AI can be an organic growth engine in several ways

For many asset managers, expanding wallet share is a key goal, but is often overlooked in favor of focusing on acquiring new customers. That’s understandable – growth is an exciting word, and it feels like it naturally implies new relationships, new perspectives and untapped opportunities. But before you put all your energy into finding new clients, take a moment and ask: Are you maximizing the potential of the clients you already serve?

Think of it this way: your existing customers have already placed their trust in you. You have built relationships with them, gained their trust and probably helped them achieve various financial goals. But even with a strong, pre-existing relationship, one question often remains unanswered: Do you manage all of your investable assets? The answer might surprise you.

Many advisors make the mistake of assuming that once they onboard a client, they have full control over that client’s entire financial situation. In reality, clients may have accounts or assets spread across different institutions, or they may be holding on to investments that you don’t know about. A study published by McKinsey & Co. found that 30 to 40% of high net worth individuals intentionally spread their wealth across multiple financial advisors or institutions. Maybe they’ve never been asked if they have additional assets beyond what you manage, or maybe they’ve never thought to bring them up themselves.