When market volatility or geopolitical tensions freeze prospective clients, wealth managers often find it easier to grow by expanding relationships with existing clients rather than chasing new accounts. This strategy, known as increasing 'wallet share,' has become a focal point for firms like Sapphire Wealth Management, The AmeriFlex Group, and 49 Financial.
Douglas E. Howes, president of Sapphire Wealth Management, notes that portfolio growth and business growth are distinct concepts. Even when markets remain resilient, clients may still feel anxious about inflation, job security, taxes, family obligations, or retirement timing. Howes emphasizes that during such periods, his firm shifts focus from investment commentary to proactive planning.
“At Sapphire Wealth, we’ve responded by expanding planning conversations rather than increasing investment commentary,” Howes said. “We’ve leaned harder into proactive financial planning, tax planning conversations, cash flow analysis, employer benefit reviews, estate coordination, retirement income modeling, and what we call ‘Personal CFO’ conversations.”
Howes believes that products alone rarely deepen relationships. Growth has come from helping clients connect investments to broader objectives such as tax efficiency, retirement income, concentrated stock management, business transitions, legacy planning, and multigenerational wealth conversations. “When clients realize their advisor is helping coordinate taxes, estate considerations, business decisions, family planning, and investment strategy together, the relationship naturally expands,” he added.
Jesse Kurrasch, COO of The AmeriFlex Group, emphasizes steady engagement through stable and straightforward communication. He observes that many advisors lack a plan for their own future, making them more conflicted about what comes next. “During our conversations, we have found that reassessing priorities and values in the face of a changing world is more important than any specific product,” Kurrasch said.
Dean Dillenberg, market vice president at 49 Financial, notes that during calm markets, clients feel less urgency to seek guidance. Volatility, however, makes people humble and more open to advice. This dynamic creates opportunities for advisors to demonstrate value and expand their role.
For advisors seeking to grow without adding new clients, the key is to integrate planning across all aspects of clients' financial lives. This approach not only deepens trust but also positions the advisor as an indispensable partner during uncertain times. As Howes put it, “The investment solution becomes part of a larger planning conversation rather than the conversation itself.”
Related trends include wealth managers reporting a surge in client demand for 'news-proof' portfolios and geopolitics, volatility, and inflation topping advisor-client concerns for H2 2026.
