Press Releases > Nitrogen’s 2024 Growth Survey Unveils Strategies of Fastest-Growing Firms

Nitrogen’s 2024 Growth Survey Unveils Strategies of Fastest-Growing Firms

The average advisor using Nitrogen has won an incremental $23 million in AUM.

AUBURN, Calif., March 12, 2024Nitrogen, (formerly Riskalyze), a leading provider of growth and client engagement software for wealth management firms, today unveiled the results of its highly-anticipated second annual growth survey. This year’s study, the largest of its kind focusing on advisory firm growth within the wealth management industry, outlines the strategies and tactics distinguishing high-growth wealth management firms from their slower-growing counterparts while providing insights on technology adoption, marketing trends, and client engagement effectiveness.

Surveying over 1,300 firm executives and advisors from diverse channels, including registered investment adviser (RIA), dual-registered, and broker-dealer sectors, Nitrogen has once again shed light on the behaviors of the industry’s most and least successful firms. This year’s findings underscore the accelerated adoption of technology, increased investment in marketing, and a return to emphasis on client engagement processes among high-growth firms. 

“In an era where differentiation is key, it’s encouraging to see more wealth management professionals turning to software that not only streamlines operations but actively contributes to growth,” said Craig Clark, CMO at Nitrogen. “As this survey indicates, the alignment of sales, marketing, and technology is not just beneficial; it’s  increasingly essential for success.”

Key Insights Include:

  • Advisors Using Nitrogen: Analyzing over 10 years of platform data suggests that the average advisor has won about $23M with Nitrogen, or $2.3 million a year. Assuming a 1% advisory fee, that’s $23k in compounding new revenue every year. For the majority of firms, this results in a 10x return on their software spend with Nitrogen before considering other benefits, including reduced client churn and increased client satisfaction.
  • Referrals Reign Supreme: Advisors again noted referrals as the most effective channel for transforming prospects into paying clients. 60% of advisors identify referrals as their top-performing prospecting avenue, reinforcing the value of investing in client engagement activity.
  • Client Engagement: Advisors are more likely to rank client engagement as having the greatest positive impact on business growth (above practice management, risk management, marketing, or even financial planning). 
  • Marketing Investment: A majority of advisors surveyed plan to increase their marketing spend in 2024. Only 7% intend to decrease their marketing budget, signaling a widespread recognition of its importance in driving business growth.

The analysis also revealed that advisors using Nitrogen report over double the success rate of using non-referral (eg. events, webinars, digital advertising) channels to grow their business. This statistic not only underscores the effectiveness of Nitrogen’s suite of tools in fostering firm growth but also aligns with the broader industry trend towards leveraging integrated technology solutions for competitive advantage.

An in-depth exploration of the 2024 Growth Survey findings and a complimentary download of the report is available at

Join Nitrogen CMO Craig Clark and Partner and Chief of Community Tina Powell as they unveil pivotal insights and pragmatic steps forward in an exclusive webinar titled “From Leads to Lifelong Clients: Unveiling the 2024 Growth Survey Results” on Thursday, March 13 at 2 pm ET. Register here:

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Nitrogen has been revolutionizing how financial advisors and wealth management firms grow since the launch of Riskalyze in 2011. Today, Nitrogen is the leading client engagement platform for wealth management firms, helping advisors turn leads into meetings, meetings into valued clients, and clients into referral champions. The company invented the Risk Number®, built on top of a Nobel Prize-winning academic framework, and is the champion of the Fearless Investing Movement — tens of thousands of financial advisors committed to our mission of empowering the world to invest fearlessly. To learn more, visit



Nitrogen Communications

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This year’s survey engaged a total of 1,333 respondents through a combination of email, social media, and notifications within the Nitrogen platform to participate in the “Nitrogen 2024 Growth Survey.” Eligibility for participation was restricted to individuals residing within the United States. Participants in the survey spanned a range of roles within the wealth management profession, primarily consisting of financial advisors and advisory firm executives.

Survey submissions were collected via an online survey between December 4, 2023, and January 20, 2024. There were a total of 64 questions spread across five core categories: Demographics, Business Growth, Technology, Marketing, and Client Engagement. The majority of questions were answered via multiple-choice or by ranking a series of predetermined selections. 

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