Our ‘In Focus’ campaign this month explores how younger generations are reshaping the advice landscape, from where they turn for financial guidance to the expectations, priorities and behaviours advisers need to understand.
The next decade will see one of the biggest intergenerational transfers of wealth in modern history. For advisers, that creates both opportunity and risk. Much of the conversation around the so-called great wealth transfer tends to focus on products, platforms and whether the next generation wants a more digital experience. Robert Caplan, the Co-Founder of First Wealth, explains how that matters, of course. But it misses the bigger point.
The real question is not whether younger clients want a better app. It is whether they feel understood, included and supported before wealth changes hands.
Too often, advisers assume that because they have looked after one generation well, they will naturally retain the next. In reality, inheritance is a reset moment. It is often the point at which children or grandchildren make fresh decisions about who they trust, who they listen to and who they want around them.
That is why intergenerational planning matters so much. Not simply as a retention strategy, but as part of delivering better advice and better outcomes for families over the long term.
The risk advisers should be paying attention to
There is no shortage of data showing that many inheritors are open to changing advisers after receiving wealth. That should be a wake-up call for firms that still see succession as something that takes care of itself.
But the bigger issue is not just adviser churn. It is what happens to wealth when families are unprepared for the responsibility that comes with it.
In many families, wealth has not been properly discussed. Expectations are unclear. Financial literacy is inconsistent. Values may be shared loosely but not translated into any practical framework for decision-making. That is where good advisers can add enormous value.
The best advisers are not there simply to manage money. They help families prepare for transition. They create clarity. They reduce friction. They open up conversations that might otherwise never happen.
Digital matters. Relationships matter more.
It is easy to look at younger generations and conclude that the solution is to become more digital, more flexible and more product-led.
There is some truth in that. Expectations around accessibility, convenience and communication have changed. Advisers should respond to that.
But firms that focus only on surface-level features risk missing what actually drives long-term loyalty.
Relationships are rarely won or lost on technology alone. They are built through relevance, trust and timing. The next generation is far more likely to stay with an adviser who has already taken the time to understand them, involve them and educate them than one who appears for the first time when an estate is settled.
An app may support the relationship. It does not replace it.
A better approach to planning across generations
If advisers want to retain families rather than simply manage individual clients, this has to become an intentional part of the proposition.
Three principles matter.
1. Treat intergenerational planning as part of the client service
This should not sit in a separate box labelled “future opportunity”. It is part of the value advisers can deliver today.
Families that do not prepare for wealth transfer often face avoidable problems later, from misunderstandings and poor communication to tax inefficiencies and rushed decision-making. Helping clients think early about how wealth will move, what it is for and how the next generation will be supported is not a commercial add-on. It is good advice.
When done well, it also deepens the adviser’s role. You are no longer only helping a client manage capital. You are helping a family think clearly about continuity, responsibility and long-term outcomes.
2. See wealth transfer as a referral, not an entitlement
One of the biggest mistakes firms make is assuming that inherited wealth will automatically remain with the incumbent adviser.
It will not.
From the next generation’s perspective, this is often a new relationship, not a continuation of an old one. Their preferences may be different. Their goals may be different. Their attitude to risk, liquidity, property, philanthropy or entrepreneurship may be very different from that of their parents.
That means advisers need to earn the right to advise them, just as they would any other client.
The mindset shift is important. Rather than assuming continuity, advisers should approach the next generation with curiosity, relevance and fresh thinking. The firms that do this best are far more likely to retain not just the assets, but the trust that sits behind them.
3. Start educating early
Financial literacy remains one of the biggest weak points in long-term wealth preservation.
Many people inherit substantial wealth without ever having had a proper framework for understanding it. Even highly capable and successful individuals can feel uncertain when it comes to investing, tax, structuring or the practical responsibilities that come with family wealth.
That creates a real opportunity for advisers to add value long before any transfer takes place.
The earlier you begin building a relationship with the next generation, the greater the chance that you become their first call when important decisions arise. Education builds confidence. Confidence improves decision-making. And that first trusted relationship often matters more than any brochure, app or proposition deck.
In a world full of noise and misinformation, being a calm, credible and personal source of guidance is incredibly valuable.
The firms that will win this shift
The advisers best placed to navigate the great wealth transfer will not be those who treat it as a product or marketing trend.
They will be the firms that understand something more fundamental: wealth rarely survives across generations without intention, and neither do adviser relationships.
Retaining the next generation is not about waiting for inheritance to happen and hoping continuity follows. It is about building trust early, creating relevance before the transfer, and helping families have better conversations long before key decisions are forced upon them.
Yes, firms should keep evolving their service, communication and digital experience. But the strongest long-term position will always come from the fundamentals: strong relationships, high-quality advice, meaningful education and a genuine understanding of family dynamics.
That is what turns a single-client relationship into a multigenerational one.
And in the years ahead, that distinction will matter more than ever.
About Robert Caplan
Robert Caplan is the Co-Founder of First Wealth and Head of First Wealth Private Office — a B Corp-certified firm redefining modern financial planning for high-net-worth clients. A Chartered and European Financial Planner™, Robert specialises in helping entrepreneurs and families structure, preserve and pass on wealth with purpose. He is passionate about combining technical excellence with an exceptional client experience built on clarity, trust and long-term impact.
