The $3B Secret: Why “Raving Fans” Beat Referrals Every Time

Most financial advisors still lean on referrals as the primary growth engine for their business. The logic is simple: serve a client well, then ask them to introduce you to friends, colleagues, or family. But in today’s competitive wealth management industry, that approach has limits.

David Hefty, CEO of Credent Wealth Management, has scaled his firm past $3 billion in assets under management by rejecting the traditional referral-first mindset. Instead, he built his firm around creating raving fans.

So, what’s the difference—and why does it matter for RIAs looking to grow?

From Referrals to Raving Fans: The Growth Shift Advisors Need

Referrals are transactional. They often happen when an advisor asks for them, leaving both parties feeling awkward. Even worse, they may come in small numbers and inconsistently.

Raving fans, on the other hand, are transformational. These clients are so delighted by their experience that they willingly—and enthusiastically—talk about it to others. They don’t need to be asked. They become natural evangelists for your brand.

Hefty explains that this doesn’t happen by accident. It’s a byproduct of intentional client experiences—moments that surprise, delight, and reinforce trust at every stage of the relationship.

The Psychology Behind Raving Fans

At its core, the raving fan strategy is about human psychology. People love to share stories of positive experiences, especially when they feel cared for, valued, and understood.

Think about the last time you told a friend about an amazing restaurant, a flawless service interaction, or a product that exceeded expectations. Clients behave the same way when they feel their financial advisor is consistently going above and beyond.

This is the psychological edge that Credent Wealth Management leverages: every email, meeting, report, and phone call is a chance to make clients feel something memorable. And when clients feel deeply connected, they talk.

Why Referrals Alone Can’t Sustain Growth

For decades, advisors have been trained to ask for referrals as a natural part of client meetings. But in today’s market:

• Clients are savvier. They can research advisors online, read reviews, and compare options instantly.
• Competition is intense. Every RIA is competing for the same pool of affluent investors.
• Referrals feel outdated. Handing out business cards or awkwardly asking for names doesn’t align with modern client expectations.

In contrast, building raving fans scales organically. It creates a constant stream of advocacy that doesn’t depend on scripted conversations or manual asks.

Credent Wealth Management: Proof in Action

Credent’s $3 billion growth story isn’t a stroke of luck. It’s built on a culture where:

• Every advisor is trained to deliver a wow-factor experience.
• The client journey is mapped to maximize trust and satisfaction.
• Communication is consistent, empathetic, and memorable.

As a result, Credent’s clients don’t just stay—they spread the word. Their advocacy has become a sustainable driver of growth, proving that referrals pale in comparison to raving fans.

How Advisors Can Build Raving Fans Today

If you’re an advisor or RIA leader, the takeaway is clear:
Stop treating clients as a lead source. Start viewing them as advocates.

Here are a few steps to shift your growth model:

1. Focus on experiences, not transactions. Think beyond portfolio reviews. Create personal, emotional connections in every interaction.
2. Be consistent. Growth through advocacy requires building trust over time. Consistency is what turns satisfaction into enthusiasm.
3. Empower your team. Every employee should understand they are part of the client experience. From advisors to support staff, alignment matters.
4. Measure what matters. Don’t just track AUM. Monitor client satisfaction, engagement, and advocacy levels.

Why This Matters for the Future of RIAs

The firms that will thrive in the next decade won’t be the ones asking for referrals. They’ll be the ones building movements of raving fans who drive growth faster than marketing campaigns ever could.

As David Hefty emphasizes, every moment with a client is a chance to create loyalty that turns into advocacy. And when you have a community of clients actively talking about your firm, growth isn’t just steady—it accelerates.

Key Takeaway

Referrals may have worked in the past, but the next generation of advisor growth belongs to firms that create raving fans. It’s not about asking for introductions—it’s about delivering experiences so powerful that clients can’t help but share them.

These insights are inspired by the latest episode of Next Mile podcast featuring David Hefty, CEO of Credent Wealth Management. Dive deeper into the growth strategy behind one of the fastest-scaling RIAs in the country. Listen to the full episode here and explore more articles in this series.