“This is an amazing business to be in ... You’re helping people do things that without you they could never accomplish. That’s not just a commercial enterprise — it’s a greater good for society.”
Osaic CEO Jamie Price kicked off the company's annual event, ConnectED 2025, with an appeal to the purpose behind the business. However, the opportunity is not without headwinds. Price asserted the wealth management industry also faces a pivotal moment, which is driven by consolidation, rapid technological change, and a massive transfer of wealth to a new generation of investors.
“In this backdrop of wealth, we firmly believe that the independent advisor — serving local communities without conflicts — is the winning hand,” he said. “If you can do it at scale, flexibly, and take advantage of change, you will thrive.”
Price highlighted data showing that the number of financial advisors is projected to fall by 38% by 2035, creating a shortfall of 100,000 professionals, a consistent drumbeat that has been examined and reported by a number of companies. “That is a significant challenge — or opportunity — if you can wrap your head around it and take advantage of it,” he said.
Meanwhile, private wealth in the US is expected to grow over the next 10 years "at two and a half to three times the GDP rate," Price said. Independent firms, he noted, now oversee more than half of client assets, surpassing traditional wirehouses and banks for the first time last year.
Price also pointed to a looming $124 trillion generational wealth transfer through 2048, most of it to Gen X investors. “Only $18 trillion of that is going to charity,” he said. “The rest is largely going to Gen X.”
According to Price, Gen Xers have different expectations for financial advice. “They’re tech-enabled, educated, and they want to be involved in decision-making at a much higher intellectual level than their parents ever were,” he said.
He urged advisors to deepen relationships with clients’ children and heirs to avoid losing assets in the transition. “Gen X doesn’t really mean, ‘I don’t want my parents’ advisor,’” he said. “What they mean is, ‘If my parents’ advisor has no connection to me, I’m not interested.’ That’s an absolute imperative — know the kids of your best clients.”
Price said consolidation is reshaping the advisory landscape, with large firms gaining market share as they invest in compliance, technology, and client experience. “The top five independent firms controlled 47% of revenue in 2012. They now control 72%,” he said.
“If you’re not a scale player, you will get outpaced,” he warned. “Markets don’t go up all the time. You have to be able to invest in all conditions if you want to take advantage of the opportunities ahead.”
Price described fintech and artificial intelligence as the next major disruptors. “We’re seeing tools I didn’t even believe were real — and they’re real,” he said.
He cited AI-enabled planning platforms and productivity tools already deployed at Osaic. Two, called Jump and Zocks, have been rapidly implemented and saved the equivalent of 20 full-time staff hours by automating meeting summaries.
“These aren’t going to be three-to-five-year cycles anymore,” he cautioned. “Every tool we put on could be obsolete in a year. You have to be nimble enough to plug and play the newest solutions.”
Price urged advisors to rethink their service models to reflect changing client expectations. “As a baby boomer, I don’t want three advisors handling my wealth,” he said. “I want one person I trust who can handle everything for me — and uncomplicate my life.”
He also stressed the importance of flexibility in how advisors affiliate with firms. “Whether you’re looking to grow, slow down, or monetize, you need a partner who gives you choices,” he said. Osaic, he added, is focused on offering multiple affiliation models and open-architecture technology to give advisors room to adapt.
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