08.21.2025 Brittani Yeager
Estimated Reading Time: 7 Minutes
Here’s a sobering reality: identity thieves caused losses of $12.5 billion in 2024. Furthermore, a staggering 62% of U.S. consumers fell victim to a cybercrime last year. But here’s what should really grab your attention as a wealth manager or registered investment advisor: your clients aren’t just part of these statistics. They’re prime targets.
According to recent industry data from Deloitte, 57% of U.S.-based family offices (i.e., private wealth management firms that cater to ultra-high-net-worth (UHNW) families) experienced cybersecurity breaches in 2024. Additionally, a treasure trove of stolen passwords and login credentials already exists on the dark web, comprising a mix of new and repackaged data from data breaches, leaks, and hackers’ collections of stolen information.
Your clients are not immune to identity theft or data compromise.
Trust has always been your most valuable currency in wealth management. You’ve built your practice on it, grown your assets under management because of it, and earned referrals through it. However, in today’s digital landscape, protecting client wealth also means safeguarding their digital and physical identities.
It’s time to expand your definition of trust – and the protection you provide.
The Hidden Vulnerability in Your Client Relationships
Why Wealth Clients are Digital Bullseyes
Your high-net-worth (HNW) clients face a harsh reality: they’re 43% more likely to experience identity theft. Wealth and affluence make your HNW clients prime targets for cybercriminals, particularly in the age of digital connectivity and social media.
Here’s how cybercriminals do it:
Spear-phishing campaigns that look exactly like emails from trusted institutions. These aren’t the obvious “Nigerian prince” scams that their spam filters (often) catch. These are sophisticated, researched attacks that reference real information about your clients’ lives, investments, and relationships.
Social engineering schemes that exploit personal information harvested from social media, data breaches, and public records. When a caller knows your client’s investment advisor, their children’s names, and their recent vacation destination, it’s much easier for the call to seem legitimate.
Synthetic identity fraud, which now accounts for the vast majority of identity-related losses, remains a significant and rapidly escalating problem, particularly for key financial sectors such as auto lending and banking. Criminals create entirely new identities using bits and pieces of real people’s information – including your clients’.
The consequences go far beyond just financial loss. When your clients become victims, it damages their sense of security and can erode the trust that likely took you years to build.
The Trust Gap You Didn’t Know Existed
Today’s clients expect more than investment management. They want comprehensive protection. In fact, 66% of individuals would be willing to pay for a comprehensive identity protection solution. This presents a massive opportunity for forward-thinking RIAs and wealth management firms.
Think about it from your clients’ perspective. They trust you with millions of dollars, but if their identity gets stolen and their credit destroyed, who would they turn to for help? That’s a gap in protection – and a gap in the relationship you could fill.
The Double-Edged Sword of Digital Convenience
Client portals, mobile apps, and online account access aren’t luxuries anymore – they’re table stakes. Your clients expect 24/7 access to their portfolios, statements, and financial planning documents.
But here’s the security paradox: every digital convenience creates a potential vulnerability. The same technology that makes your clients’ lives easier also makes them more attractive targets for cybercriminals.
Consider these common client behaviors:
- Using the same password across multiple accounts, including financial platforms
- Accessing accounts on unsecured public Wi-Fi or not using a VPN
- Clicking links in emails without verifying the sender
- Sharing account information with family members who may not be security-conscious
Identity Protection: The Missing Piece of Your Service Portfolio
Beyond Traditional Cybersecurity
An Accenture study found that 77% of HNWIs are more concerned about being hacked than about their investments declining in value. While the information we’ve covered so far should leave little doubt, this article outlines in greater detail why they have every reason to worry.
To help address this very real client need, wealth management firms and RIAs can provide comprehensive identity protection that includes:
Real-time monitoring across multiple vectors – credit reports, public records, and even the dark web, where stolen personal information is bought and sold.
Personalized alerts when suspicious activity is detected involving your clients’ credit, identity, properties, social media, and other personal data.
White-glove, expert fraud resolution assistance by certified fraud resolution specialists who handle the complex and time-consuming process of rectifying damage caused by identity theft and fraud.
Family coverage that extends protection to spouses and children, as criminals often target family members to gain access to the primary account or account holder.
The Competitive Advantage
Offering identity protection through your digital client experience creates three significant advantages:
Service differentiation. While other advisors talk about portfolio performance, you’re also talking about comprehensive life protection. That’s a conversation that stands out to security-conscious high-net-worth clients.
Deeper client relationships. When you become the go-to resource for broader aspects of your clients’ financial lives – not just their investments – you become indispensable. Clients who feel comprehensively protected are more likely to consolidate assets, refer family and friends, and stick with you through market volatility.
Revenue opportunity. Identity protection services generate additional revenue while providing genuine value. It’s not just a profit center – it’s a service that strengthens every other aspect of your client relationship.
New business generation. Identity protection serves as a powerful differentiator in competitive situations. When prospective clients compare advisors, a firm that offers comprehensive financial and identity protection can stand out – especially for the firms that choose to provide the solutions as a complementary benefit, demonstrating your commitment to comprehensive client financial protection.
Integration Made Simple
The best part? Modern identity protection services from Iris® Powered by Generali integrate seamlessly into your existing digital infrastructure. Whether your clients access their accounts through your website, mobile app, or client portal, identity protection can be right there alongside their portfolio information.
White-label solutions let you maintain your brand while leveraging specialized cybersecurity expertise. Your clients will see it as another valuable service from their trusted advisor.
By embedding identity protection into your existing client-facing digital experience, which is already familiar to them, client adoption can be smooth. With Iris’ powerful API Suite and flexible enrollment options, there’s no separate login, no additional apps to download, and no complicated setup process.
Your Next Move: Leverage Iris’ Identity Protection Platform to Get Started
Integrating comprehensive identity protection into your wealth management firm’s or RIA’s core offering presents a significant opportunity. Early adopters of comprehensive identity protection will gain a critical competitive advantage and build deeper, more trusted client relationships.
Iris’ identity protection platform makes delivering key identity and cyber protection easy. We’ve put together the premier Wealth Management Protection package for your clients. However, Iris offers a library of additional monitoring solutions, identity theft protection, and scam analysis products – if you prefer to craft a package specifically for your client profile. Iris’s identity protection platform lets you choose the experience option that fits your business needs and audience the most – whether that’s via Iris’ 3x award-winning APIs/SDK or OnWatch® Portal.
Your clients’ trust is your most valuable currency. It’s time to expand the protection you provide – before someone else does.
Ready to get started? Download Iris’ comprehensive whitepaper, Hey RIAs, Hackers Love Your Clients, to see exactly how cybercriminals target your clients and what you can do about it.
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