DOYLESTOWN, PA — Powerlytics has launched a data service that allows wealth management firms to identify clients’ family relationships and potential heirs before assets are transferred, targeting a major retention risk for financial institutions as an estimated $124 trillion in wealth changes hands through 2048.
The Doylestown-based alternative data provider said its new Family View service, powered by TrueWealth, combines household relationship mapping with financial profiles to help banks, wealth managers and wirehouses identify prospective beneficiaries and develop relationships with them before an inheritance occurs.
The product addresses a longstanding challenge for wealth management firms: retaining investment assets when clients die and their heirs select different financial advisors.
Powerlytics cited research from Cerulli Associates indicating that more than 70% of heirs are likely to replace their parents’ financial advisor after receiving an inheritance. Research from Fidelity Investments, meanwhile, found that advisors had contacted only 13% of their clients’ adult children.
Those figures point to a potential shift in assets under management as wealth passes between generations, creating both retention risks for incumbent firms and opportunities for competitors.
“The biggest risk to a wealth firm isn’t losing a client, it’s losing the assets when that client passes them down,” said Kevin Sheetz, Powerlytics’ chief executive officer and co-founder.
Family View integrates Powerlytics’ proprietary income and investable-assets estimates, developed using government data sources including the Internal Revenue Service and Federal Reserve, with specialized family mapping technology.
The company says its underlying financial data covers all U.S. households. The new service is designed to help institutions understand family connections and financial characteristics that may not be captured in their existing client records.
Financial institutions can use the information to support estate-planning discussions, identify potential clients and develop marketing strategies aimed at younger generations.
The product is intended for large financial institutions seeking to apply those capabilities across substantial client portfolios rather than relying solely on individual advisors to identify family relationships.
Matt Reed, Powerlytics’ chief revenue officer, said identifying potential beneficiaries earlier could help firms establish relationships before inherited assets are moved.
“You can’t keep a relationship you were never able to identify,” Reed said.
Family View expands Powerlytics’ existing portfolio of income and investable-assets data products, positioning the company to serve wealth managers seeking to protect existing client assets while identifying new business opportunities tied to intergenerational wealth transfers.
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