In the United States, personal wealth has exceeded $67 trillion, with a 5% increase among high net worth individuals. But behind these seemingly reassuring figures lies a profound transformation that is reshaping the very way people build, protect, and transfer their wealth.<\/p>\n\n\n\n
This was recounted by John Euart<\/em>, keynote speaker at the second edition of the Wealth Management Summit<\/em> organized by We Wealth,<\/strong> who offered an unprecedented glimpse into the American market: an advanced laboratory of innovation, but also a warning to Europe about what is to come.<\/p>\n\n\n\n In the United States, 60% of wealth is held by people over 60. For years, there has been talk of the \u201cgreat wealth transition,\u201d but few have actually seen it happen.<\/p>\n\n\n\n According to Euart, however, the change is already underway\u2014just in a different way than expected: it is no longer an inheritance \u201cat the end of history,\u201d but a progressive transfer during one’s lifetime, he explained.<\/p>\n\n\n\n Parents buy their children their first home, pay for their grandchildren’s college education, and use gifting tools to move increasingly large sums of money in a tax-efficient manner.<\/p>\n\n\n\n This is prompting wealth management companies to cultivate relationships with the next generation well before the age of 22, because those who are not involved at this stage are 75% more likely to change advisors when the wealth is transferred. If the new generation is not already being advised before the age of 22, they are 75% more likely to turn to another advisor when the wealth is transferred.<\/strong><\/p>\n\n\n\n The second revolution starts with business models.<\/p>\n\n\n\n In the United States, advisors have become more powerful than the institutions they work for. When a professional leaves a large wirehouse, they take up to 80% of their clients’ assets with them.<\/p>\n\n\n\n This has fueled the explosion of the RIA (Registered Investment Advisor) phenomenon: independent firms, backed by technology and private capital, which now manage over $10 trillion.<\/p>\n\n\n\n It is an increasingly \u201chybrid\u201d market, where private banks seek to attract younger clients through digital platforms, while online providers move upmarket with premium services.<\/p>\n\n\n\n This intertwining also changes the way clients are served: less hierarchy, more personalization, more discipline in understanding who to serve and how.<\/p>\n\n\n\n To remain competitive, the big names in wealth management are expanding their value proposition by introducing concierge and \u201cpersonal CFO\u201d services: payments, expense management, coordination with tax advisors and trustees.<\/p>\n\n\n\n Five years ago, this would have been unthinkable. Today, it is almost necessary.<\/p>\n\n\n\n The meaning is clear: defend the value of the relationship by offering integrated experiences, where the client finds a partner capable of solving problems, not just choosing funds.<\/p>\n\n\n\n But for advisors, it also means slimmer margins and a more complex job, involving estate planning, philanthropy, and financial well-being.<\/p>\n\n\n\nThe great generational transition (which is no longer just a promise)<\/strong><\/h2>\n\n\n\n
Independence and value of the advisor<\/strong><\/h2>\n\n\n\n
Services, not just performance<\/strong><\/h2>\n\n\n\n