Wealth management marketing strategies built around the “great wealth transfer” may be missing the mark, according to industry experts.
Nick Rice, director at Brunswick Group, and April Rudin, CEO and founder of The Rudin Group, argue that while the “great wealth transfer” has dominated industry thinking for years, the reality is far more complex, and demands a more focused, personalised and strategic approach.
For years, wealth managers have been preparing for a generational handover of assets. However, both Rice and Rudin argue that this narrative has been oversimplified.
In the US, baby boomers still hold a disproportionate share of wealth, estimated at around $8 trillion more than the Silent Generation, Gen X and millennials combined. As a result, much of the industry’s marketing and communications has remained heavily geared towards that demographic.
This has created a disconnect. While firms talk about engaging younger investors and women, many have yet to fully implement strategies to reach them effectively. Rice suggests the issue is not a lack of awareness, but a lack of execution.
“Firms have been discussing next-generation clients for years, but many are still built around serving baby boomers,” he says. “That is where the wealth has been, so that is where the focus has stayed.”
At the same time, increased longevity means wealth is being passed down more slowly than expected, further complicating the picture.
Rather than a sudden transfer, Rudin argues the industry should be preparing for a more gradual and nuanced shift.
“This is less about a transfer and more about a transition, particularly towards women,” she explains.
As these demographic shifts play out, marketing strategies must evolve.
Rudin believes the industry has overcomplicated segmentation, often creating too many audience groups without clear differentiation.
“Firms have gone too far with segmentation. People do not always recognise themselves in those categories,” she says.
Instead, the future lies in more tailored, personalised marketing, an area where AI is beginning to play a pivotal role.
“This is where AI and customised marketing really start to matter,” she adds.
However, both emphasise that personalisation must be grounded in genuine understanding, not assumptions.
One of the biggest challenges facing firms is what Rice describes as a “focus gap”, the difference between what organisations know they should be doing and what they actually prioritise.
“Many firms understand these trends in theory, but struggle to step away from day-to-day business to focus on where future growth will come from,” he says.
This includes identifying the next generation of clients, as well as planning for succession within advisory teams.
With the average age of financial advisers now over 55, the industry also faces a talent challenge. Marketing is increasingly playing a dual role, not only attracting clients but also helping firms position themselves to recruit the next generation of advisers.
While many firms have made progress at a corporate level, a key gap remains at the adviser level.
“There has been a lot of marketing aimed at younger clients and female investors centrally,” Rice explains. “But in practice, many advisers are still focused on existing, older client segments.”
Bridging this gap requires equipping advisers with the right tools, training and support to engage different audiences more effectively, whether through digital channels, private events or more personalised client interactions.
Firms that introduce structured training programmes and track outcomes over time are beginning to see measurable improvements.
Technology is also helping by automating routine tasks, freeing up advisers to focus on building relationships and delivering more tailored experiences.
Understanding what resonates with different audiences is critical.
Rudin highlights that messaging for women, in particular, often requires a different approach.
“Women tend to respond more to emotive, purpose-driven messaging and are often strong planners,” she says.
This has implications for everything from language and imagery to how financial goals are framed, with greater emphasis on long-term outcomes such as legacy, security and impact.
More broadly, firms need to identify their strengths and focus their messaging accordingly.
“You cannot be everything to everyone,” Rice adds. “Your competitive edge comes from knowing what you do well and building your strategy around that.”
Both experts agree that marketing is becoming more central to business growth but still faces internal challenges.
“Within many organisations, everyone has an opinion on marketing,” Rudin notes. “That makes it even more important for marketers to be data-led and able to demonstrate their impact.”
She argues that marketing should have a stronger voice at senior levels, with a clear role in shaping business strategy, not just executing campaigns.
Channel strategy is also evolving, particularly as firms look to reach younger audiences.
Some asset managers are experimenting with platforms such as TikTok, not necessarily for immediate client acquisition, but to build brand awareness among audiences who may not yet be familiar with established financial institutions. At the same time, firms must balance scale with flexibility.
Highly standardised, one-size-fits-all communications, common in the early days of social media, are no longer effective. Instead, there is a growing need for customised messaging that can still meet regulatory requirements.
AI is expected to play a key role here, enabling firms to create tailored content at scale while maintaining compliance. However, there is no single formula.
“Every firm needs to define its own mix of channels,” Rudin explains. “It depends on their strategy, their audience and what they are trying to achieve.”
Ultimately, the message from both Rice and Rudin is clear: success in the evolving wealth management landscape will depend on focus, not fragmentation.
As demographic realities shift and technology enables greater personalisation, firms must move beyond broad assumptions and develop clear, targeted strategies.
That means aligning corporate ambition with adviser execution, investing in meaningful personalisation and, above all, building marketing programmes that reflect how wealth is actually evolving, not how the industry once expected it to.
For a deeper dive into these themes, read: Wealth Management With a Difference: Your Guide to Achieving Client, Generational, and Business Success.