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Referrals and prospecting: How Flourish helps RIAs drive organic growth
Last updated: May 18, 2026
Estimated reading time: 3 minutes
Discovering simple ways to attract new clients is top of mind for many growth-minded RIAs. The 2024 Envestnet Advisor Perspectives Survey showed that more than 70% of advisors rank organic growth as “very important,” but named time and prospecting as the main challenges.1
- Segment and convert leads: Distinguish advisory clients from prospects and Flourish referrals, making it simple to guide non-clients through the next steps of your funnel
- Gather richer referral data: Access key information, such as phone numbers, liquid net worth, advisory intent, and referral relationships to better assess if a referral would be a good fit for your firm
- Streamline referral management: Easily review and invite new referrals, prioritize referrals with a highlighted "Looking for an Advisor" status, and keep a close eye on incoming balances
- Utilize Flourish as a prospecting engine: Effortlessly invite, manage and report on prospective clients with the "Prospect" tag
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Watch a video of Flourish President Ben Cruikshank introducing the new referrals and prospecting features or jump to the descriptions below:
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The next iteration of Flourish Referrals provides advisors with more information to create opportunities to connect with qualified leads in an authentic way.This new iteration includes:
- Referrals are prequalified using a range of insights gathered when they set up their Flourish Cash account, including valuable financial metrics like liquid net worth. This process goes beyond basic contact information to reveal the individual's true intent, such as their readiness to hire an advisor and the specific wealth management services they are looking for
- A reorganized advisor portal that distinguishes between clients and non-clients, and highlights referrals that require review alongside those who have already received invitations, ensuring you always know where direct action is needed. This organized approach allows you to efficiently manage pending tasks while simultaneously monitoring the activity and progress of invited referrals in a separate view
- Enhanced tagging and management of referrals who are invited to Flourish in the Non-client section, including indicators for individuals who are interested in a financial advisor
To get started, log in to your Flourish account and click on the “Non-clients” menu item on the left-hand side. From there, you will be able to view and manage your current referrals.
Once you invite a referred client, they'll answer customized questions during the account opening process which will help determine whether they are a qualified lead for your firm. With their profile on the Non-clients list, you'll see an overview of their referral journey, and can press the "Convert to Client" button to indicate that you've won this referral as a client of your firm.
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In addition to the opportunity to have current clients utilize Flourish to introduce your firm to their network, Flourish is used by many advisors to drive firm prospecting. Flourish Cash† creates a natural bridge to maintain relationships with prospective clients and can be a powerful conversation starter with a variety of potential clients, such as:
- Friends and family members of current clients
- Potential clients looking for enhanced FDIC insurance coverage
- Business owners
- Next-generation clients
- Prospects hesitant about entering the market
- COI connections (CPAs, attorneys, etc.)
- Nonprofit board members
- 401(k) plan sponsors you’re interested in as personal clients
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To ensure your client list remains focused and clutter-free, the platform allows you to tag individuals as prospects during the initial invitation phase. This action automatically routes prospects to a dedicated “Prospective clients” tab within the Non-clients section, effectively isolating them from your active client base. By keeping these groups separate, you can more easily monitor the shifting account balances of your prospects and choose the ideal moment to transition them into your formal client list.
To get started with prospecting, log in to your Flourish account and click on the ‘Invite’ tab. Enter the details of the prospect and check “Tag this person as a Prospect.”
From there, you'll be able to view and manage prospects by navigating to the “Prospective clients” tab within the Non-clients list. From this view, you have the flexibility to transition individuals to client status by clicking the convert button located next to their name. If you have several prospects ready at once, you can select multiple entries and use the actions menu in the top right corner to convert them to clients in a single step.
About Flourish
Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform is used by more than 1,200 wealth management firms representing more than $2.6 trillion in assets under management. Flourish is wholly-owned by MassMutual. For more information, visit www.flourish.com.
