Client expectations are evolving quickly and advisory firms that fail to adapt risk falling behind. Clients no longer see data collection and onboarding as a pile of paperwork. They expect digital-first interactions that mirror the efficiency of other industries like healthcare, lending and banking.
At the same time advisors face mounting pressure to deliver more personalized service, integrate seamlessly with technology and prepare for demographic and regulatory changes that will reshape wealth management in the years ahead.
According to a March 2024 survey, seven out of ten Americans (69%) indicated that estate planning was at least “somewhat important.”
Here are three trends every firm should pay attention to and what they mean for the client experience.
Trend 1: The Impact of the Great Wealth Transfer
Cerulli Associates estimates that more than $84 trillion will pass from older generations to their heirs over the next two decades. This shift is not only massive in scale but also in complexity. Heirs often live in different states, embrace technology and carry unique financial values compared to their parents.
Advisors who succeed in this environment will act as more than portfolio managers. They will become facilitators of family conversations about philanthropy, stewardship and legacy. Firms must develop processes that can adapt to multi-generational needs while keeping the client experience personal and secure.
Trend 2: Digital Assets and the Expanding Data Footprint
Nearly one in five advisors now report that more than half of their clients hold digital assets. The rapid growth of crypto, NFTs and other digital property has challenged traditional estate planning and onboarding processes. Many wills and trusts were never designed to account for this category of assets.
In parallel, clients are becoming accustomed to digital vaults, secure portals and automated workflows that keep financial information organized and accessible. Advisors need tools that can handle a larger and more diverse data footprint without sacrificing compliance or accuracy.
Trend 3: The Push for Flexibility and Control
Modern clients want flexibility and control over how their wealth is managed and transferred. According to a Q3 2024 Advisor Pulse Survey, 19% of advisors reported that more than half of their clients now hold digital assets. Trust structures like Spousal Lifetime Access Trusts (SLATs) and Directed Trusts have grown in popularity because they balance oversight with personalization.
This desire for flexibility extends to the client onboarding experience itself. Investors increasingly prefer self-directed engagement where they can review edit and approve their own information digitally. Firms that deliver this level of autonomy will stand out from those still reliant on manual data entry and back and forth paperwork.
Turning Trends into an Advantage
Advisory firms that embrace these shifts can elevate their position as trusted partners while improving efficiency behind the scenes. That is where PreciseFP comes in.
PreciseFP is award winning data gathering software that helps firms onboard clients faster, deliver financial plans without missing details and scale operations with over 40 deep integrations. Whether it is capturing risk tolerance, collecting documents, delivering disclosures or prefilling account opening forms for Schwab and Fidelity, PreciseFP helps you look like the premier firm clients expect.
Start your free 14-day trial today and see how easy it is to give clients a first-class experience while eliminating manual data entry for your team.
