As a wealth management PR firm working with financial advisors and wealth firms, we advise on communications strategies that evolve with the changing dynamics of the industry.  One transformative change – The Great Wealth Transfer – is already underway. 

The Trillion-Dollar Transition 

An estimated $84 trillion in assets will change hands over the next two decades, according to Cerulli Associates. The recipients – primarily members of Generation X, Millennials and Gen Z  – are expected to inherit approximately $72 trillion, with the remainder earmarked for charitable causes. 

For wealth management firms, this represents both an existential threat and an unprecedented opportunity. Fewer than 20 percent of affluent investors maintain relationships with their parents’ financial advisors after inheritance. Without thoughtful marketing strategies, wealth managers stand to lose substantial assets under management as wealth transfers to the next generation. 

The Communications Divide 

Having spent years helping wealth management firms refine their marketing strategies, I’ve witnessed firsthand the communication gap between traditional advisors and next-generation clients. The wealth management marketing approaches that resonated with Baby Boomers often fall flat with their children and grandchildren. 

Traditional financial services advertising, quarterly market outlooks and formal client appreciation dinners can be effective touchpoints for older generations. However, younger investors consume information differently, build trust through alternative channels and hold different views about wealth creation and preservation. 

How can wealth managers effectively market to this next generation? While engaging a specialized agency offers advantages, there are several strategies that wealth management firms can implement in-house. 

Technology as Foundation, Not Feature 

Next-generation clients don’t view technology as an enhancement – they see it as fundamental. Your digital experience isn’t competing against other wealth managers; it’s being measured against the seamless interfaces of Apple, Netflix and DoorDash. 

Consider investing in: 

• Platforms that enable 24/7 virtual access to financial advice and portfolio information 

• AI-powered tools that streamline data aggregation and deliver real-time insights 

• Mobile-first interfaces that provide instant access to account information and advisor communications 

Remember that Gen Z grew up with smartphones as extensions of themselves. When information isn’t immediately accessible, it might as well not exist. 

Recalibrate Your Media Mix 

Recent research indicates that 46% of Generation Z and 35% of Millennials now prefer social media over traditional search engines. This shift requires an evolution in your marketing strategy. 

Next-generation wealth management marketing should include: 

• Short-form video content optimized for platforms where younger investors spend time 

• Visual storytelling that distills complex financial concepts into digestible formats 

• Thoughtful presence on platforms like YouTube, which has become a primary search engine for younger users seeking financial education 

While this doesn’t mean abandoning traditional media relations – coverage in Barron’s or The Wall Street Journal still carries tremendous weight – it does require expanding your communications strategy to include channels that reach younger audiences where they are. 

Bridge the Trust Gap Through Authenticity 

Three-fifths of Americans – including 71% of Gen Z and 72% of Millennials – report not knowing where to turn for financial advice. This represents an enormous opportunity for wealth managers who can authentically position themselves as trusted advisors. 

Next-generation clients want transparency and alignment with their values: 

• Demonstrate how your firm “walks the walk” through consistent, value-driven communication 

• Highlight your team’s diversity, expertise, and authentic personalities—particularly important for attracting women who want to see themselves represented 

• Develop and articulate clear positions on issues that matter to younger investors such as environmental sustainability or values-based investing 

Authenticity isn’t just a marketing buzzword; it’s the facilitator of trust with next-generation clients. 

Preparing for the Future Today 

The wealth management firms that will thrive through the Great Wealth Transfer are already investing in next-generation relationships. They recognize that building these connections requires more than occasional family meetings or brief introductions to clients’ children. 

The most successful wealth management marketing strategies I’ve seen don’t try to solve this dynamic with a one-size-fits-all approach. It’s about tailoring communications and meeting next-generation clients where they are – whether that be on their preferred platforms or addressing their unique concerns and values. 

The firms that approach this challenge strategically, authentically and with genuine curiosity about what motivates younger investors will not only retain assets through generational transitions but position themselves for growth in an evolving marketplace. 

Michaela Morales is an account director in New York