Wealth managers across North America are entering a defining period as a historic $124 trillion in assets begins moving between generations—with $72 trillion set to pass directly to heirs.
This structural shift, which includes a $1-trillion generation gap transition currently underway in Canada, is forcing firms to rethink how they engage clients, deploy technology, and measure growth.
New research from Seismic shows the industry is broadly confident about its readiness for the next phase, but still grappling with execution challenges tied to personalization, legacy infrastructure, and proving the impact of digital engagement.
At the centre of this shift is the so-called Great Wealth Transfer, which will reshape client demographics and advisory relationships across both the US and Canada. The study finds strong optimism among firms, with 91% saying they are at least somewhat prepared to meet the expectations of Millennial and Gen Z investors.
But beneath this confidence, significant execution gaps remain. Delivering relevant, timely communication is the most cited challenge (44%), while 32% of firms report that siloed platforms are actively preventing seamless client journeys.
Kerry Ryan, Senior Director of Financial Services Industry Marketing at Seismic, tells InvestmentNews that the transition requires advisors to rethink their role.
“With trillions set to move during the Great Wealth Transfer, advisors must move beyond simply facilitating transfers. The opportunity lies in building durable, multi-generational relationships,” she says, noting that younger investors are seeking broader life planning and seamless digital experiences.
Technology investment is accelerating as firms look to meet these demands. Overall, 92% of firms say their AI capabilities are already at least moderately effective, though adoption is slightly more advanced in the US (57%) than in Canada (48%). Nearly all firms (99%) expect to invest in AI over the next 12-18 months.
Ryan says the clearest productivity gains are emerging in communication and workflow automation.
“AI is already delivering measurable gains in how advisors communicate and respond to clients. Today’s tools support faster content creation, more precise message personalization, and real-time insight into market events and investment trends,” she says.
By augmenting the advisor's ability to deliver high-quality advice at scale, AI is helping firms address the 38% of organizations currently hindered by a lack of in-house digital and AI expertise.
While North American firms share a common goal, their strategies and barriers differ by border:
Canada: Firms here place a much higher priority on digital onboarding and self-service (51%) and are twice as likely as US firms to prioritize unifying content across platforms (16% vs 8%). However, they face higher pressure regarding compliance and regulatory constraints (19%) and a lack of feedback loops (43%).
United States: American firms are more focused on AI-powered advisor tools (42%) but report greater operational pressure due to time constraints (38%).
Across the region, the leading obstacle remains legacy system integration (44%), followed closely by advisor resistance to change (41%). Furthermore, many firms still struggle to demonstrate ROI; 40% report difficulty tracking digital engagement or linking interactions to business outcomes.
As digitally native investors reshape expectations, the research suggests the future of advice will depend on firms’ ability to combine automation with empathy. Ryan says technology can meet rising demands for speed and personalization, but the human relationship will remain central.
“Trust, empathy, and the ability to guide clients through complex financial decisions will continue to define strong advisory relationships,” she says.
Ultimately, the firms most likely to gain competitive advantage will be those that turn technology investment into measurable improvements. “With nearly all firms planning to increase AI investment, investment alone will not be the differentiator. Instead, what will matter is execution,” Ryan says.
As wealth continues to shift, the sector is clearly moving forward - but the next phase will favour organizations that can bridge the gap between strategy and execution to deliver consistent, scalable client experiences.
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