Changing Face

now and in the future will be as different as the makeup of the (changing) wealthy. It will also be very similar.

If you want to be a wealth manager, Pershing’s Mark Tibergien likes to say, it helps to have wealthy clients. And as all advisors know, their primary goal is to find, attract and retain the best clients, with “best” understood to mean the wealthier the better.

So how can we define wealth management in 2015?

The research suggests that independent advisors—read non-wirehouse advisors—are gaining market share as measured by number of wealthy clients and the amount of assets they bring to independent advisors. Yet the wirehouses continue to provide the bulk of “wealth management” as measured by assets (it doesn’t hurt that the wirehouses’ brokers are now called wealth managers instead). It’s true that some tried-and-true approaches to finding and serving the HNW will remain legitimate, since by definition wealthy people have complicated financial lives, and many are rightfully leery of those who want to serve them, since many have been preyed upon.