According to Financial Planning, the Great Wealth Transfer is no longer a distant event—it’s happening now.
With $39 trillion expected to shift from baby boomers to Generation X by 2048, financial advisors have an opportunity to secure relationships with the next generation of high-net-worth clients.
Yet, according to Cerulli Associates, 57% of advisors have limited interaction with their clients' children, and that number drops further when it comes to grandchildren. Without a strong multi-generational strategy, many advisors risk losing assets under management when their clients' wealth transitions to the next generation.
Key Takeaways for Advisors: How to Retain Next-Gen Clients
Early Engagement is Essential
- The best advisors don’t wait until wealth transfers; they build relationships early.
- Encourage young clients to start planning before they inherit wealth—not after.
Build Multi-Generational Trust
- Advisors who actively engage spouses and children early are more likely to retain assets after the transfer.
- Being present for life events (graduations, weddings, funerals) reinforces long-term trust.
Make Financial Planning Relevant to Younger Generations
- Show heirs how financial planning aligns with their real-life goals rather than overwhelming them with technical jargon.
- Teach them risk tolerance vs. risk capacity to help them make informed investment decisions.
Create Personalized Touchpoints
- Consider sending birthday cards, texts instead of emails, and including heirs in client events.
- Family-friendly gatherings help strengthen multi-generational loyalty.
Modernize Communication & Client Experience
- Younger clients prefer digital engagement, transparent fee structures, and simplified financial solutions.
- Advisors who adapt to new tech and communication styles will have a competitive edge.
The Bottom Line
The advisors who succeed in this wealth transfer will be those who move beyond transactional relationships and embrace long-term, family-centered advising. Engaging younger clients early, fostering trust, and personalizing interactions will position financial professionals as indispensable partners for generations to come.
Read the full article at Financial Planning to learn how top advisors are successfully retaining next-gen clients and securing their firm’s future.