Changing Your Business Model to Address the Wealth Convergence – Mike Tropeano, CFA

What is new about the problem?

According to McKinsey, the next ten years will bring $22 trillion of wealth transfer as millennial and Generation X households inherit assets. The difference now is expectations: younger investors demand immediacy, transparency, and purpose-driven engagement from their wealth manager.

How the competition is changing

Non-traditional providers are rewriting the rules, with digital-only platforms and AI-based tools that analyze full financial positions, including tax situations, to recommend portfolios. Advisors remain essential, but the real shift is toward hyper-personalized, scalable operating models.

Where do we go from here?

Transformation is a journey, not a destination. Firms must continually improve client experience and remain vigilant because competitors are always working to win your clients.

What does all this mean?

Start with a change-management mindset and a 360-degree review of client engagement across channels. Evaluate messages, technology, and competitor positioning to create a future-ready client engagement roadmap.

Reimagining Data Aggregation

Investors increasingly expect holistic advice. A complete view of the client balance sheet is becoming table stakes, yet few platforms offer it without broad integration. True differentiation comes from delivering that broader client perspective.

Become Agentic

AI is advancing faster than prior technologies. Conversational AI can speed document review and surface insights, while virtual agents may soon recommend next best actions and execute tasks, adding significant scale.