What Happened in 2024? A Look Back at the Biggest Wealth Management News This Year
It’s hard to believe that 2024 is quickly coming to an end. Now, as we prepare for a new year ahead, it’s the perfect time to reflect on the pivotal moments that shaped the wealth management industry over these past months.
From exciting mergers to the continued rise of artificial intelligence (particularly in the finance space), this year brought about important shifts that could continue impacting our industry in 2025 and beyond.
Below, we’ve gathered and summarized what we think are the 10 most significant stories of the year in the wealth management industry.
Major CEOs exited their positions
This year, we saw a wave of leadership shake-ups and changes from some of the industry’s largest institutions. Starting off in January, Bill Crager announced his plans to step down as Envestnet’s CEO after spending more than two decades at the company. As of April, he has transitioned into a Senior Advisor role and will continue working more closely with clients and partner relationships, according to the press release.
In April, Ron “Omani” Carson announced his departure from Carson Wealth Group, which had been acquired by Bain Capital in 2021. Former LPL CIO Burt White stepped in and continues serving as Carson Wealth’s new CEO.
Then in October, we were shocked to learn that former LPL CEO Dan Arnold was fired for violating the employees’ code of conduct. No additional information has been released about that situation, but the shake ups in powerful seats across the industry are still reverberating.
The rise of AI in wealth management
It might come as no surprise that artificial intelligence took center stage this year—especially as more wealth management firms embraced AI-driven tools designed to enhance client interactions and boost operational efficiency.
Platforms like Jump (an AI-driven note-taking app) are pushing the boundaries of what’s possible for advisors—like converting conversations into notes, tasks, and compliance-friendly records.
Read more about AI and wealth management here.
The first wave of SEC Marketing Rule violations
While the SEC’s New Marketing Rule went into effect in 2021, it looks like 2024 was the year the SEC started targeting out-of-compliance firms firmly. Across the industry, we saw our first real big wave of Marketing Rule violations—and it’s likely we’ll continue to see the SEC cracking down on violations into 2025 and beyond.
As RIAs continue testing the waters and implementing new policies and procedures to address these changes, compliance-focused tech tools like Testimonial IQ and WealthTender are gaining traction fast.
Demographics are shifting
You’ve likely heard that the Great Wealth Transfer has already started—the period of time in which $84 trillion in wealth will trickle down from Baby Boomers to their Gen X and Millennial children or grandchildren. For financial advisors, preparing for this shift is paramount to attracting future wealth builders and investors.
Another important demographic to continue addressing? Women, particularly those who outlive their spouses. Around 70% of women actually leave their financial advisor within a year of their spouse’s death, indicating that their previous advisor wasn’t meeting expectations.
Major industry mergers and acquisitions continued
In May, it was announced that Buckingham Strategic Wealth and Colony Group were merging. While certainly not the only acquisition announcement of 2024, this one was headline-worthy. Representing hundreds of billions in AUM and tens of thousands of clients, this merger made a big impact across the wealth management space.
Read more about the merger here.
Clients are clear: Holistic planning is in
The next generation of investors grew up in a much different world than their parents and grandparents, and they expect their advisors to adapt their firm to meet their expectations. For example, younger clients expect a digitally driven client experience, as well as more holistic planning services (beyond portfolio management).
Plenty of surveys and studies have been conducted in recent years, including this report by Morningstar. The takeaway? As more options for DIYing investments become available and accessible to the masses, clients expect their advisors to help in other areas of their financial lives as well.
Robinhood buys TradePMR
In November, Robinhood certainly shook the finance world with news that it had negotiated a $300 million acquisition of TradePMR. This seemingly marked the consumer financial technology giant’s strategic pivot toward the wealth management and RIA markets.
Advisors may want to watch closely as this acquisition unfolds—it could very well mark a new era of financial service offerings for investors (particularly those who prefer to begin with a DIY investment approach).
Wealth management returns to working in-office
Several major firms, including Fidelity, Orion, and Altruist, made headlines when they instructed employees to officially return to the office in 2024.
While some transitions were smoother than others, this shift in remote work policy follows suit with other large tech companies and corporations outside of the wealth management space.
Bain acquires Envestnet in multi-billion dollar deal
In perhaps one of the year’s largest WealthTech deals, Bain Capital acquired Envestnet in a multi-billion dollar deal this past September. As a take-private deal, this strategic move was done in an effort to further Envestnet’s mission of supporting RIAs with their growth and productivity goals.
Nitrogen’s Fearless Investing Summit revealed exciting updates
At this year’s annual Fearless Investing Summit, we unveiled our latest updates—showcasing the tech-driven tools advisors can leverage to deepen client relationships and streamline workflows. Among the highlights, we introduced enhanced functionality across the platform’s core products, including Risk Center, Planning Center, and Research Center.
Through our ongoing commitment to innovation, our goal is to help advisors simplify and streamline operations—all while delivering a more personalized experience that attracts and converts high-quality prospects into long-lasting clients.
From newsworthy changes in leadership to evolving client needs, 2024 appeared to be a year of transformation in the wealth management industry. At Nitrogen, we’re committed to empowering your firm with the tools and insights needed to thrive in a rapidly changing landscape.
Learn more about how we can support your firm’s growth goals in 2025. Schedule a demo today to get started.