Heirs Move to Their Own Wealth Advisors: Generational Shifts in Wealth Management
Heirs Often Forgo Parents’ Wealth Advisors
Nearly half of affluent parents report their heirs do not maintain relationships with their financial advisors, highlighting a common disconnect in wealth management continuity. Despite parents’ preference for legacy preservation, younger generations frequently pursue their own advisors, driven by differing financial goals and expectations.
Reasons Behind the Shift
Millennials and Gen Z heirs often find their parents’ advisors outdated or lacking personalized service. Many seek advisors who align better with their values and modern investment strategies. This generational shift challenges advisory firms to engage heirs early and tailor services to their unique financial perspectives.
Opportunities for Advisors
Advisors who proactively build intergenerational relationships can secure long-term client loyalty. Open family communication and customized wealth planning help bridge gaps, enabling smoother wealth transfers and preserving family legacies. Firms integrating these strategies stand to retain assets across generations more effectively.
