Wealth is becoming more democratic. Increasingly, it’s no longer just Baby Boomers and middle-aged men who control wealth. With women around the world building successful careers, they now have significant influence in the management of family fortunes, in addition to their own finances.

Similarly, Millennials now make significant salaries sooner than previous generations, while also inheriting from their affluent parents. Yet the wealth management industry hasn’t yet adapted to these shifting demographics, still focusing its attention on the patriarchs who historically have created and controlled wealth.

With many of the world’s wealthy at an age where they need to start handing down their assets, it’s time for wealth managers to broaden their approach to clients, harnessing technology to do so. If they don’t, they run the risk of losing the fastest-growing market share.