Episode Description
Organic growth has become the defining challenge and opportunity for firms in wealth management. Despite resilient demand, many firms struggle to scale sustainably in a market shaped by rising expectations and shifting client demographics.
In this episode, Dan Gilmartin speaks with Jimmy Zhao, CFA, Partner at McKinsey & Company, about what’s driving (and slowing) organic growth in the industry. They discuss market cycles, demographic shifts, marketing ROI, and the need for firms to treat growth as a long-term investment rather than a short-term metric.
Jimmy also breaks down how firms can position themselves for sustainable growth and stronger valuations through organic initiatives that truly empower advisors.
Key Takeaways:
- Why 2024 marked one of the weakest years for organic growth and why 2026 could bring a rebound
- How the wave of baby boomers reaching retirement age is reshaping client demand
- The growing opportunity for banks to integrate wealth and banking relationships
- Why marketing ROI in wealth management is strong, yet underutilized
- How scaling referral programs and growth culture can boost valuation and advisor engagement
- And more!
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About our Guest:
Jimmy Zhao is a Partner at McKinsey & Company. Jimmy leads McKinsey’s North American retirement division and works closely with wealth managers and other financial institutions in the retirement ecosystem to serve more clients and unlock new sources of growth.
Jimmy collaborates with institutions across the US retirement landscape—including wealth managers, defined contribution recordkeepers, retirement plan advisors and consultants, technology platforms, and asset managers. Working in collaboration with the top executives at his client companies, Jimmy designs and executes transformational growth programs. He also leads McKinsey’s support for transactions and private capital investments in the sector. Over the past six years, Jimmy has supported over 50 deals across registered investment advisors (RIAs), independent broker-dealers, and WealthTech.
Jimmy became a Chartered Financial Analyst (CFA) in 2012 and hosts educational events with the CFA Society in Boston.
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