The wealth management industry is on the brink of transformation, and advisors must adapt quickly or risk being left behind. April Rudin, founder and CEO of The Rudin Group, told ThinkAdvisor that traditional methods of advising no longer will guarantee success in the years ahead.
Rudin explores these changes in her book Wealth Management With a Difference: Your Guide to Achieving Client, Generational, and Business Success, co-written with Nick Rice of the Brunswick Group. The book outlines nine global trends reshaping the advisory landscape — from the rise of younger clients to the growing complexity of ultra-high-net-worth (UHNW) and family office needs.
According to Rudin, the industry faces both a surge in client demand and a looming shortage of advisors. ThinkAdvisor reports that McKinsey projects a shortfall of 100,000 advisors worldwide within the next decade. However, Rudin believes technology will offset the shortage, describing it as "the white horse coming to the rescue."
Rudin defines success in three dimensions: client success, generational success, and business success. She urges advisors to target ideal clients strategically, plan for long-term growth, and align their services with evolving client demographics. As younger, more diverse advisors enter the field, Rudin expects the industry to become more innovative and reflective of its changing client base.
She also highlights the need for better training around retirement and decumulation planning. "Most advisors don't have a retirement plan themselves — they have an exit strategy," she notes, adding that firms must better prepare advisors to guide clients through their own retirement transitions.
To remain indispensable, Rudin advises firms to build comprehensive "one-stop shops" that integrate financial planning, lending, insurance, philanthropy, and even Medicare consulting. Large firms are increasingly developing in-house expertise, while smaller firms partner with specialists to deliver holistic client services.
For advisors seeking to serve UHNW clients and family offices, Rudin warns that expertise is critical. "Taking on a client like that without the expertise is not wise," she says. Advisors should join established teams, find mentors, or pursue certifications before entering this niche market.
Digital marketing and social media also will redefine client acquisition. According to ThinkAdvisor, Rudin explains that referrals alone are no longer enough. Advisors must use digital tools to target their ideal client profiles and strengthen visibility across generations.
Finally, Rudin expects continued consolidation in the registered investment adviser (RIA) space as firms pursue economies of scale.
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