Why Heirs Are Leaving Their Parents' Advisors (And Why It's a Marketing Job)
Most heirs who plan to leave their parents’ advisor aren’t unhappy with performance. They don’t feel known, and research from Natixis, Cerulli, and Harris Poll shows it in the reasons they give. This post covers why that makes the Great Wealth Transfer a marketing job, and how wealth firms can start learning what the next generation wants before the money moves.
The Mid-Funnel Black Hole: Where Wealth Marketing Budgets Go to Die
The average wealth firm loses an estimated 30 to 40% of its pipeline spend in the mid-funnel, the stretch between first contact and a real sales conversation, not on ads, and not at the final close. Gleanster Research found that only about 25% of leads entering a typical pipeline are actually legitimate enough to advance to sales, while Forrester found that sales professionals waste up to 50% of their time pursuing prospects who were never going to convert. In wealth management specifically, Financial Planning's reporting on Kitces Research found that 71% of what an RIA spends acquiring a client is advisor and employee time, and Fidelity's own research found that 54% of investors say their advisor has never personalized their experience. Most firms respond to this gap by adding more nurture emails and more touchpoints, which widens the hole instead of closing it. This piece breaks down exactly where that spend disappears, and what actually closes the gap.
