diff --git a/src/main/java/com/fasterxml/jackson/databind/deser/std/ReferenceTypeDeserializer.java b/src/main/java/com/fasterxml/jackson/databind/deser/std/ReferenceTypeDeserializer.java
index 6953da0e9b..251dbc99da 100644
--- a/src/main/java/com/fasterxml/jackson/databind/deser/std/ReferenceTypeDeserializer.java
+++ b/src/main/java/com/fasterxml/jackson/databind/deser/std/ReferenceTypeDeserializer.java
@@ -66,11 +66,14 @@ public JsonDeserializer<?> createContextual(DeserializationContext ctxt, BeanPro
             throws JsonMappingException
     {
         JsonDeserializer<?> deser = _valueDeserializer;
+        // 23-Jan-2024, tatu: [databind#4337]: May have a content converter
+        deser = findConvertingContentDeserializer(ctxt, property, deser);
         if (deser == null) {
             deser = ctxt.findContextualValueDeserializer(_fullType.getReferencedType(), property);
         } else { // otherwise directly assigned, probably not contextual yet:
             deser = ctxt.handleSecondaryContextualization(deser, property, _fullType.getReferencedType());
         }
+
         TypeDeserializer typeDeser = _valueTypeDeserializer;
         if (typeDeser != null) {
             typeDeser = typeDeser.forProperty(property);
diff --git a/src/main/java/com/fasterxml/jackson/databind/ser/std/ReferenceTypeSerializer.java b/src/main/java/com/fasterxml/jackson/databind/ser/std/ReferenceTypeSerializer.java
index b37102509b..1288d63167 100644
--- a/src/main/java/com/fasterxml/jackson/databind/ser/std/ReferenceTypeSerializer.java
+++ b/src/main/java/com/fasterxml/jackson/databind/ser/std/ReferenceTypeSerializer.java
@@ -216,7 +216,7 @@ public JsonSerializer<?> createContextual(SerializerProvider provider,
                 ser = provider.handlePrimaryContextualization(ser, property);
             }
         }
-        // 23-Jan-2024, tatu: May have a content converter:
+        // 23-Jan-2024, tatu: [databind#4337]: May have a content converter
         ser = findContextualConvertingSerializer(provider, property, ser);
 
         // First, resolve wrt property, resolved serializers
diff --git a/src/test/java/com/fasterxml/jackson/databind/convert/ConvertingDeserializerTest.java b/src/test/java/com/fasterxml/jackson/databind/convert/ConvertingDeserializerTest.java
index bdeb42131c..3388a1bdd4 100644
--- a/src/test/java/com/fasterxml/jackson/databind/convert/ConvertingDeserializerTest.java
+++ b/src/test/java/com/fasterxml/jackson/databind/convert/ConvertingDeserializerTest.java
@@ -2,11 +2,11 @@
 
 import java.math.BigDecimal;
 import java.util.*;
+import java.util.concurrent.atomic.AtomicReference;
 
 import org.junit.jupiter.api.Test;
 
 import com.fasterxml.jackson.databind.ObjectMapper;
-import com.fasterxml.jackson.databind.ObjectReader;
 import com.fasterxml.jackson.databind.annotation.JsonDeserialize;
 import com.fasterxml.jackson.databind.util.StdConverter;
 
@@ -87,6 +87,11 @@ static class PointWrapperMap {
         public Map<String,Point> values;
     }
 
