Financial Advisors

Engage With Emerging Wealth Through Micro Plans

The success of your business depends on satisfying your existing clients – and acquiring new ones. So, to keep your pipeline full, it goes without saying that you must connect with prospects at every point of the financial journey, including the earlier investor stage. In this article, we’ll show you how to capture that emerging wealth by creating simplified plans driven by the latest technological advancement: conversational AI. That way, you can scale your practice today and for years to come.

Why You Need to Capture Emerging Wealth

Emerging wealth is the future of the economy. Held primarily by younger professionals (perhaps even the children of your current clients), this wealth will fund the next generation of commerce, innovation, and dreams. It represents unlimited potential, but it needs your guidance to grow and flourish.

When you capture it, you can help keep your long-term practice sustainable, ideally retaining clients for life. But, to attract this demographic, you must teach prospects the value of working with an advisor for financial planning early on. These budding wealth builders need to understand that your guidance is essential if they want to manage and grow their resources — even if they don’t have a significant net worth just yet. And that it makes more sense to work with an AI-powered advisor rather than… just a robot.

Efficiently Building Relationships

The beauty of conversational AI planning technology is that it helps you get to the answers you need faster, saving you time and the cost of a complex planning platform for a client who may not be ready for something more robust.

Conversational AI technology not only helps you efficiently produce micro plans at scale, but it saves the data you acquired, but allows you to continue to build new plans throughout a variety of life situations that accurately reflect where somebody is in their life.

For example, if you are getting to know the child of your favorite client, they may only be partially planning for retirement as they are more concerned with the birth of their daughter or saving up for a home. Using technology to start adding value at the appropriate point of their journey is a win-win.

Don’t Be Too Late

That millennial in a hoodie… could be on the cusp of their first IPO. And you don’t want to lose them to a DIY platform or roboadvisor. Keep your pipeline growing by accessing investors at all levels.

Further, surveys show that only 20% of advisers are targeting younger family members of their clients. It’s no wonder that an estimated 66% to 95% of children fire their parents’ financial advisor after they receive an inheritance. With a wealth transfer from boomers to their heirs of $68 trillion, starting to engage with emerging wealth can help you not miss out on the largest generational wealth transfer in history. A few simple steps can make all the difference.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


TIFIN is a platform that conceives, creates, and operates fintech companies in the areas of wealth management, investments, and personal finance. Our operating companies are shaping the future of investor experience with intelligent products that recognize the uniqueness of each investor. We leverage the combined power of investment intelligence, data science, and technology to make investing a more powerful driver of financial wellbeing.

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