Believe it or not, it’s possible for firms with advisers spanning different generations to use technology to serve clients holistically

Originally published in InvestmentNews | February 28, 2018

By MyVest VP of Marketing, Charlie Haims

A couple of years ago, InvestmentNews warned of the “great wealth transfer” that loomed on the horizon and detailed the risk it posed to advisers. The article unearthed some unsettling stats about what happens to the adviser-client relationship when accounts are passed down to the next generation. According to the study, an overwhelming 66% of children fire their parents’ financial adviser after they inherit their parents’ wealth.

There is a parallel crisis brewing within advisory firms, as the current crop of advisers inch toward retirement themselves. A commonly cited Cerulli study reveals that by 2022, the U.S. wealth management industry is likely to face a shortfall of at least 200,000 advisers.

The collision of these two trends highlights the importance of developing the next generation of advisers and investors for the future of the industry.

The solution to this issue starts with how firms adopt new technologies to effectively serve the new generation of investors entering the market while growing the books of business of advisers young and old.

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Read the full byline in Investment News.