those earlier interactions can be overlooked.

The opportunity is not necessarily to replace referrals, but to understand how other channels create awareness, strengthen credibility and contribute to new client relationships.

AI Adoption Is Advancing, but ROI Questions Persist

AI is becoming part of wealth management marketing operations. The survey found that 54% of respondents have embedded AI in content creation, automation or analytics, while none reported having yet to start.

AI search optimization is also gaining attention: 88% said it is equal to or ahead of traditional SEO in priority, and 42% identified it as their primary focus.

That emphasis suggests wealth management marketers are responding to changes in how potential clients discover and evaluate financial services. As AI-powered search tools generate answers and summaries, firms may need to ensure their expertise, services and business information are clearly represented online.

Yet technology adoption brings its own measurement challenge. Twenty-seven percent of respondents cited uncertainty about which tools deliver measurable ROI as a leading barrier to adopting marketing technology, tied with a lack of internal technical expertise.

For firms, the next step is to connect AI and marketing technology investments to outcomes such as qualified prospect inquiries, client acquisition and attributable AUM, rather than treating adoption or content output as evidence of success.

Market Landscape

Wealth management marketing is becoming more professionalized, with greater investment, dedicated teams and performance targets. At the same time, referral-led growth remains deeply entrenched, and attribution limitations make it difficult to compare established relationship channels with digital and technology-driven alternatives.

The survey points to two connected priorities for financial services marketers: diversifying prospect acquisition and strengthening measurement. AI search optimization adds another layer, creating pressure to adapt discovery strategies while maintaining the trust and credibility central to financial advice.

Strategic Outlook

Wealth management firms should preserve the value of referral networks while testing complementary channels through clearly defined objectives and consistent measurement. Attribution models should account for multiple interactions rather than crediting only the final conversion.

AI initiatives also need specific success criteria, including qualified leads, prospect meetings and business outcomes where attribution is feasible. With larger budgets and more formal marketing operations, firms have an opportunity to move from simply increasing investment to identifying which combinations of channels, content and technology contribute to sustainable growth.

Top Insights

• Marketing budgets are expanding: 64% of surveyed wealth management marketers increased spending, while none reported cuts, signaling continued investment in marketing as a growth function.

• Referrals still lead: 71% identified referrals as the highest-return channel, and 86% said they generate at least 40% of new business.

• Attribution remains a weak point: Only 23% said marketing attribution is very effective, complicating decisions about channel performance and future investment.

• AI search is a growing priority: 88% rank AI search optimization equal to or above traditional SEO, while 42% call it their primary focus.

• Technology ROI and skills are barriers: 27% cited uncertainty about measurable tool returns, tied with a lack of internal technical expertise.

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