It’s 2025, and wealth management firms face a rapidly evolving landscape—shaped by rising client expectations, rapid tech shifts, and fierce competition. AI has upended the industry, and uncertainty is the new norm.
In this environment, increasing share of wallet—growing the percentage of each client’s assets under management—has become the most urgent and efficient path to protect and grow firm value. Why?
Client acquisition is five to seven times more expensive than retention (Forbes, 2022). And 80% of value creation at top-performing companies comes from deepening relationships with existing clients (McKinsey & Company, 2023).
What’s more, today’s clients—especially younger investors—expect more than digital access. They demand seamless, personalized experiences across every channel. When those expectations fall short, loyalty fades—and assets follow (McKinsey & Company, 2025).
For today’s wealth management firms, this means that increasing share of wallet depends on delivering the personalized service clients now expect. But businesses in this industry struggle to deliver hyper-personalization at scale (Deloitte, 2021).
This is because many operate with disconnected systems, which block client visibility. Fragmented CRMs, planning tools, and portfolio platforms scatter data across silos—obscuring the full client picture.
As a result, advisors are left guessing—unable to anticipate needs, personalize at scale, or act in real time. In this blog, we’ll explore how tech fragmentation limits wallet share growth—and what firms can do to fix it.
Why Wallet Share Is the Smarter Growth Strategy
After years of market-driven expansion, the wealth management industry is entering a more volatile era. In 2022 alone, firms saw a $6.2 trillion decline in client assets, erasing nearly 18 months of growth (McKinsey & Company, 2024). It’s a wake-up call: firms can no longer count on rising markets to drive performance. In this economic climate, boosting share of wallet may be the best way to weather volatility and secure growth.
This has never been more critical, as an estimated $84 trillion will pass from Baby Boomers to their heirs in the next two decades (Forrester, 2024)—making every client relationship a doorway to massive generational asset flows. It's fair to assume that only firms that consistently deepen relationships, personalize experiences, and deliver ongoing value will retain assets through the transition.
Client acquisition, meanwhile, is also getting more expensive for wealth management firms. McKinsey & Company reports that traditional methods can cost up to 300 basis points per new client, while digital-first strategies bring that down to just 10–20. Ultimately, the most efficient—and resilient—growth path is maximizing your impact with the clients you already have.
This goes beyond just holding onto assets. Forward-thinking firms are expanding their role in each client’s financial life—cross-selling, upselling, and deepening engagement across generations.
Wallet share growth hinges on visibility, personalization, and timing. With the right tech stack, firms can consolidate data, surface behavioral signals, and streamline advisor workflows—enabling deeper, more relevant engagements that build trust and unlock value.
As Deloitte notes, forward-looking firms are building human-centered digital experiences that integrate advisor and client touchpoints—on top of scalable architectures built for long-term transformation.
In today’s landscape, increasing wallet share is not just a growth lever—it’s a strategic imperative that will separate long-term winners from those left behind.
Example: Missed Opportunity to Deepen an Existing Relationship
A long-time client at a boutique wealth firm recently inherited a substantial estate.
However, because the client’s profile hadn’t been updated in the firm’s legacy CRM—and the advisory team wasn’t looped in via the estate planning division—no proactive outreach occurred.
The client began researching tax strategies and trust options online. Without any contact from their advisor, they assumed the firm didn’t specialize in inheritance planning and moved a portion of the assets to another provider.
The result
A missed cross-sell opportunity, diminished trust, and partial asset attrition—all avoidable with real-time visibility and coordinated engagement.
Fragmented Systems Block the Visibility Needed to Grow Wallet Share
Increasing wallet share is contingent on understanding A–Z of a client’s financial situation. Every client action has a motive—a deeper purpose tied to their goals. In isolation, they’re hard to decipher. But when mapped across a canvas, patterns emerge—revealing intent, uncovering needs, and highlighting timely opportunities to deepen the relationship.
Most firms lack the infrastructure to make that possible. The problem isn’t a lack of data—most firms are drowning in it. But it's scattered across CRMs, planning tools, portfolio systems, emails, and meeting notes, making it nearly impossible to form a unified view of the client.
As a result, teams lose up to 60% of their day to manual effort piecing data together (Harvard Business Review, 2023). And even then, visibility remains fractured. Advisors may see portfolio performance, but miss the fact that a client downloaded estate planning materials. Or overlook a life change buried in a separate system.
These blind spots make it difficult to identify growth opportunities, offer timely advice, or strengthen relationships, which are all conducive to increasing share of wallet.
In fact, companies that successfully implement experience-led growth strategies (an approach that prioritizes improving the customer experience across all touchpoints) have seen cross-sell rates rise by 15–25%, share of wallet increase by 5–10%, and customer satisfaction improve by up to 30% (McKinsey & Company, 2023). The potential is enormous—many firms are sitting on a gold mine of insights. What they lack is the digital infrastructure to uncover and act on them.
Platforms like HubSpot make this visibility possible. HubSpot brings CRM, marketing, sales, and service functions into one connected system—giving wealth management firms a unified view of each client. This level of visibility allows advisors to move faster, personalize outreach, and spot opportunities to grow wallet share without the friction of disconnected tools.
When Client Data Is Scattered, Opportunity Disappears
At a national RIA firm, marketing tracks content downloads, sales logs calls in a CRM, and advisors keep personal notes in email threads or notebooks.
A client shows strong interest in retirement planning tools, downloading guides and attending webinars—but that data never reaches their advisor.
Weeks later, the advisor calls with a generic check-in, completely missing the chance to recommend a tailored retirement solution.
The result
The client feels misunderstood. A warm lead goes cold. A chance to deepen the relationship is missed.
