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A study of 1,048 cited sources found advisor-owned sites at 45%, more than five times the share held by banks and wirehouses. Asked the same question twice, ChatGPT changed answers 45% of the time.
The Investor · Invest desk

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Bonfire Studio, a website design and digital strategy firm, ran advisor-seeking queries through ChatGPT across five metro areas and catalogued the 1,048 sources the model cited back; 45% of those sources were websites owned by individual advisors or advisory teams [1][2][3]. That puts the asset most firms build once and then forget ahead of every other input into what a language model says when a prospect asks it who to call.
The other categories reported came in far lower. Government and regulatory agencies together with professional associations were returned in nearly 11% of searches, and sites owned by banks, wirehouses and insurance companies accounted for 8.2% [4][5]. Taken as shares of the same pool, advisor-owned sites showed up roughly five and a half times as often as the large-institution sites [6]. The denominators in the published figures are not consistent, though: the 45% and the 8.2% are described as shares of sources, while the 11% is described as a share of searches [1][4][5]. On the source count, 45% of 1,048 is about 470 citations [7].
The most cited single domain was not an advisor's. It belonged to the National Association of Personal Financial Advisors, a trade group [8]. So the aggregate lever is your own site, while the biggest individual lever is someone else's directory.
Bonfire's president and founder, Sara MacQueen, said the first step to getting cited is having blogs or other writing online that shows expertise on topics such as tax planning or working with high-net-worth clients, and that posting once is not enough [9]. She said large language models are known to favor information published in the previous six months [10], and that the common client pattern is a site built at launch and then treated as finished while advisors join and leave, locations open, and the design ages [11]. Keep the conflict in view: Bonfire sells website design and digital strategy, so a finding that websites are the highest-value channel is convenient for Bonfire [2].
The less flattering result is reproducibility. When Bonfire re-entered its Charlotte queries a second time, the websites ChatGPT cited changed nearly 45% of the time [12], which means only about 55% of cited sites held their place on an identical prompt [13]. MacQueen said AI systems are known to work from probabilities [14]. For operators, that is the number that should govern spending: any vendor report showing you cited once in an AI answer is a coin flip, not a ranking.
Fran Merlie, senior vice president of content and AI strategy at the marketing firm Gregory, agreed that firms racing for AI visibility neglect their own sites, and said models tend to consult a wide variety of sources when gauging authority [15][16]. His practical complaint was blunter: it is often not clear from a company's own site what the company does [17]. Older tactics, such as packing pages with likely search keywords, are losing their power to secure top placement [18].
What to watch: the study tested ChatGPT only [19], while the same visibility questions apply to Anthropic's Claude, Google's Gemini and other models [20], so the 45% share is one engine's citation mix rather than a general rule. Watch also whether the six-month freshness preference MacQueen describes shows up in your own logs, and treat single-snapshot citation audits as noise until someone publishes the variance.
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Ranked by verification strength, evidence, and original report placement.
MacQueen said many advisors build a website early and then consider it done, even as they hire or lose advisors, open a new location, or the site itself looks outdated.
Of the 1,048 sources ChatGPT pointed to in its responses recommending financial advisors, 45% were websites owned by individual advisors or advisory teams, according to Bonfire Studio.
Fran Merlie, senior vice president of content and AI strategy at the marketing firm Gregory, agreed that websites are often neglected by firms racing to get noticed in AI search results.
Bonfire's queries sought financial advisors in five metropolitan areas: New York, Chicago, Dallas Fort Worth, Phoenix and Charlotte, with prompts such as "Who does retirement planning in Charlotte, NC?" and "I'm looking for a financial advisor in Chicago, IL - who should I talk to?"
Government and regulatory agencies and professional associations were returned in nearly 11% of searches, according to Bonfire.
Sites owned by banks, wirehouses and insurance companies accounted for 8.2%, according to Bonfire.
Evidence-backed comparisons of source perspectives and observed adoption signals. Read the methodology
Which Builder, Operator, and Investor concerns the observed source mix emphasized—not a truth score.
Evidence, demonstrated adoption, hype gap, incentives, and confidence are assessed independently, each on its own current evidence. How these are measured.
One vendor study, one outlet, no reproducible method
All quantitative content traces to a single unpublished study by one interested vendor, reported by a single publisher with no independent verification. The counts themselves are specific (1,048 sources, 8.2%, nearly 45% churn), which is better than pure assertion, but the article discloses no prompt count, run dates, model version, browsing configuration, or coding rules, and mixes 'share of cited sources' with 'share of searches'. Supporting mechanism claims — six-month recency preference, keyword-stuffing decay, probabilistic shortlist — are asserted without data.
No usage or uptake data supplied
The cluster contains measurements of ChatGPT's citation behavior, not evidence of adoption: there are no figures on how many prospective clients use assistants to find advisors, how much traffic or business flows from cited sites, or how many firms have adopted the recommended website and content practices. Benchmark observations alone do not establish adoption, and inferring any would go beyond the supplied source.
Mildly overstated: vendor study framed as channel finding
Direction is positive but modest. The reported numbers are treated as a general fact about AI advisor discovery when they come from one vendor's undisclosed-method test of one assistant in five metros, and the framing 'ChatGPT changed answers 45% of the time' overstates a narrower result — the websites cited in Charlotte responses changed nearly 45% of the time, with roughly 55% persisting. The prescriptive conclusion that websites are 'the best place' for AI engines to learn about a firm is not something the study design can establish, since citation share is not causation. Offsetting the overstatement, the core counts are concrete and the churn caveat is reported rather than buried.
Study author sells the recommended remedy
Both named experts have direct commercial exposure to the conclusion. Bonfire Studio, which produced and publicized the study, is a website designer and digital strategist, and the study's takeaway is that advisor websites drive AI citations and need ongoing refreshing. The corroborating voice is a senior vice president of content and AI strategy at a marketing firm, whose agreement that websites are neglected also describes his firm's service line. The article discloses both roles but does not weigh the conflict.
Low: single interested source, unverifiable method
Confidence is limited by the combination of one publisher, one vendor-run study, no published methodology, single-model scope, and strong commercial incentive on the part of both quoted experts. What can be stated with reasonable confidence is what the vendor reported and that the vendor reported it; the underlying claim that first-party advisor websites dominate ChatGPT's advisor citations remains unverified, and the adoption dimension has no data at all.
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1 article · August 14, 2026