By April Rudin and Nick Rice
One of the first lessons wealth managers learn about investing is that past performance doesn't equal future results. Now, advisors have an opportunity to apply that advice to their own businesses.
As we write, a new generation of individuals is getting richer and needs expert support, whether they are saving for retirement, joining the ranks of the ultrawealthy, or falling somewhere in between. Technology is revolutionizing how they create and manage wealth. Some are also using their money in a range of new ways, whether investing in a range of alternative assets or using it to serve a higher purpose. Others are changing their international financial footprint, becoming more mobile or more global in the era of remote work.
All these factors drive a growing need for advisory talent to help clients navigate this complex landscape. At the same time, money management itself is changing. In the past, clients and wealth managers often focused on investment returns. Today, wealth management is more holistic in nature, encompassing estate planning, philanthropic giving, tax planning, insurance, and more. In 2023, roughly 47% of respondents to a McKinsey survey said they prefer holistic financial advice, up from around 29% five years earlier.
Wealth managers that seize on these accelerating trends will be well poised to attain a new level of success. To do so, we suggest a three-pronged approach -- one we call "wealth management with a difference."
-- Client success, or serving clients' unique needs in a personalized fashion and helping them identify and reach their objectives;
-- Generational success, or serving younger clients in their preferred manner while continuing to serve older clients just as effectively; and
-- Business success, or using the first two elements to build a thriving firm or practice and achieving the satisfaction of helping so many reach their financial goals.
As artificial intelligence and robo-advisors handle a growing array of technical and operational tasks, financial professionals can focus on the human role that they alone can play and that will help maximize their business success. In particular, technological advances will free up financial advisors to perform their most valuable service -- discussing sensitive financial topics with current and potential clients and providing personalized solutions to their needs.
This emphasis on client relationships is an opportunity for advisory firms to help their existing workforce develop new interpersonal skills. Advisors may seek training in marketing and communication from outside providers or hire specialists. Some consultancies provide coaching for client-facing advisors who wish to deepen the personal conversations they have with clients when discussing their needs in order to build a range of tailored solutions. Firms and practices can also opt to replicate that type of training in-house.
Firms can also help bridge the advisor-client relationship gap by recruiting from a new pool of professionals -- those who are passionate and savvy about finance but who also employ emotional intelligence $(EQ)$ as well as IQ when dealing with clients. Some advisors are focused on technical topics like investing. Others are more motivated by working with clients to help achieve their goals.
Wherever their strengths lie, bringing new advisor talent into the industry is a crucial priority. Demand for financial advice is only likely to grow in coming years, yet wealth management is facing a well-publicized shortfall of advisors, one which McKinsey has estimated will swell to 100,000 in the U.S. by 2034.
For all the talk about technology in today's wealth management landscape, the value of advisors talking to clients, of people talking to people, will never go out of style. Going forward, successful advisor firms will need to embrace a combination of soft skills along with digital tech savvy. Wealth managers who can master both fields will be well placed to take their businesses to a new level of success.
April J. Rudin is the founder and CEO of The Rudin Group, a global wealth management marketing and branding firm. She is a frequent speaker at industry events and has contributed to major media publications
including Forbes, Huffington Post, American Banker, and Barron's Advisor. She is co-author of Wealth Management With a Difference: Your Guide to Achieving Client, Generational, and Business Success (Wiley 2025)
Nick Rice is a director at Brunswick Group, a global advisory firm that helps organizations forge and strengthen relationships with stakeholders. Before joining Brunswick, he was an executive director, strategist, and global head of communications for the Chief Investment Office and Sustainable Finance groups at UBS. He is co-author of Wealth Management With a Difference: Your Guide to Achieving Client, Generational, and Business Success (Wiley 2025)
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December 29, 2025 10:57 ET (15:57 GMT)
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