Published by Jessica Weisman-Pitts
Posted on September 11, 2024
5 min readLast updated: January 29, 2026
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By Joe Scheffler, Director of Client Engagement, Think Company
It’s being called the greatest transfer of generational wealth in the history of the world. According to the NY Times, over the next decade, Baby Boomers will pass along $16 trillion to their Gen X, Millennials, and Gen Z heirs, a jaw-dropping $84 trillion total by 2045. When it comes to family wealth, there’s never been an inheritance like it, and while a boon for the wealth management industry, it’s an opportunity that comes with significant challenges.
First, the industry will have to shift its focus and adapt to the needs of younger generations. With different investment priorities, they’ll be seeking products that differ from those of their predecessors. Equally important are the digital experiences they’ll be expecting if you want to win their business.
Future experiences
To capitalize on this once-in-a-generation opportunity, wealth management firms must adopt a modern digital strategy that is simple and intuitive for advisors to use. Younger investors value efficiency and ease of use, so they’ll seek those capable of providing multiple services fast and accurately. Further, they’ll expect every interaction to be informative and provide a better understanding of what’s happening with their investments.
Finally, any digital strategy needs to scale, because not only is the amount of wealth being transferred enormous, Boomers usually have multiple heirs, which increases the potential number of new clients.
Thankfully, well-implemented digital tools can increase productivity while also improving the employee experience (EX) for advisors. Additionally, user-friendly, self-service wealth management apps should be available to customers. Younger investors prefer to use apps to explore opportunities and understand investment performance.
The future is all about the overall digital experience, and apps are how the industry and customers will get there.
Building a digital experience strategy with apps
Now is the time for wealth management firms to create a digital experience strategy that will enable them to compete for new business and capitalize on this massive generational wealth transfer. Here are the main points to consider when embarking on a digital strategy to accomplish this:
Ready for the transfer?
This transfer of wealth is a huge opportunity for wealth management firms. Delivering the digital experiences younger generations expect presents considerable challenges, but the potential rewards are staggering. What’s more, this will change how the industry operates, so those who don’t adapt will be left behind.
Wealth management firms must strategize and plan to meet the needs of digitally inclined generations. Those that do will not only thrive but cement their futures.
Joe Scheffler is Director of Client Engagement at Think Company, a consultancy that designs and builds world-class digital experiences for enterprise organizations.
Wealth transfer refers to the process of passing assets from one generation to another, often through inheritance. It is significant in financial planning and can impact wealth management strategies.
Digital experience in finance encompasses the online interactions customers have with financial institutions, including websites and mobile apps, focusing on user-friendliness and efficiency.
Wealth management is a financial advisory service that combines investment management, financial planning, and other financial services to help clients grow and manage their wealth.
Customer research involves gathering insights about customer preferences and behaviors to inform business strategies and improve service offerings.
Ethical AI refers to the responsible use of artificial intelligence technologies, ensuring they are developed and implemented in ways that are fair, transparent, and compliant with regulations.
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