Baby Boomers – Grow Organically

REPLAY – Rethinking Growth in Wealth Management: Markets, Demographics & ROI with Jimmy Zhao

By Grow Organically | January 28, 2026

Organic growth sounds straightforward, but for many firms it remains one of the hardest challenges to solve.

What happens when client demand slows, marketing feels risky, and internal teams struggle to connect the dots across services?

In this replay episode, Dan Gilmartin revisits a timely conversation with Jimmy Zhao, Partner at McKinsey, to examine what truly drives organic growth in wealth management. They unpack why growth has slowed, how banks and RIAs miss opportunities hidden in their own data, and where new advisor relationships are emerging. The discussion also explores long-term investment thinking, referral strategies that convert, and why patience is critical when building sustainable growth engines.

Key takeaways:

Why organic growth has slowed, and what interest rates and liquidity cycles have to do with it
Missed opportunities banks face when data, teams, and incentives remain siloed
How workplace channels are becoming a meaningful source of new advisor relationships
Why marketing programs often fail early despite strong long-term economics
What effective referral programs do differently to improve conversion and client experience
And more!

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Connect with Jimmy Zhao:

About our Guest:

Jimmy Zhao is a Partner at McKinsey & Company. Jimmy leads McKinsey’s North American retirement division and works closely with wealth managers and other financial institutions in the retirement ecosystem to serve more clients and unlock new sources of growth.

Jimmy collaborates with institutions across the US retirement landscape—including wealth managers, defined contribution recordkeepers, retirement plan advisors and consultants, technology platforms, and asset managers. Working in collaboration with the top executives at his client companies, Jimmy designs and executes transformational growth programs. He also leads McKinsey’s support for transactions and private capital investments in the sector. Over the past six years, Jimmy has supported over 50 deals across registered investment advisors (RIAs), independent broker-dealers, and WealthTech.

Jimmy became a Chartered Financial Analyst (CFA) in 2012 and hosts educational events with the CFA Society in Boston.

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EP 22 – Rethinking Growth in Wealth Management: Markets, Demographics & ROI with Jimmy Zhao

By Grow Organically | October 30, 2025

Organic growth has become the defining challenge and opportunity for firms in wealth management. Despite resilient demand, many firms struggle to scale sustainably in a market shaped by rising expectations and shifting client demographics.

In this episode, Dan Gilmartin speaks with Jimmy Zhao, CFA, Partner at McKinsey & Company, about what’s driving (and slowing) organic growth in the industry. They discuss market cycles, demographic shifts, marketing ROI, and the need for firms to treat growth as a long-term investment rather than a short-term metric.

Jimmy also breaks down how firms can position themselves for sustainable growth and stronger valuations through organic initiatives that truly empower advisors.

Key Takeaways:

Why 2024 marked one of the weakest years for organic growth and why 2026 could bring a rebound
How the wave of baby boomers reaching retirement age may be reshaping client demand
The growing opportunity for banks to integrate wealth and banking relationships
Why marketing ROI in wealth management is strong, yet underutilized
How scaling referral programs and growth culture can boost valuation and advisor engagement
And more!