Baby boomers control the largest share, about 52% or $79 trillion. Gen X holds 26% ($37.5 trillion), and millennials hold 9.5% ($14.5 trillion).
But the balance is shifting.
Millennial wealth grew by over 5% between 2020 and 2024, showing that the Great Wealth Transfer is already happening.
Each generation has distinct financial priorities and expectations, and understanding these differences is key to building lasting relationships.
Using data from Unbiased, here are the key things you need to know about the next wealth holders and sharers.*
Baby boomers (1946–1964): Wealthy but worried
- Represent 29% of Unbiased inquiries
- 25% hold over $1 million in assets
- Top priorities: financial planning and retirement
Boomers are often financially secure but anxious about their children’s and grandchildren’s futures. Advisors should focus on reassurance and legacy planning, involving the whole family in wealth conversations.
Generation X (1965–1980): Overlooked and overloaded
- Represent 26% of Unbiased inquiries
- 20% hold over $1 million in assets
- Top priorities: financial planning and retirement
Gen X often feels invisible in financial services. They’re juggling mortgages, careers, and caregiving. Advisors should position themselves as time-saving problem solvers, offering clear, actionable strategies.
Millennials (1981–1996): Stuck and searching for solutions
- Represent 17% of Unbiased inquiries
- 11% hold over $1 million in assets
- Top priorities: financial planning, investments, and retirement
Millennials are frustrated by high living costs and delayed milestones. They’re open to advice, especially when it’s framed around achievable goals. Advisors should focus on empowerment and step-by-step progress.
How RIA firms can meet new and rising expectations
As wealth shifts to younger generations, advisors must adapt their services to meet new demands.
Here are three key areas to focus on:
1. Adopt a digital-first approach
Today’s clients are tech-savvy. According to Dow Jones, firms that embrace digital tools see higher retention and assets under management (AUM) growth.
- 86% of US consumers rely on online reviews, according to Statista
- Two-thirds search for a company or product online
Digital advertising, content marketing, and online reputation management are now essential for building trust and visibility.
2. Provide on-demand advice
Consumers expect speed and flexibility. Yet only 8% of advisors currently offer on-demand services, according to Accenture.
Unbiased’s data shows that firms responding to inquiries on the same day achieve an 80% lead-to-first-appointment rate. Embracing customer relationship management (CRM) systems and digital platforms can help you meet this demand.
3. Build personal connections
Younger clients value personalized, transparent advice. According to WealthManagement, Gen X prefer advisors who speak directly to their challenges.
Millennials also seek tailored guidance and education over sales pitches. Trust is critical, especially for first-time advice seekers.
Combating the dual challenges of retention and acquisition
The Great Wealth Transfer presents a dual challenge: retaining existing wealth and acquiring new clients.
Retaining existing wealth
Up to 80% of heirs plan to change advisors after inheriting wealth, according to Unqork. The main reason? A lack of relationship with the previous advisor.
To retain assets, advisors must:
- Build multi-generational relationships
- Engage heirs early
- Offer family meetings and assign dedicated advisors
Vanguard recommends holding family meetings in different configurations to suit client preferences.
Engaging new and first-time clients
At Unbiased, 65% of people who sought an advisor in 2024 had never used one before. These clients are inheriting wealth, and they’re going online to find help.
To reach them:
- Invest in digital marketing
- Use a lead generation platform
- Provide tools to manage and convert leads
Lead generation platforms offer a scalable way to connect with high-intent clients and build long-term relationships.
Why this matters for your firm
The great wealth transfer is the biggest shift in financial advice in a generation.
Firms that adapt will:
- Retain more assets
- Attract new clients
- Build stronger, multi-generational relationships
But success requires a new mindset, one that’s digital-first, client-centric, and future-ready.
How Unbiased can help
Unbiased is a financial advisory platform that empowers RIAs to grow their business through high-quality, verified leads.
The Unbiased platform gives you the tools to manage your pipeline, track performance, and scale your business efficiently.
Book a free demo today and learn how Unbiased can help you scale your business in a repeatable and effective way with a steady stream of new clients.
*Inquiry and wealth level data is taken from a 15-week sample, January-May 2025, of inquiries through our platform. To gain an accurate reflection of each generation, the age ranges used were as follows: Baby Boomers: 61 and over, Gen X: 51-60, and millennials: 31-40. The relationship insights are taken from a 2024 study conducted by Unbiased alongside a team of UCL researchers examining people’s relationships with their finances.