The Great Wealth Transfer & Your CRM System

The Great Wealth Transfer, a monumental shift of over an estimated $68 trillion from Baby Boomers to Gen X and Millennials, presents both a challenge and an opportunity for financial advisors. As wealth transitions to younger generations, advisors risk losing clients if they fail to engage heirs proactively. Customer Relationship Management (CRM) systems can be one of many pivotal technology solutions wealth advisors can leverage to nurture multi-generational relationships through strategic engagement, dynamic tracking, and personalized communication.

The Risk of Losing Heirs

Studies reveal that 70% of heirs switch advisors post-inheritance, often due to a lack of prior engagement. Advisors should act now to integrate heirs into their client strategy, ensuring continuity and trust during transitions.

Providing and administering value-added services to multi-generational families can help mitigate attrition due to underdeveloped relationships that are often overlooked when working with established matriarchs and patriarchs. Survey results indicate that a lack of engagement is the primary reason clients leave their financial adviser. Interacting with future heirs and being attentive to the differences between generations should result in improved retention rates over time.

Building Trust Before the Transfer

CRM tools are more than databases—they’re relationship-building engines. By centralizing client data, CRMs enable advisors to anticipate needs, track interactions, and deliver tailored experiences to clients, positioning advisors as indispensable partners across generations.

SS&C’s Black Diamond^® Wealth Platform integrates seamlessly with a variety of CRM solutions, ensuring that every interaction is meaningful, data-driven, and strategically aligned with client needs. It ensures sustainable growth and client retention with:

• Proactive Outreach: To ensure no opportunities slip through the cracks, advisors can tap into our CRM’s automated reminders to schedule regular check-ins with heirs, record key goals—from buying a home to launching a business—and automatically send invites to client meetings.
• Personalized Communication: Our platform segments heirs by profile, delivering laser-focused content that hits home—whether it's ESG investing guides for Millennials, credit-building tips for first-time home buyers, or webinars on refinancing student debt. Every message is crafted to resonate.
• Digital Preferences: Our software tracks heirs’ preferred communication methods — be it video calls or mobile apps — enabling advisors to meet modern expectations. With robust analytics, it uncovers retention drivers and refines multi-generational strategies that go far beyond traditional investment management.

Data-Driven Personalization

Strengthening relationships isn’t only about keeping in touch—it’s about using complex data to tailor every interaction. By tapping into CRM analytics, advisors can move beyond generic outreach and craft strategies that speak directly to each family's unique needs. This approach transforms routine check-ins into strategic touchpoints, ensuring that every conversation builds trust and anticipates the future with:

• Predictive Analytics: Forward-thinking advisors harness CRM data to forecast wealth transfer timelines by analyzing client age and health, enabling proactive planning. They also partner with trusted centers of influence to mitigate estate and tax liabilities, maximizing heirs’ post-tax inheritance.
• Unified Communication Logs: Advisors ensure continuity by systematically recording every interaction with family members and leaving no detail overlooked. They routinely evaluate communication efforts by weighing each activity’s impact against its perceived benefits.
• Educational Campaigns: Successful firms deploy CRM-driven email campaigns to educate heirs on wealth preservation, build trust, and demonstrate real value.

Seizing the Opportunity

The Great Wealth Transfer isn’t a challenge—it’s a chance to redefine client relationships and ensure your business accommodates a new generation’s consumer demands. Advisors can transform generational shifts into lasting legacies by harnessing CRM tools to engage heirs, navigate family dynamics, and deliver personalized service. The time to act is now: those who invest in CRM-driven strategies today will secure their role as trusted advisors for decades to come.

Advisors interested in learning more about attracting next-generation clients using a robust CRM can do that with a purpose-built solution. At SS&C, we help firms build and implement custom CRM workflows that seek to enhance firm efficiency and improve client satisfaction. To learn more about the solutions that may best fit the unique needs of your wealth management firm, visit us at salentica.com, email info@salentica.com, or call 800-727-0605.