As independent advisors, we pride ourselves on relationships. We know our clients. We’ve walked with them through retirements, relocations, business exits, and new beginnings. And the next generation? They don’t know us yet, and they’re not waiting around to find out.
The numbers are staggering. Over the next 25 years, $124 trillion in assets will be passed down in what’s being called the “Great Wealth Transfer.” According to Cerulli Associates, most of that—$105 trillion—is expected to go to heirs, with Millennials and Gen X poised to receive the lion’s share.
But inherited wealth rarely stays put, especially when the next generation doesn’t feel a sense of trust or continuity. According to Capgemini, 81% of heirs plan to fire their parents’ advisors. It’s not because of poor performance, but because they’re looking for an experience that feels more relevant and personal.
This isn’t a doomsday prediction, though. For advisors ready to evolve, it could be one of the biggest growth opportunities in our careers.
The real question isn’t how much will change hands, but who heirs will trust to guide them forward.
Why Most Firms Lose Inherited Assets
When advisors lose inherited assets, it’s rarely because they mishandled the portfolio. It’s because they never had a relationship with the next generation in the first place.
For many heirs, the advisor-client bond that felt personal to a parent can feel distant, transactional, or irrelevant to them. If they’ve only encountered your firm through formal statements, industry jargon, or an outdated website, why would they stick around?
The real disconnect isn’t technical—it’s relational. What’s missing is a sense of trust, relevance, and shared values. Building that trust doesn’t have to be complicated. It might mean something as simple as hosting a quarterly call with a client’s adult children or leading a family education session about legacy planning.
Firms that win the next generation’s loyalty are doing something different: They’re showing up early. They’re teaching, not pitching. They’re making themselves part of the family’s financial story long before the baton passes.
This is the moment to rethink not just how you communicate, but who you’re communicating with and how early you’re starting.
3 Ways to Prepare for the Great Wealth Transfer—Starting Now
- Build Multi-Generational Relationships
The wealth transfer isn’t a transaction. It’s a transition, and that makes it personal. Building real, lasting relationships with heirs has to start long before the money moves.
The most prepared firms aren’t waiting until clients pass away to introduce themselves to the next generation. They’re creating opportunities for connection early: inviting adult children to planning conversations, hosting legacy sessions, and encouraging open dialogue about values, goals, and intentions.
According to Cerulli, 89% of high-net-worth practices cite family engagement as a top long-term growth strategy. That’s not just because it’s good business, but because it’s how trust gets passed down along with the assets.
You don’t build these relationships through performance summaries or one-off check-ins. They’re built through empathy, consistency, and conversations that make each generation feel heard, not handled.
- Modernize How You Deliver Value
Emerging wealth holders are looking for relevance. They’re navigating new life stages, making bigger financial decisions earlier, and often doing it without a clear roadmap.
This is where you make your impact, helping clients weigh trade-offs, gain clarity, and make confident decisions as they move through major milestones like starting a family, buying a home, launching a business, or supporting aging parents.
And they expect that support to be intuitive and accessible. Two-thirds of Millennials expect advanced digital offerings, according to Capgemini, but nearly half say current firms fall short.
Advisors don’t need to overhaul everything overnight. What matters most is finding ways to meet people where they are, offering human guidance through tools and channels that fit modern lives.
What breaks through now is education. Not in the form of dense reports, but as structured, thoughtful experiences that feel more like a classroom than a sales meeting. That’s where trust grows.
At FMT Solutions, we’ve seen how this approach changes the dynamic. When prospective clients feel like they’re learning—not being pitched—they engage more openly and stick around longer.
- Rethink Your Messaging and Services
Inheriting wealth is only part of the story. The next generation arrives with its own priorities, expectations, and worldviews.
They value transparency. They want to understand your process and how you’re compensated. They often prioritize environmental and social impact. And increasingly, they think globally and entrepreneurially.
That means now is the time to take a hard look at both your services and your messaging. Are you offering what today’s inheritors actually need? Do your materials reflect their values, or their parents’?
Smart firms are evolving, adding services like ESG and philanthropic planning, college and education planning, and even concierge-style support. And just as important, they’re updating their language to emphasize clarity, flexibility, and relevance.
Often, the way you describe what you do is the difference between attracting the right client and getting overlooked online.
Growth Means Serving Across Generations
Modernizing your approach doesn’t mean turning away from the clients who built your business. Retirees and high-net-worth individuals remain the foundation of most advisory firms. They’re also a bridge to the next generation.
This isn’t about chasing Millennials or reinventing your firm overnight. It’s about deepening your role as a multigenerational advisor. That requires showing up differently for different life stages without losing the consistency and care your clients already count on.
You don’t need to change who you serve. But you may need to expand how you engage and who feels included in the relationship.
The Shift That Matters Most
The firms making the biggest strides right now aren’t just adding services or posting more content. They’re shifting their mindset from managing portfolios to building continuity.
They’re investing in education, not just communication. They’re creating space for real dialogue between generations. And they’re training their teams to lead with emotional intelligence, not just financial expertise.
That’s what elevates you from a service provider to a trusted, multigenerational partner.
Bottom Line: The Firms That Educate, Win
The Great Wealth Transfer will define the next chapter of our industry. But it won’t be the loudest firms or the flashiest tech that come out ahead. It will be the ones who build trust across generations, values, and life stages.
Advisors who lead with education, build trust early, and stay relevant through life’s transitions will be the ones who retain and grow meaningful relationships.
If you’re ready to evolve your practice into a firm that’s built for what’s next, we’d love to help. Let’s talk about how FMT Solutions can help your firm lead with education, build multigenerational trust, and stay relevant across every generation you serve.