Expanding wallet share is a key goal for many wealth managers, but it’s often overlooked in favor of focusing on acquiring new clients. It’s understandable — growth is an exciting word, and it feels like it naturally implies new relationships, fresh prospects and untapped opportunities. However, before you pour all your energy into hunting for new clients, it’s worth taking a moment to ask: Are you maximizing the potential of the clients you already serve?
Think of it this way — your existing clients have already placed their trust in you. You’ve built relationships with them, earned their trust, and likely helped them achieve various financial goals. But even with a strong, pre-existing relationship, there’s a question that often goes unasked: Are you managing all of their investable assets? You might be surprised by the answer.
Many advisors make the mistake of assuming that once a client is onboarded, they have full control over that client’s entire financial picture. In reality, clients may have accounts or assets scattered across different institutions, or they may be holding on to investments that you’re unaware of. A study published by McKinsey & Co. found that 30% to 40% of high-net-worth individuals intentionally spread their assets across multiple financial advisors or institutions. Perhaps they’ve never been asked whether they have additional assets outside of what you’re managing, —or maybe they’ve never thought to bring it up themselves.
Consider this example: An advisor had a client with a significant investment portfolio, mostly in stocks, and recently discovered the client had received an additional substantial sum of money. When the advisor reached out, the client mentioned that they hadn’t brought up the new funds earlier because they didn’t realize the advisor also offered cash management services — they thought the advisor was just focused on portfolio management. This conversation wouldn’t have happened had the advisor not asked about other assets, potentially leaving a critical part of the client’s wealth strategy unaddressed.
This isn’t just about increasing your bottom line (though, of course, that’s an important factor). It’s about giving your clients more holistic advice. If you’re only managing a portion of their assets, how can you truly give them the best guidance? Without the full picture of their financial lives, you could be missing critical opportunities to optimize their wealth strategy.
Artificial intelligence (AI) can be an invaluable tool in this regard, helping you analyze your clients’ data in ways that uncover additional assets or investment opportunities. AI can sift through patterns in cash flows, portfolio choices and life events to reveal areas where consolidation might benefit both the client and the advisor. Instead of relying on financial planning alone, you can use AI-driven insights to expand wallet share without additional legwork.
Addressing the Reluctance to Expand
Now, not everyone is focused on growth at all times. Many advisors, sole practitioners especially, might be thinking, ‘I’m happy with my current client base. I don’t want to grow too fast or risk overextending myself.’ That’s perfectly valid. But expanding wallet share doesn’t necessarily mean taking on a multiplied workload. It’s about taking what’s already working and making it even better.
By expanding the share of investable assets you manage for each client, you can grow in a way that feels organic, sustainable, and aligned with your values. There’s no need to be aggressive—just thoughtful. Start by initiating conversations about your client’s full financial picture. Ask simple but powerful questions like, “Are there any other accounts or assets we haven’t discussed yet?” or, “Are you satisfied with how all of your assets are being managed right now?”
Here, too, AI can play a significant role. By helping you understand client behaviors and highlighting key moments when a client may be open to transferring assets or consolidating accounts, AI allows you to deepen these relationships in a scalable way. For example, that could be a recent job change, selling a business, a real estate transaction, marriage or other significant life event. It helps you identify the right opportunities at the right time, so you’re growing with intention.
The Untapped Potential
The truth is, most advisors are leaving significant assets on the table simply because they aren’t asking the right questions. A recent study found that nearly 60% of high-net-worth individuals have assets spread across multiple institutions. That’s a lot of untapped potential sitting right in front of you!
By expanding wallet share, you’re not just growing your business—you’re ensuring your clients get the most out of the relationship they’ve already invested in with you. You’re helping them simplify their financial lives, reduce confusion and feel more confident in their overall wealth strategy. By studying cash flow patterns, household relationships and client engagement, or lack thereof, this could improve client retention before at-risk scenarios become more evident.
AI tools can make this process even smoother by proactively identifying opportunities for consolidation and improvement in a client’s portfolio, so you don’t have to manually search for them.
A Win-Win Approach
Expanding wallet share is more than just a business strategy; it’s about delivering a cohesive and informed approach to your clients’ financial well-being while creating sustainable growth for your practice. Strengthening the relationships you’ve worked hard to build leads to a more comprehensive understanding of your clients’ needs. As those relationships deepen, referrals, the most powerful growth tool of all, may start flowing naturally.
But why stop there? Many clients are deeply invested in their legacy, and addressing the financial needs of beneficiaries and the second generation can be a meaningful extension of the advice you provide. Engaging with these future stakeholders early not only solidifies your role as the family’s trusted advisor but also ensures a seamless transition of wealth management across generations.
AI can enhance this process by providing insights into family dynamics, uncovering opportunities to engage with the next generation, and tailoring advice to their unique needs. AI applications have the potential to flag money in motion events such as large flows that represent time sensitive opportunities for advisors to engage. In one example, a client received a large distribution from an aging parent that the advisor uncovered. Instead of the cash remaining in the bank, the advisor was able to better understand the situation and bring the funds into the account that was actively managed. By combining human relationships with AI-driven insights, you can scale your efforts, create lasting relationships with clients and their families, and expand your role as a multi-generational advisor. This approach deepens trust, maximizes wallet share, and positions you to support clients through every phase of their financial journey.
The key is to start now. Take a closer look at your clients and ask yourself, “Am I managing all of their investable assets?” The answer might surprise you—and it could be the simplest, most impactful way to grow your practice.
To learn more, schedule at consultation at tifinag.com.