Advisers face urgent need to engage next-generation heirs before wealth transfers accelerate

With nearly half of heirs contemplating switching advisers due to mismatched values and trust issues, industry experts advocate for proactive, personalised engagement strategies to retain future high-net-worth clients amidst evolving inheritance trends.

Advisers may be underestimating how quickly the next generation can walk away. A 2025 Harris poll cited by Financial Planning found that 42% of heirs expected to remain with their parents’ adviser, while 43% planned to leave and 16% were undecided. Among those intending to switch, 38% pointed to a clash in investment philosophy, 33% said their values did not match, 26% said they did not know the adviser personally and another 26% said they did not trust them.

The broader industry picture suggests the stakes are enormous. BlackRock says about 75% of high-net-worth assets are held by clients over 60, while its research also indicates that many heirs are likely to move assets elsewhere when they inherit. Capital Group has similarly argued that more than 80% of investors choose a different adviser from the one used by their parents, underlining how often inherited relationships fail to survive the transfer.

That is why advisers are being urged to involve heirs long before money changes hands. Linda Eaton of Cannon Financial Institute told Financial Planning that advisers should not simply tell families to bring children into the process, but should frame it as a question and tailor the approach to each family’s dynamics. She also said advisers can discuss scenarios in principle, without first naming exact sums, so the conversation starts with preparation rather than disclosure.

Emily Boothroyd of Merit Financial Advisors said a useful starting point is to ask parents what they hope to do for their children and for the wider world, as well as what worries them most about their wealth. Those answers can become the agenda for later family meetings. Eaton said that once an agenda is set, advisers can share it with family members and then follow up individually, helping establish the adviser as the family’s central point of contact.

The tone of those meetings matters as much as the timing. Boothroyd warned that blunt questions about estate planning can make clients defensive, while Eaton said advisers should remember that family decisions are often emotional before they are technical. Laura Bereiter of White Oaks Wealth Management in Minneapolis said advisers who meet children early and show how they work can demonstrate the level of care heirs can expect if they become clients themselves. Financial Planning said 53% of heirs who planned to stay attributed that decision to strong communication from the adviser.