Tips from the top 12 wealth management teams

In today’s competitive and rapidly evolving wealth management landscape, financial professionals must continuously prove their value to clients, along with growing their business. While it may seem easier to stick to the usual script and way of doing business, you may need to look beyond traditional methods. Who better to learn from than 12 successful teams?

SHOOK Research wrote “The Masters List: How 12 Wealth Management Teams Became the Best in the Business,” a book that provides strategies for success from 12 of the top wealth management teams in the country.

So what does it take to be on the list? Here are four of the key things the top 12 wealth management teams attributed to their success.

1. Client-centered philosophy

Most teams emphasize deep relationships, often referring to clients as “families” rather than “accounts.” Building a team of people who are skilled at creating and maintaining strong relationships with clients and the team, and who care about one another, is important. One team noted that it’s very particular about the clients it brings onboard, viewing those relationships as partnerships — something to grow and nurture. Another wealth manager uses a rigorous client onboarding checklist and focuses on understanding each client’s story before developing a financial plan. And his mantra is: “It’s not just about money. It’s about people, purpose, health, and family.”

2. Holistic planning

Wealth management is framed as life planning — an integration of estate tax strategy, philanthropic vision, succession planning, and emotional well-being. One wealth manager integrates estate planning, philanthropic strategy, and succession with a deep focus on emotional connection and family dynamics. To help prioritize trust and values alignment, one of the practice’s partners is known for spending extensive time with clients — sometimes over a year — before formal engagement. The team also helps ultra-high-net-worth families navigate complex estate and tax issues, often working with attorneys and investment bankers to prepare for business exits. They also guide clients in establishing private foundations and donor-advised funds, and they mentor next-generation heirs in stewardship and financial literacy. Emotional well-being is central to their approach, often engaging in personal conversations about legacy, purpose, and family relationships. Their philosophy is that wealth management should enrich lives — not just portfolios.

3. Generational stewardship

Many teams prioritize the education and engagement of second and third generations to ensure responsible wealth transfer and enduring family legacies. For example, one team runs a summer immersion program for college-aged heirs, teaching financial literacy, investment basics, and life skills like debt management and career planning. Similarly, another wealth manager partners with business schools to expose next-gen clients to entrepreneurship and philanthropy. Several facilitate family governance through mission statements, intergenerational meetings, and shared philanthropic decision-making. This helps address wealth preservation and helps cultivate values, purpose, and stewardship across generations.

4. Team culture

Team culture is a cornerstone of success for the wealth management firms profiled in The Masters List, with strong internal values, mentorship, and collaboration driving both client outcomes and team cohesion. Many teams foster a culture where colleagues are treated as family, and leadership is shared across the organization. One wealth manager emphasizes a decentralized structure, empowering team members to lead, contribute ideas, and grow professionally. Weekly meetings are led by rotating team members, and mentorship is embedded in career development, with equity participation offered to high performers. This values-driven culture can not only help strengthen internal relationships but also enhance the client experience, creating a team that thrives on purpose, empathy, and shared success.

We can help

Invesco Global Consulting is the industry’s largest communication and consulting services group with a focus on financial professionals.¹ Our research-based resources and actionable insights are crafted to focus on four key aspects of your business: new business development, wealth management, practice management, and client service. The team offers:

• Presentations
  We identify common practice challenges and then create interactive keynotes to share our proposed solutions to solve them.
• Customized workshops
  We can design interactive workshops that aim to strategically align our research-based programs and consulting services to your goals.
• Comprehensive consulting
  Our team of experienced professionals can help financial teams that work with high-net-worth retail and institutional clients construct, manage, and lead high-performance practices.
• Practice Innovation Index
  Benchmark your practice against high-performing financial professionals with the P.I. Index, the first-of-its-kind² diagnostic built to analyze peer ranking and provide custom resources designed to help in every area of your practice — powered by Invesco and Cerulli Associates.³

Learn more

• Get more information on The Masters List on the Shook Research website.