Charles Schwab surprised the markets last month by announcing its intent to buy rival TD Ameritrade in a $26 billion deal. The proposed acquisition is now making its way through the regulatory approval process, but the sheer size and industry-moving nature of the deal make it a prime example of a changing industry.

With an aging RIA cohort — more than a third say they plan to retire in the next decade¹ — and the search for ways to build ever-more efficient practices, the pace of buying and selling is expected to dominate RIA news this year. As this consolidation takes place, here are five themes of interest to advisors in 2020.

1. Build the multigenerational practice.

As much as $68 trillion will change hands between various generations of investors over the next 25 years.² But research firm Cerulli reports that only 40% of RIAs currently offer intergenerational planning. Some of this lost opportunity is due to reticence on the part of investors to speak frankly with their heirs about money. Still, RIAs can be a neutral bridge and help spark these conversations. In addition to providing clients with a key part of any wealth transfer plan, the process enables RIAs to develop relationships across generations of a client’s family. Times of transitions such as death, marriages or divorces often mean a change of advisor.

Another way to foster relationships beyond a primary client is by providing financial education. Traditionally, RIAs focus on “preparing the money for the kids,” but “preparing the kids for the money” is equally as important. Intergenerational wealth is usually diminished, not by taxes or administrative costs, but because of unprepared recipients.

2. Integrate wealth and estate planning into your regular practice.

Advisors seeking ways to continue providing value for their fees might consider expanding their practices from investment advice to include services related to wealth management. The idea is to become a “financial concierge,” creating a team of experts coordinated by the advisor to provide comprehensive advice on not just investment options but also tax and estate planning. RIAs can serve as a client’s financial project manager, updating attorneys, insurance agents and accountants on changes in finances or family status and being a translator to help clients understand how those changes affect estate planning.

As RIAs help to build out these networks for their clients, they refresh their own contacts as well — something that can contribute to the health of their practices.

3. Don’t ignore women.

They are, after all, half of the population. If that isn’t enough to get the business development juices flowing, consider that women currently control 51% of private wealth in the United States — a sum of $22 trillion (and growing).³ Also, women tend to make 26 referrals, on average, to their financial advisors versus only 11 referrals from men.⁴ But current data show that most women don’t feel loyalty to their partner’s RIA, and more than two-thirds of them switch advisors within a year of their partner’s death.⁵

So, what can RIAs do? First of all, include a wife or spouse in regular meetings. Learn more about their individual goals and priorities. Then, broaden this outreach beyond spouses of current clients. Half of marriages end in divorce, the cohort of single “bread-winning” women is growing and women generally live longer than men.⁴ Because of this, most women will be solely responsible for their finances at some point in their lifetime, and so building a robust clientele of women is important for the growth of an RIA practice.

4. Zero in.

Doctors and attorneys specialize, why not RIAs? RIAs who develop an expertise or two in certain areas can create a competitive advantage for themselves. Many female RIAs, for example, have built practices helping divorced or widowed women, tailoring advice to not only include investment options but also to help connect them to attorneys or real estate brokers to sell property or find a new house.

There could be other options, depending on the demographics of and types of businesses in an RIA’s geography. Some advisors have developed “add-on” services that cater to certain groups, such as helping doctors negotiate employment agreements with hospitals, giving athletes wealth planning advice pertinent to their typical earnings cycle, or even catering to a group of professional bass fisherman who were winning big prizes but investing the funds poorly.

5. Cope with economic headwinds in an election year.

Capital Group research shows that since 1932 U.S. stocks have trended up regardless of whether a Democrat or Republican won the White House. Investors have been rewarded for staying patient through the volatility that tends to affect equities during primaries. But most investors don’t have access to that kind of data, and daily headlines speculating about an upcoming recession, trade wars and other possibly adverse financial news could cause them to make rash — and unprofitable — decisions. That’s when RIAs can be a calming influence, reminding clients of their long-term goals and the strategy in place to help them reach those goals.