Wealth Isn’t Affluence—It’s Well-Being

In today’s rapidly evolving financial landscape, one idea is becoming increasingly clear: wealth is no longer defined solely by affluence. Younger generations are reshaping what prosperity means, and that shift is changing the role of advisors along with it. As Elizabeth Husserl — registered investment advisor, author, and thought leader — recently shared on AssetMark’s new AMRadio series, “We think that wealth equals affluence, and the reality is that wealth is a state of wellbeing.”

This generational redefinition carries meaningful implications for both individuals and advisors. It reflects broader cultural changes and evolving priorities in the face of a massive transfer of assets that will reshape financial planning for decades to come. It also reinforces something many advisors are already experiencing firsthand: financial planning is no longer just technical — it’s deeply human.

From measuring metrics to deciphering meaning

For decades, wealth was measured by numbers alone: account balances, performance returns, net worth statements, and retirement projections. These metrics still lie at the core of what advisors do. But, for today’s clients, these are no longer sufficient.

The next generation of clients want:

• Wealth strategies to feel fulfilling

• Investments to reflect their values

• Lives that feel meaningful, not simply financially secure

• Financial lives to feel aligned, not just optimized

As Husserl explains, money can provide opportunities and experiences, “but we have to take the time to digest those experiences to compound meaning.” Many high achievers reach a point where they discover financial success alone doesn’t provide satisfaction. In its place comes a deep desire for connection, purpose, growth, and their value alignment. Fundamentally, they want their money to support what truly matters to them.

This shift from wealth as accumulation to wealth as alignment is unfolding alongside one of the biggest generational shifts we have ever seen — the Great Wealth Transfer.

The shift is a part of the Great Wealth Transfer

This redefinition of wealth isn’t happening in a vacuum. We’re in the early stages of one of the most significant economic transitions in history. According to Cerulli, an estimated $84.4 trillion in assets will be transferred from older generations to Millennials, Gen Z, and women by 2045.

These groups bring new motivations, expectations, and definitions of prosperity to the table. They want their financial plans to reflect:

• Flexibility in how they work and live

• Experiences over possessions

• Belonging and community

• Creativity and purpose in their careers

• Sustainable, values-aligned lifestyles

• Intentional use of their resources — not just accumulation

As Husserl notes, younger generations are “craving something deeper.” The traditional roadmap of climbing a corporate ladder, maximizing earnings, and retiring at a predetermined age no longer resonates with younger generations.

Instead of asking, “How do I retire?” they’re asking:

• “How do I live sustainably?”

• “How do I align money with the life I want?”

• “What truly gives my life meaning?”

Answering questions like these requires a different kind of advisor.

Advising has changed

A generation ago, advisors were primarily valued for their investment expertise and analytical insights. While these are still necessary, advisors must also bring emotional intelligence, communication skills, and a deeper understanding of human behaviors and socio-economic backgrounds.

Candidly, as Husserl puts it, “Most of us are unlicensed therapists.”

Clients now arrive with far more than financial questions. they bring:

• Family dynamics

• Childhood money patterns

• Fear of loss

• Career transitions

• Identity shifts

• Grief

• Relationship challenges

• Uncertainty about purpose

These conversations would have been rare in advisory offices ten years ago. They’re now central to the work today.

Advisors have become vital in helping clients clarify the kind of life they want and how money can support that lifestyle. The role of an advisor has expanded beyond that of a technical expert to a trusted guide who walks alongside clients through both financial and emotional transitions.

This is why over the next decade, firms won’t focus solely on product, performance, or platforms, but will likely center on meaning, empathy, and human connection.

A more human definition of wealth

Wealth is changing. Clients are changing. The role of the advisor is also evolving in response.

Affluence will always matter. But well-being, meaning, purpose, and alignment are the new measures of prosperity. Advisors who understand this shift and are willing to engage in deeper, more relational conversations will be uniquely positioned to help guide clients through the Great Wealth Transfer and beyond.

Tune in to Husserl’s episode of AMRadio to learn more about how the most successful financial advisors in this next era of financial advice won’t just help clients grow their assets; they’ll help clients grow into the lives they want.

The statements herein reflect the views of financial advisors, who use the services of AssetMark, Inc. The opinions are their own and relate to their experience with AssetMark. The speaker has not been compensated for their statements, unless otherwise stated.

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