If you're a registered investment advisor participating in custodian referral programs, you know the stakes are high. Every referred prospect represents both opportunity and obligation—with conversion rates monitored, SLAs enforced, and fees tied directly to AUM. Without a systematic approach to tracking and nurturing these leads, even the most promising referrals can slip through the cracks.
This guide walks you through everything you need to know about managing RIA referral programs in Salesforce, from understanding program economics to building the right CRM infrastructure.
An RIA referral program is a service offered by custodians like Pershing, Schwab, and Fidelity that matches registered investment advisors with prospective clients seeking financial advice. In exchange for qualified lead introductions, custodians charge participating RIAs annual fees and asset-based fees on referred client assets.
In 2026, Pershing launched the BNY Advisor Match Service—a digital-first referral program designed to connect RIAs with retail investors. Here's what makes it distinctive:
Program Structure:
RIA Requirements:
| Program | Custodian | Annual Fee | Asset Fee | Min RIA AUM | Min Client Assets |
|---|---|---|---|---|---|
| Advisor Match | BNY Pershing | $50,000 | Up to 0.30% | None | Not disclosed |
| Advisor Network | Charles Schwab | Varies | Varies | $500M | $2M |
| Wealth Advisor Solutions | Fidelity | Varies | Varies | Varies | Varies |
RIA referral programs demand more than standard lead management. Here's why:
1. Fee-based accountability — Every referred dollar has a cost attached, making ROI tracking essential
2. Performance monitoring — Custodians track your conversion rates, and poor performance can risk program removal
3. Compliance documentation — Audit trails must prove proper client handling and disclosure
4. Time-sensitive SLAs — Most programs require initial contact within 24-48 hours
Generic lead tracking can't handle this complexity. Purpose-built Salesforce configuration can.
Start by tracking each program as a distinct entity with fields for:
This becomes your single source of truth for program economics.
Add referral-specific fields that capture:
These fields ensure every piece of critical information is captured from day one.
Configure automated processes to:
Automation ensures no referral falls through the cracks and every SLA is met.
Once a referral converts to a client, track:
This connection enables true ROI analysis over time.
Track these six metrics to optimize your referral program performance:
| Metric | Definition | Why It Matters |
|---|---|---|
| Lead-to-client conversion rate | Referrals converted ÷ referrals received | Measures your ability to capture opportunities |
| Average days to first meeting | Time from match to initial consultation | Speed directly impacts conversion success |
| AUM per referred client | Average assets from referral clients | Indicates client quality and fit |
| Cost per acquired dollar | Total fees ÷ new AUM | Reveals true acquisition cost |
| Client retention by source | Retention rate segmented by referral program | Shows referral client stickiness |
| Program ROI | Revenue generated ÷ fees paid | Bottom-line program value |
Salesforce Financial Services Cloud supports referral program compliance through:
Interaction history — Automatic logging of all calls, emails, and meetings creates an immutable audit trail
Document management — Centralized storage for onboarding paperwork and fee disclosures
Automated compliance tasks — Triggered disclosures and acknowledgment tracking ensure nothing is missed
Audit trails — Comprehensive records of all client interactions support regulatory examinations
For an RIA joining Pershing's Advisor Match Service, the economics look like this:
Example: An RIA with $10M in referred client assets pays approximately $50,000 + $30,000 = $80,000 annually.
Pershing Advisor Match is notably more accessible than competitors for smaller firms:
However, the $50,000 annual fee means you need sufficient conversion volume to achieve positive ROI. Proper Salesforce tracking helps you determine if the math works for your firm.
At Vantage Point, we specialize in Salesforce Financial Services Cloud implementations for wealth management firms. Our team has completed 400+ engagements for 150+ clients with a 4.71/5.0 satisfaction rating.
Architecture design — We build referral tracking systems tailored to your specific custodian programs
Workflow automation — We configure lead assignment, SLA management, and compliance triggers
Compliance documentation — We create workflows that satisfy regulatory requirements
Analytics and reporting — We build ROI dashboards that reveal true program performance
Don't let manual processes cost you conversions. With the right Salesforce configuration, you can maximize ROI from custodian referral programs while meeting every compliance requirement.
Contact us today:
Email: sales@vantagepoint.io
Web: vantagepoint.io
Vantage Point is a specialized Salesforce and HubSpot consultancy serving the financial services industry. We help wealth management firms, banks, credit unions, insurance providers, and fintech companies transform their client relationships through intelligent CRM implementations. Our team of 100% senior-level, certified professionals combines deep financial services expertise with technical excellence to deliver solutions that drive measurable results.
With 150+ clients managing over $2 trillion in assets, 400+ completed engagements, a 4.71/5 client satisfaction rating, and 95%+ client retention, we've earned the trust of financial services firms nationwide.
David Cockrum, Founder & CEO
David founded Vantage Point after serving as COO in the financial services industry and spending 13+ years as a Salesforce user. This insider perspective informs our approach to every engagement—we understand your challenges because we've lived them. David leads Vantage Point's mission to bridge the gap between powerful CRM platforms and the specific needs of financial services organizations.