Summary: Until fairly recently, many of the top advisors I knew were surprisingly complacent about lead generation. These top advisors had built strong referral networks, were well known in their local area, and in many cases had limited direct competition. They were often operating at near full capacity, so they raised their minimum fees or AUM minimums and referred clients who did not meet the criteria to other firms. Among these top firms, it was not uncommon to hear that 90% or more of their new business came from referrals.