+    static class PointWrapperReference {
+        @JsonDeserialize(contentConverter=PointConverter.class)
+        public AtomicReference<Point> ref;
+    }
+
     static class LowerCaser extends StdConverter<String, String>
     {
         @Override
@@ -132,7 +137,7 @@ static class Issue795Bean
     @Test
     public void testClassAnnotationSimple() throws Exception
     {
-        ConvertingBean bean = objectReader(ConvertingBean.class).readValue("[1,2]");
+        ConvertingBean bean = MAPPER.readerFor(ConvertingBean.class).readValue("[1,2]");
         assertNotNull(bean);
         assertEquals(1, bean.x);
         assertEquals(2, bean.y);
@@ -141,7 +146,7 @@ public void testClassAnnotationSimple() throws Exception
     @Test
     public void testClassAnnotationForLists() throws Exception
     {
-        ConvertingBeanContainer container = objectReader(ConvertingBeanContainer.class)
+        ConvertingBeanContainer container = MAPPER.readerFor(ConvertingBeanContainer.class)
                 .readValue("{\"values\":[[1,2],[3,4]]}");
         assertNotNull(container);
         assertNotNull(container.values);
@@ -152,7 +157,7 @@ public void testClassAnnotationForLists() throws Exception
     @Test
     public void testPropertyAnnotationSimple() throws Exception
     {
-        PointWrapper wrapper = objectReader(PointWrapper.class).readValue("{\"value\":[3,4]}");
+        PointWrapper wrapper = MAPPER.readerFor(PointWrapper.class).readValue("{\"value\":[3,4]}");
         assertNotNull(wrapper);
         assertNotNull(wrapper.value);
         assertEquals(3, wrapper.value.x);
@@ -162,7 +167,7 @@ public void testPropertyAnnotationSimple() throws Exception
     @Test
     public void testPropertyAnnotationLowerCasing() throws Exception
     {
-        LowerCaseText text = objectReader(LowerCaseText.class).readValue("{\"text\":\"Yay!\"}");
+        LowerCaseText text = MAPPER.readerFor(LowerCaseText.class).readValue("{\"text\":\"Yay!\"}");
         assertNotNull(text);
         assertNotNull(text.text);
         assertEquals("yay!", text.text);
@@ -171,7 +176,7 @@ public void testPropertyAnnotationLowerCasing() throws Exception
     @Test
     public void testPropertyAnnotationArrayLC() throws Exception
     {
-        LowerCaseTextArray texts = objectReader(LowerCaseTextArray.class).readValue("{\"texts\":[\"ABC\"]}");
+        LowerCaseTextArray texts = MAPPER.readerFor(LowerCaseTextArray.class).readValue("{\"texts\":[\"ABC\"]}");
         assertNotNull(texts);
         assertNotNull(texts.texts);
         assertEquals(1, texts.texts.length);
@@ -181,7 +186,7 @@ public void testPropertyAnnotationArrayLC() throws Exception
     @Test
     public void testPropertyAnnotationForArrays() throws Exception
     {
-        PointWrapperArray array = objectReader(PointWrapperArray.class)
+        PointWrapperArray array = MAPPER.readerFor(PointWrapperArray.class)
                 .readValue("{\"values\":[[4,5],[5,4]]}");
         assertNotNull(array);
         assertNotNull(array.values);
@@ -192,7 +197,7 @@ public void testPropertyAnnotationForArrays() throws Exception
     @Test
     public void testPropertyAnnotationForLists() throws Exception
     {
-        PointWrapperList array = objectReader(PointWrapperList.class)
+        PointWrapperList array = MAPPER.readerFor(PointWrapperList.class)
                 .readValue("{\"values\":[[7,8],[8,7]]}");
         assertNotNull(array);
         assertNotNull(array.values);
@@ -203,7 +208,7 @@ public void testPropertyAnnotationForLists() throws Exception
     @Test
     public void testPropertyAnnotationForMaps() throws Exception
     {
-        PointWrapperMap map = objectReader(PointWrapperMap.class)
+        PointWrapperMap map = MAPPER.readerFor(PointWrapperMap.class)
                 .readValue("{\"values\":{\"a\":[1,2]}}");
         assertNotNull(map);
         assertNotNull(map.values);
@@ -214,19 +219,28 @@ public void testPropertyAnnotationForMaps() throws Exception
         assertEquals(2, p.y);
     }
 
+    @Test
+    public void testPropertyAnnotationForReferences() throws Exception
+    {
+        PointWrapperReference w = MAPPER.readerFor(PointWrapperReference.class)
+                .readValue("{\"ref\": [1,2]}");
+        assertNotNull(w);
+        assertNotNull(w.ref);
+        Point p = w.ref.get();
+        assertNotNull(p);
+        assertEquals(1, p.x);
+        assertEquals(2, p.y);
+    }
+
     // [databind#795]
     @Test
     public void testConvertToAbstract() throws Exception
     {
-        Issue795Bean bean = objectReader(Issue795Bean.class)
+        Issue795Bean bean = MAPPER.readerFor(Issue795Bean.class)
                 .readValue("{\"value\":\"1.25\"}");
         assertNotNull(bean.value);
         assertTrue(bean.value instanceof BigDecimal,
             "Type not BigDecimal but "+bean.value.getClass());
         assertEquals(new BigDecimal("1.25"), bean.value);
     }
-
-    private ObjectReader objectReader(Class<?> type) {
-        return MAPPER.readerFor(type);
-    }
 }