Blog · Coverage and territory · Wealth managers
How a wealth management firm measures its new client sources from the client master and the assets and fee records: clients won per source per adviser, assets and first-year fees by source, retention at three years by source from the firm's own history, the advisers whose books grow from client referrals against those dependent on one introducer, and the concentration risk in an introducer that sends a third of a firm's new assets.
A wealth firm knows how many new clients it won this year and how many assets they brought. It rarely knows which sources they came through, per adviser, what those sources' clients look like three years later, or that a third of the year's new assets came through one accountant who talks only to one adviser. The client master and the fee records say all of it. This guide sets out source by adviser, value by source, retention by source, and introducer concentration.
Per source, per adviser, per year:
New clients, assets at onboarding, first-year fees Three-year retention = clients still here three years after onboarding ÷ clients onboarded, from history Assets retained at three years
Per introducer:
Share of new assets, per adviser and firm-wide
Client, adviser and introducer identifiers only.
new clients in the year = Σ sources, with unknown source as its own bucket, counted
The unknown share per adviser is on the report; it is the data quality figure for the measure.
| Source | New clients | Assets at onboarding | First-year fees | 3-year retention | Assets retained at 3 years |
|---|---|---|---|---|---|
| Client referral | 84 | $61m | $520,000 | 91% | $58m |
| Professional introducer | 62 | $88m | $710,000 | 82% | $71m |
| Seminar | 41 | $19m | $160,000 | 64% | $11m |
| Inbound | 28 | $14m | $120,000 | 71% | $9m |
| Unknown | 19 | $12m |
Introducers bring the largest assets; client referrals keep the most. Seminars bring assets that a third of the time leave within three years.
| Adviser | New assets | Client referral share | Introducer share | Top introducer share | Reading |
|---|---|---|---|---|---|
| A-07 | $41m | 62% | 20% | 8% | Self-growing book |
| A-12 | $38m | 12% | 71% | 58% | Dependent on one introducer |
| A-03 | $14m | 40% | 10% | 5% | Mixed; small |
Adviser A-12's book grows through one accountancy firm that sends $22m a year and knows nobody else at the firm. That is concentration the firm does not own, and the fix is a second relationship with the introducer.
Source not recorded. The measure cannot exist. Populate it at onboarding.
Onboarding assets as the value. Seminars look good until year three.
Introducer concentration unseen. The adviser leaves and the introducer goes too.
Firm-wide only. The dependent adviser is inside a healthy mix.
Mapped once, the client master and the fee records produce sources by adviser, value and retention by source, and introducer concentration every year. Covirage builds this from the exports as they are. The wealth managers page describes the setup, and the adviser concentration guide covers the other concentration the same firm should see.
The client master's source field, recorded at onboarding. Where it is missing, the first contact in the log is a proxy, labelled. A firm with the field empty for half its clients has a data finding before it has a source finding, and the report shows the share populated per adviser.
Because sources differ in what they keep. Clients referred by other clients typically stay longer than seminar clients at most firms, and the firm's own history says by how much. A source that brings assets that leave in two years is worth less than its onboarding figure suggests.
The share of a firm's, or an adviser's, new assets in a period that came through one professional introducer, an accountant or a solicitor. A third from one introducer is a relationship the firm depends on and usually does not own, and the report names it.