Schwab Survey Identifies Client Referrals and Talent Acquisition as Key Priorities for RIAs Heading into 2026

Client referrals and strategic recruiting have emerged as the primary focus areas for registered investment advisors (RIAs) custodied with Charles Schwab, according to the firm’s latest annual survey.

When respondents were asked to identify their top three objectives, firms managing over $250 million in assets most frequently cited organic growth through new client referrals as their number one priority for 2026. This trend highlights the ongoing challenge for RIAs to drive organic growth, which industry experts suggest has been hovering below 2% for both RIAs and independent broker-dealers. Schwab’s research has consistently placed client referrals at the top of the priority list since 2023.

“Organic growth remains a perennial priority for firms,” noted Lisa Salvi, managing director of business consulting and education at Schwab Advisor Services. “We are seeing a thriving, growth-oriented industry, which is clearly reflected in these annual priority shifts.”

The survey, which included 1,236 RIAs, also underscored the importance of structured referral programs. According to Schwab, firms with formal client referral plans generate 1.6 times more new client assets than those operating without one.

Despite the benefits, fewer than half (44%) of firms with over $250 million in assets have implemented referral plans for existing clients, and only 30% have documented plans for centers of influence. Even among top performers, documented plans for client referrals and centers of influence were only at 52% and 36%, respectively.

“We believe organic growth is an imperative that creates a vital cycle of opportunity within an advisory firm,” said Salvi.

The Schwab survey also highlighted a highly competitive market for advisor talent. As the sector continues to attract professionals from wirehouses and independent broker-dealers, recruiting staff to expand firm capacity and skill sets was cited as the second-most important priority.

Data indicates that 75% of firms hired new staff in 2025, with a median of two new employees per firm. Recruitment sources were varied: professional and personal networks (56%), colleges and universities (36%), other RIAs (28%), and non-financial professional services (19%).

Hiring expectations remain high for the coming year; the median firm plans to add four new roles in 2026, and 75% of firms intend to expand their headcount before the year concludes.

In the search for top talent, documented paths to equity remain rare. The survey found that only one in three RIAs offers a documented path to an equity stake for employees.

Of those offering equity, 49% utilize it as a tool for talent retention, 30% use it for succession planning, and 11% view it as a way to ensure management continuity.

Additionally, the survey identified emerging priorities: improving productivity through AI and integrating AI into overall business strategy. These areas ranked as the sixth- and seventh-most significant priorities, respectively.

This aligns with recent industry observations regarding large RIAs increasing their investments in AI tools to support both current staff and recruitment efforts.

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