The financial industry has been abuzz with talk of the Great Wealth Transfer, and for good
reason. It’s poised to reshape the future of wealth management. In the next 20 years, an
estimated $84 trillion to be passed from the Baby Boomer generation to younger generations …
after their spouses.
We’re not ready
Many advisors prioritize their relationship with the husbands, and have more limited direct
contact with wives, and especially with the client’s children, creating a potentially dangerous
gap in continuity. Without a strong personal connection, the inheritor is far more likely to take
their assets elsewhere.
Some wives have limited knowledge of investment and retirement accounts, bill-paying
routines, and estate plans. On top of that, a limited relationship with the financial advisor. This
is starting to shift as women gain confidence in household finance. A 2023 survey by Allianz Life
found that 43% of married women considered themselves the chief financial officer at home,
up from 34% in 2021.
And for many children of your clients, the coming wave of spouse-to-spouse transfers provides
a timely reminder: If they’re banking on an inheritance, they may be in for a shock.
To retain spouses and attract next-gen clients, advisors need to shift from product-centric
planning to people-centric experiences. Future-focused firms are acting now, investing in
relationships and services that will matter most in the years ahead.
Meet the family
Proactively engage spouses and children of current clients. Invite them to review meetings.
Host family financial education sessions. These interactions are your bridge to the next
generation.
Expand services
Younger and more diverse inheritors value holistic planning:
- Estate and trust planning
- Tax strategies
- Philanthropic guidance (think donor-advised funds, which are rapidly growing)
- Legacy planning
These services create deeper, more lasting value than investment performance alone.
Rethink your staffing
With women poised to receive the lion’s share of this wealth, it is imperative to build a team
that reflects your future client base. Hiring more women advisors isn’t just about diversity —
it’s about relevance.
Tailor your offerings
There is no one-size-fits-all model for the new wealth holders. You must be ready to tailor your
offering to a multi-generational, multi-style audience. Advisors will need to offer a broad suite
of products, scalable digital tools, and flexible service models.
Reassess your value proposition
To younger investors, value means access, responsiveness, personalization, and transparency.
Advisors must rethink how they demonstrate their worth, especially when clients can Google
almost anything in seconds. What do you provide that investors can’t figure out for themselves,
and how can you communicate that value?
The wealth transfer isn’t just about where the money is going; it’s about who it’s going to. To
stay relevant, advisors must understand the inheritors and next generation, meet them where
they are, and show up in ways that matter.
Sources:
1. Women Taking On More Financial Responsibility. Allianz Life Insurance Company of
North America. https://www.allianzlife.com/about/newsroom/2024-Press-Releases/Women-Taking-On-More-Financial-Responsibility
2. U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024: The Great Wealth
Transfer: Capturing Money in Motion. Cerulli Associates.
https://www.cerulli.com/reports/us-high-net-worth-and-ultra-high-net-worth-markets-2024
3. Preparing for the Great Wealth Transfer. Seminar. Cerulli Associates.
https://event.on24.com/wcc/r/4815073/51EDAB889025B2B76516DD09BCB26F87?j=340064&sfmc_sub=147096496&l=20_HTML&u=4290615&mid=534001842&jb=2&utm_source=MarketingCloud&utm_medium=email&utm_campaign=HNW+Webinar+-+follow+up++attended&utm_content=HNW+Webinar+Recording+2025