Disjointed Experiences Erode Trust
Wealth management is an extremely personal service - few responsibilities are greater than managing one’s finances. Consequently, it’s an inherently emotional service. Therefore, client trust is fundamental to maintaining and building client relations to facilitate growth.
But this trust is fragile and easily damaged by disjointed experiences. During key moments like wealth transfers, even small points of friction can leave lasting damage.
The problem isn’t just operational inefficiency—it’s perception. When a client has to fill out the same form twice, repeat their goals to multiple advisors, or receive conflicting information from different departments, it signals one thing: this firm doesn’t know me.
Disconnected systems are often to blame —CRMs that don’t sync with portfolio tools, planning platforms that don’t update in real time, or communications that happen in silos. But clients don’t see the tech stack. What they experience is fragmented, frustrating service that feels impersonal and careless.
These inconsistencies undermine confidence at the very moments when it needs to be reinforced. These are high-stakes situations—moments that signal competence and either draw clients closer or push them toward competing firms.
As Forrester points out, firms must seamlessly integrate human and digital touchpoints during asset transitions to avoid losing wealth to competitors. Clients want to feel seen, understood, and supported—not shuffled between systems.
Firms that get it right use technology to deliver continuity. Advisors have context. Messages align. Processes feel intuitive. Clients stay engaged—and firms capture greater share of wallet by proving they can be trusted with more.
HubSpot supports this by unifying marketing, sales, service, and CRM into a single connected platform—giving advisors a centralized, real-time view of each client. This integration ensures consistent messaging, streamlined workflows, and a personalized experience at every touchpoint.
In moments that matter most, HubSpot helps firms show up with relevance, clarity, and confidence—reinforcing trust and unlocking greater lifetime value from every relationship.
Example: The Wrong Message at the Worst Time
A high-net-worth client preparing to transfer wealth to their children is juggling meetings with multiple specialists—tax, legal, and investment.
But because the firm’s CRM doesn’t sync with its planning software, the client gets two conflicting emails on estate planning—one confirming the next steps, and another asking for documents already submitted.
They grow frustrated, calling the advisor to ask, “Does your team even talk to each other?”
The result
Trust erodes in a moment that should build confidence. The client begins exploring other firms that offer white-glove, coordinated service.
Unified Systems Drive the Personalization Needed to Grow Wallet Share
Wealth managers require a complete bird’s eye view of a client’s entire financial life to increase share of wallet. Unified tech stacks eliminate data siloes and reveal treasure troves of insights that empower wealth managers with a complete, real-time view of each client’s financial situation.
When systems are connected, data becomes actionable—enabling smarter segmentation, scalable personalization, and timely outreach based on actual behaviors, not assumptions.
Advisors can operate with greater agility: anticipating needs, responding faster, and delivering more relevant recommendations. Rather than piecing together scattered information, they can immediately spot gaps, tailor solutions, and act on growth moments—deepening relationships while working more efficiently.
This strategic shift is reflected in industry investment trends. In 2022, technology spending in wealth management surged by 19% year-over-year, outpacing both revenue and cost growth (McKinsey & Company, 2024). Firms are prioritizing advisor tools, client portals, data integrations, and cloud infrastructure to support this transformation.
Why? Because clients now expect more. Research shows that 71% of consumers expect personalized interactions—and 76% feel frustrated when those expectations aren’t met (McKinsey & Company, 2023).
Personalization has become a competitive imperative. And for firms aiming to grow wallet share, delivering that personalized experience is one of the most powerful ways to earn trust and unlock greater value from every relationship.
HubSpot powers this by unifying CRM, marketing, sales, and service tools into a single platform—helping wealth firms deliver coordinated, personalized interactions across every touchpoint. With behavioral data, segmentation, automation, and real-time insights all in one place, advisors can build stronger relationships and drive measurable gains in wallet share.
Example: Timely Outreach That Unlocks New Opportunity
A millennial client recently changed jobs and received a sizable bonus. The firm’s consolidated tech stack flags a life event and surfaces a pattern of interest in ESG investing from prior interactions.
The advisor gets an alert and sends a personalized message offering to walk through sustainable investment strategies tailored to the client’s values and income goals.
The client books a meeting and ultimately moves additional assets into a new ESG-focused portfolio.
The result
Deeper engagement, increased assets under management, and a relationship strengthened through relevance and speed—powered by connected systems.
Maximizing Wallet Share Begins With Complete Client Visibility
The rise of digital technology, the AI revolution, and the shift in generational wealth have brought the industry to a critical inflection point. As client expectations evolve and wealth transfers accelerate, delivering highly personalized, seamless experiences is no longer a luxury—it’s a prerequisite for growth.
In today’s landscape, growing share of wallet is one of the most strategic and efficient paths to accelerating growth. But success hinges on a complete, 360-degree view of every client—seeing beyond portfolios to understand behaviors, motivations, and life milestones in real time.
It’s the vantage point that empowers advisors to anticipate needs, personalize engagement, and act on key moments. Disconnected systems, however, obstruct that view which forces advisors to guess instead of guide – a strategy that promises regression.
HubSpot solves this by unifying CRM, marketing, sales, and service into one connected platform—giving wealth management firms a single source of truth for every client.
With real-time data, automated workflows, and behavioral insights in one place, advisors can deliver the kind of proactive, personalized service that builds trust and drives measurable gains in wallet share.
As the industry stands at this inflection point, the firms that break down silos and invest in unified client visibility will be best positioned to earn trust, deepen relationships, and capture a greater share of wallet.
Those who don’t will fall further behind—outpaced by competitors who thrive on innovation and embrace change. This is a cutthroat industry that reward agility and punishes inertia. The time is to act now.
Is your firm evaluating how smarter technology can drive wallet share growth?
Book a consultation with one of our advisors to explore the possibilities.
