The Evolving Role of the Wealth Advisor

Today’s UHNW wealth-management clients are looking for more than financial expertise – they want holistic advice that reflects their values and goals. To meet their evolving needs, the role of the wealth advisor is adapting and the required skill set expanding. Beyond technical knowledge, the modern advisor needs emotional intelligence, strategic thinking, and the ability to build deep, authentic relationships.

AlTi’s Jennifer Ayer believes, consequently, that there has never been a better time to be a wealth advisor, particularly for women. In this Q&A, she explains how she has seen the role change during her career – and gives some guidance for those considering entering the industry. 

How did you come to work in wealth management?

When I began my career, I was working in investment banking at a global firm and participated in a training program that introduced me to different parts of the company. It was suggested that I would be a good fit for the private-wealth group. I wasn’t sure – I thought I should go in a different direction, or to graduate school and get an MBA. But my mentor said: “You don’t need more credentials; you have this thing called empathy – and it matters.”

I didn’t appreciate that it was such an important skill until later in my career when I started working more deeply with families and realized we were witnessing the emergence of a new phase of wealth management; one that redefined wealth beyond financial abundance. I began advocating for a holistic approach to nurturing well-being across generations. 

Was there anything else that held you back initially from committing to a career in wealth management?

As I shifted more into the advisory space, I was very uncomfortable with the idea of it being all about sales, as many firms – unlike AlTi – offer their own investment products to their client base. At that point, “centering the client” was usually about selling the product that was easiest to sell to them, rather than genuinely centering them and building a service offering around them.

So I stepped away from the field for a while and worked on a personal passion project in healthcare. During that time, I discovered values-based investing and thought: “Isn’t that the thing I used to want in my job that I never had?” So, I came back into the advisory space.

What did you find when you returned, and what was driving change?

I found a space that was shifting, driven by the client. So many clients and prospects I’ve spoken to have said: “I like the firm and my advisor, but I can’t get them to have a conversation about how values fit into this work.” I think they’re seeing their children genuinely concerned about issues such as climate change and social justice, which then leads them to think more broadly about how these challenges affect different parts of the world – particularly when it comes to wealth inequality and so forth. The next generation coming into their own, and more women stepping into wealth-stewardship roles – these factors are also influencing this shift, and over the next five to ten years, that is going to accelerate.

How do you think that is changing the role of wealth advisors?

There is an opportunity to really listen and provide advice. Of course, the professionalized investment expertise is still table stakes for being in this conversation – a firm must have all the tools, processes, and track record to show it can deliver. And people look for an advisor with gravitas, experience, and respect, but the way they end up in the room together is much more important. The way I approach it is: We’re just individuals, trying to partner. What do you need? I have some wisdom but I’m not going to pretend I have all the answers. If I don’t have the answer, I will come back to you. I’m not posturing, I’m not selling to you. I’m here to find out who you are and what you need, and give you my best advice. That sounds so simple. None of this is rocket science. But, if fully embraced, it is a different dynamic.

 In this new environment, education of the client plays a bigger role. Firms must really think about how to do high-touch financial and thematic education, as it’s a challenge to scale that service appropriately. But it builds a bond of trust and is also part of the fun! I think the advisor who educates is in a strong position to give advice – particularly advice the family maybe doesn’t want to hear, which is sometimes necessary. It’s up to them to decide what they do with that information, but by being the one who brought them into control and understanding of their capital, it’s a very different experience, very different from selling to them.

How has that changed the position of women in the industry?

I think these shifts towards value alignment, education, and building partnerships with clients have influenced the growing numbers of women in wealth management. When I started, yes, there were more women in wealth management than there were in asset management and investment banking, but it still wasn’t strongly dominated by leading women. Now, that has changed a lot, and generally, there is a much more balanced, equitable environment.

What have these changes meant for you in your career?

I love bringing forward purpose and values alignment – not as the moral police, not telling clients what they should do, but helping them be aware of what they want for their family. I help them see that money is, actually, wealth and health, and that is so much more important than “did we play the game well and beat the market by X basis points every quarter?” That gets old and doesn’t nourish a family, once they reach a certain size.

This has been a total refresh for me. If I knew this as a young person coming out of college, I would have been much more excited about this career. Now, I really understand the value – and feel valued – in being a whole person in my client relationships.

What would you say to those now considering a career in wealth advisory?

If we’re going to create real change toward what clients want and need, we must have people willing to make that change from within the financial system.

The wealth transition to women and younger people will shape the industry. These clients have made it clear they want a different kind of partnership. So, as an advisor, you can show up as a whole person. You can say to a client: “We’ve done this work, we sincerely believe this is right for you and this is how it serves your family.”

There’s also an opportunity to develop your own perspective, to find your own passion outside of the financial markets. For me, health has been a big driver; for many, it’s climate; for others, it’s women and inequality. So you can help your clients but also have this ripple effect, a systemic impact on the world. This is why I am sitting in the seat that I am, at the firm that I am, because I think the ability to make a difference is huge.