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6 Trends in Organic Growth for Wealth Management in 2024

We asked our CEO Wilbur Swan to talk about the trends we will see in organic growth this year.

Here’s what he had to say!

“As we enter 2024, accelerating firm growth inevitably is on the minds of many people – marketers, COO’s, heads of growth, consultants, and especially CEO’s. A growth mindset is critical in today’s environment because the headwinds are increasing each year. According to the 2023 Fidelity RIA Benchmarking Study, RIAs with less than $1 billion in AUM posted organic growth rates of 3.2% in 2022 compared to 8.2% in 2021. Likewise, the larger RIAs with $1 billion or more reported organic growth of 3.6% in 2022 versus 8.4% a year earlier1.

I believe that many firms will turn on or turn up organic growth in the new year as their main driver because it can frequently generate more value than inorganic growth2. In a constantly changing landscape and heightened competition, the need for financial advisory firms to embrace organic growth is more crucial than ever.

Given that, here are the 6 trends I suspect we will see in organic growth this year:


  1. An increase in AI usage for lead prioritization and qualification

When firms are investing heavily in lead generation, efficient follow-up becomes critical. Firms need to ensure their best leads are getting proper, prompt follow-up and advisors are not wasting time on unqualified individuals.


  1. A renewed focus on growing share of wallet

A firm’s current clients are a great source of AUM growth. The cost of acquiring this additional revenue is typically much lower given there is already an established relationship.


  1. Marketing campaigns that target millennials

The Great Wealth Transfer is starting to take place between baby boomers and their adult beneficiaries. Many of these beneficiaries are millennial and will require financial advice creating a significant opportunity for wealth management firms.


  1. Generative AI will be used to engage prospects and clients

The best marketing teams will learn to embrace the power of AI and use it to work more efficiently. As AI continues to deliver more/stronger use cases in marketing, in 2024 more teams will likely use generative AI to help create content such as prospecting emails, blog post outlines, and talk tracks for calls.


  1. Deep segmentation strategies created by growth teams

Without a well-defined and well-implemented segmentation strategy, firms are at risk for unsustainable growth or even growth that isn’t profitable long-term. Part of segmentation is carefully analyzing where and how marketing dollars are utilized. Each prospect segment requires a different pre-sales approach, and marketing should align accordingly.


  1. Organic Growth will help drive M&A

As firms continue to find growth through M&A, they may seek to put tools in place to help acquired firms increase AUM. Lead generation and engagement can help improve the value of firms acquired.”



1-2023 Fidelity RIA Benchmarking Study, Fidelity, 2023

2-Get set, grow: But are you ready?, Deloitte, August 2019