Winning the Next Generation | How Advisors Can Retain Clients in the Great Wealth Transfer

Over the next two decades, $84 trillion will change hands as baby boomers pass their wealth to younger generations. But here’s the catch: nearly 80 percent of heirs fire their parents’ financial advisor after inheriting their assets. That’s not just a shift in wealth—it’s a shift in relationships. If firms don’t act now, decades of client trust could vanish overnight.

Advisors who want to survive this transition need a plan. The solution isn’t just better service or deeper relationships—it’s technology. The team behind SS&C’s Black Diamond Wealth Platform sees three essential pillars for keeping the next generation engaged: customization, communication, and consolidation.

Personalization: If You Don’t Tailor the Experience, Someone Else Will

The days of one-size-fits-all client portals are over. Younger investors expect on-demand access, relevant insights, and a digital experience built for them—not their parents. According to McKinsey, 71 percent of consumers expect companies to personalize their interactions, and financial services are no exception.

Advisors should not treat all clients the same. Black Diamond’s Client Experience portal allows firms to curate content and digital tools for different client segments including a:

• Young professional might want interactive planning tools and bite-sized investment insights
• Next-gen inheritor may focus on ESG investing, private equity, or alternative assets
• Multi-generational family benefits from a shared portal that fosters transparency

This type of personalization isn’t about creating a different experience for every client—it’s about giving individuals the tools, insights, and reports that matter to them. When done right, a client portal isn’t just a place to check balances—it’s an indispensable part of a clients financial life.

Proactive Communication: Engage Clients Before They Inherit

What is the biggest mistake advisors make? Waiting. Most firms start engaging the next generation after the wealth transfer has occurred. By then, it’s too late.

Advisors should establish connections now. Black Diamond gives firms the ability to segment clients, push relevant content, and automate personalized communications. For example, advisors could send a targeted update to clients who hold a specific security before a major market shift. Or, they could use secure document sharing to make financial plans easily accessible, track client engagement through a relationship timeline, and customize report templates depending on what is most important to the client.

Few heirs feel connected to their parents’ advisor. The rest? They’re ready to leave the moment the assets transfer. The advisors who will win this next generation are the ones who are making the effort now.

Consolidation: Give Clients One Hub for Their Financial Life

Wealth is more fragmented than ever. Clients juggle multiple investment platforms, financial apps, and banking tools. That’s a problem—because every additional platform increases the risk of disengagement.

Advisors need to offer a single, seamless experience. With Black Diamond, firms can:

• Aggregate outside accounts so clients see their complete financial picture in one place
• Integrate financial planning tools to keep long-term goals in focus
• Leverage CRM data to segment and personalize client engagement

The more connected clients feel to their advisor’s ecosystem, the less likely they are to look elsewhere.

This Wealth Transfer Is Already Happening—Are You Ready?

The Great Wealth Transfer isn’t a theoretical shift. It is underway, and firms that don’t adapt will lose assets and relationships.

The good news? Advisors who invest in technology now can secure their place in the future. By personalizing experiences, strengthening communication, and consolidating financial management into one seamless hub, firms can turn next-gen clients into lifelong relationships.

At Black Diamond, we’re committed to giving advisors the tools they need to keep clients engaged—now and for generations to come.

Is your firm ready? Let’s talk. To learn more, request a personal demo of the SS&C Black Diamond Wealth Platform, call 1-800-727-0605 or email info@advent.com.