How SmartAsset charges advisors
SmartAsset doesn't post prices. The clearest public description is its own SEC filing. SmartAsset Advisors LLC has been an SEC-registered investment adviser since April 2020, so it files a Form ADV brochure:
"In some cases, the referral fees, are flat fees and tiered based on the User's reported assets, are paid by the Advisers per referral or meeting set, whether or not the User engages any Adviser to whom the User was referred." (SmartAsset Form ADV Part 2A, Item 5, September 30, 2026)
The same section lists the other models:
| Model | What you pay for |
|---|---|
| Flat referral fee | Each referral or meeting set, tiered by the prospect's stated assets, hire or not |
| Subscription (Advisor Marketing Platform, AMP) | A plan, billed as a subscription |
| Revenue share | A portion of your ongoing fee from the client |
| Asset transfer fee | A fixed fee based on assets the client moves to you |
The filing says fees differ by adviser and by whether SmartAsset transfers a call to you or sets a meeting (Form ADV, Item 5). SmartAsset launched AMP in March 2024 with three plans, Discover, Accelerate and Scale, that "deliver a fixed range of referrals over a six or twelve-month subscription" (SmartAsset press release, March 5, 2024). The release gives no prices.
SmartAsset leads cost: the dollar figures
With no official price list, the only public figures come from trade press, and they are old. RIABiz reported in June 2020 that prospects with under $100,000 cost advisors $25, leads over $1 million cost $240, and a live phone connection at the top tier cost $645 (RIABiz, 2020). Treat those as history. Get a written quote for your asset tier and territory.
The number that decides it: cost per client
You pay per referral or meeting whether or not the prospect hires you. So the price per lead tells you little on its own. What matters:
- Cost per client = monthly spend ÷ clients signed that month.
- Compare that with what one client is worth to you over the years they stay.
- Track it by asset tier. A cheap lower-tier lead that never closes costs more per client than a pricier one that does.
How fast you reach each referral is the part you control. See speed to lead.
Before you buy: the conflicts SmartAsset discloses
Its brochure names conflicts worth reading before you sign (Form ADV, Item 5):
- Budget affects volume. Advisers "may also have different targeted budgets for consumer referrals with SmartAsset, which will impact the number of potential matches that an Adviser receives." SmartAsset says its matching model is designed "to avoid favoring Advisers that have a higher budget."
- Its call staff earn incentives. Some SmartAsset representatives get "incentive compensation for transferring a User directly to an Adviser via telephone or setting a meeting." When choosing among eligible matches they may weigh "Adviser availability and historical pickup rates."
- Investors in its parent company. Some advisers it refers to are minority investors in SmartAsset's parent; it says they participate "on the same terms as other Advisers."
The SEC rule: a paid referral is an endorsement
Under the SEC Marketing Rule, an endorsement includes any statement by a non-client that "refers any current or prospective client" to the adviser (17 CFR 275.206(4)-1(e)(5)). A matching service you pay fits that definition. Then:
"An advertisement may not include any testimonial or endorsement, and an adviser may not provide compensation, directly or indirectly, for a testimonial or endorsement, unless the investment adviser complies with the conditions in paragraphs (b)(1) through (3) of this section." (17 CFR 275.206(4)-1(b))
| Condition | What the rule requires |
|---|---|
| Disclosure (b)(1) | Clearly and prominently: the endorser is not a client, it was paid, and a brief statement of conflicts; plus the material terms of pay and a description of conflicts. You disclose, or reasonably believe the endorser does. |
| Oversight (b)(2)(i) | A reasonable basis for believing the endorsement complies with the rule |
| Written agreement (b)(2)(ii) | Describing the agreed activities and the terms of compensation |
| Disqualification (b)(3) | You may not pay an endorser you know, or should know, is an "ineligible person" |
The written agreement and disqualification steps don't apply if you pay $1,000 or less in the preceding 12 months (275.206(4)-1(b)(4)(i) and (e)(2)).
SmartAsset's brochure says users "receive a disclosure statement that describes the relationship between SmartAsset and Advisers and the fact that compensation is paid to SmartAsset" (Form ADV, Item 5). The rule still puts the duty on you: keep the signed terms on file and a reasonable basis for believing users get that disclosure.
The SEC rule applies to SEC-registered investment advisers. For broker-dealer reps, see FINRA Rule 2210. For the rest of the Marketing Rule (testimonials, reviews, performance), see financial advisor marketing rule.
Canada
SmartAsset refers users only to advisers "registered or chartered as fiduciaries with a regulatory body in the United States" (Form ADV, Item 4). An adviser registered only in Canada doesn't qualify.
Example
Paying per lead
You spend $3,000 a month for 20 referrals. You sign 1 client. Your cost per client is $3,000. If you sign 3, it is $1,000.
Two asset tiers
Lower-tier leads cost $50 each; you buy 20 ($1,000) and sign none. Upper-tier leads cost $200 each; you buy 10 ($2,000) and sign 2. The upper tier costs $1,000 per client; the lower tier hasn't produced one.
Small test
You try a program and spend $800 over the year. That is under the $1,000 de minimis line, so the written-agreement and disqualification conditions don't apply. Disclosure still does.
Different for you?
- Calling or texting the leads: check consent first. See TCPA consent for bought leads.
- Testimonials, reviews and ratings on your own site: see financial advisor marketing rule.
- Comparing paid lead marketplaces in general: see are Angi and Thumbtack leads worth it.
- Generating your own leads instead: see the Paid Ads Agent.