What the Great Wealth Transfer Means for Financial Advisors

$84 trillion is moving—not trickling, not dripping, but flooding—into the hands of a new generation. 

This is The Great Wealth Transfer, the largest movement of money in American history. And it’s already happening. Every portfolio, every inheritance, every hard-earned dollar your clients have built is part of this tidal wave.

But here’s the twist: studies show that 90% of heirs don’t just inherit the money—they switch financial advisors the moment it lands in their hands. 

That’s not just a statistic; it’s your business walking out the door.

Why? Because they don’t know you. They’ve never sat across the table from you, never shaken your hand, never heard your advice. And if you don’t take action now, they probably never will.

Here’s the good news: this isn’t a problem—it’s an opportunity. An opportunity to redefine your role. To move beyond managing portfolios and start managing relationships. To become the Family Financial Advisor—the one who bridges the gap between generations, not just managing money but nurturing trust.

This is the moment to ask yourself: are you ready to meet your clients’ children before they meet someone else? If you are, keep reading. Because the future of your business isn’t in the portfolios you manage today. It’s in the hands of the next generation.

Understanding the Magnitude of the Problem

The math is simple, but the implications are staggering. The Great Wealth Transfer isn’t just a historic shift; it’s a ticking clock for financial advisors. Today’s Baby Boomer generation holds the lion’s share of America’s net worth, with over 50% of financial assets in their hands. But in the next 20 years, much of that wealth will be passed down to the next generation.

The problem? This isn’t a neat handoff. 

Cerulli Associates reports that intergenerational wealth transfer often leads to portfolios being moved to other firms, leaving advisors scrambling to replace lost assets. That scramble isn’t sustainable. The average financial advisor is already stretched thin, managing an aging client base while new clients are harder to come by.

Here’s the truth: you can’t outpace this problem by focusing solely on new business. The solution lies with the clients you already serve. Their children. Their adult children. The beneficiaries. The ones you haven’t met yet.

This isn’t just about preserving wealth—it’s about building trust before the inheritance changes hands. Advisors who fail to establish relationships with the next generation risk losing assets to firms that are already courting these future inheritors. And make no mistake: those firms are acting now.

The question isn’t whether this will happen. It’s whether you’ll be ready.

The Risk of Losing Assets

The wealth you’ve spent years managing isn’t yours to keep. It’s a temporary stewardship, a bridge between your clients and their loved ones. And that bridge? It has cracks.

When the Baby Boomer generation passes their wealth to their adult children—the beneficiaries—those cracks become chasms. 

Most financial advisors never meet the family members who will inherit their clients’ net worth. And without that relationship, the odds are high that the assets you manage today will vanish tomorrow.

Why? Because to the next generation, you’re just a name on an account statement. And when they receive their windfall, they’ll do what feels natural: move the money to someone they trust. Someone who’s already had the conversations you haven’t.

This isn’t about your expertise or performance. It’s about connection. Relationships. Trust.

How to Capitalize on The Great Wealth Transfer as the Family Financial Advisor

The future of your practice doesn’t rest on the portfolios you manage today—it rests on the relationships you haven’t built yet. Being a great financial advisor to your clients is no longer enough. If you want to secure their family wealth for future generations, you need to step into a new role. 

You need to become the Family Financial Advisor.

What does that mean? 

It means being more than a trusted steward of wealth—it means being a trusted presence at the heart of a family’s financial journey. 

It means knowing not just your clients, but their family members, their adult children, and even their grandchildren. It means being the advisor they turn to for everything, from estate planning to financial security for the next generation.

1. Make Relationships the Priority

Your greatest competitor isn’t the advisory firm down the street or the robo-advisor with the flashy app—it’s time. Every day that passes without engaging younger generations is a missed opportunity. These heirs don’t want to inherit a financial advisor; they want to inherit someone they already know and trust.

Start now. Today, not tomorrow. Reach out to your clients and ask about their adult children. Invite them to a meeting, not as an afterthought but as a critical part of the conversation. Begin to understand their values, their fears, and their goals. Don’t just ask about their inheritance—ask about their lives.

When you meet Gen X and Millennials where they are, you’re not just planting seeds for future business—you’re building the roots of a relationship that can withstand the wealth transfer.

2. Shift the Focus to Family

Your role isn’t just to manage portfolios. It’s to manage connections. Ask deeper questions:

• Who are the beneficiaries on their accounts?
• How involved are their adult children in major financial decisions?
• What legacy do they want to leave for their loved ones?

Bridge the gap between your services and their family’s future. Make it clear that your value isn’t just in the numbers—it’s in preserving and growing their family wealth for future generations. Show them that you’re not just their advisor; you’re the advisor their family can depend on.

3. Host Experiences, Not Just Meetings

Relationships aren’t built through quarterly review emails or a folder of performance charts. They’re built face-to-face, through shared experiences that create trust and connection.

Here’s how you can go beyond the usual client interactions:

• Educational Sessions: Host discussions on topics that matter to younger generations, like real estate investments, long-term goals, or strategies for managing a sudden windfall.
• Family Appreciation Events: Plan gatherings that celebrate families. Whether it’s a casual barbecue or a sophisticated evening event, focus on connection over transactions.
• Workshops for Heirs: Teach Millennials and Gen Z how to approach financial planning, emphasizing responsibility, sustainability, and achieving their unique goals.

Each event is an opportunity to connect with the next generation in a way that feels personal and genuine.

4. Offer Tailored Solutions for Each Generation

Not all heirs think alike. Recognize that Gen X, Millennials, and Gen Z have different priorities, and tailor your approach accordingly:

• For Gen X: Focus on their role as the “sandwich generation.” Highlight strategies like estate planning, funding long-term care for their parents, and balancing their own investment strategies.
• For Millennials and Gen Z: Emphasize topics that align with their values, like sustainable investing and setting personal finance goals in an uncertain economic landscape. Show them how you can help navigate student debt, housing affordability, and even real estate opportunities.

When your solutions resonate with their life stage and values, you’re no longer just their parents’ advisor—you’re theirs, too.

5. Be Proactive About Communication

Every touchpoint matters. Take the simple but powerful step of including heirs in your regular communications. Request to add them to your list for newsletters, updates on financial planning, and events. Share relevant industry insights—such as trends in interest rates or new approaches to sustainability—that align with their concerns.

Proactive communication ensures that when the time comes for them to make their own financial decisions, your voice is already familiar. You’re not starting a relationship from scratch; you’re continuing a conversation they’ve been part of all along.

Why Now?

The clock is ticking. The Great Wealth Transfer isn’t a distant event—it’s happening every day. Advisors who wait to embrace the role of Family Financial Advisor risk being left behind. Americans are more mobile and digitally connected than ever before, and younger generations are accustomed to instant, accessible relationships. If you’re not actively reaching out, someone else will be.

By positioning yourself as the Family Financial Advisor, you’re not just securing today’s business—you’re building a foundation for future generations. You’re transforming from an investment adviser to an indispensable part of the family. And that’s a role no one else can fill.

Are you ready to step into it? Because your clients—and their families—are waiting.

How to Start Building the Relationship with Gen X, Millennials and Gen Z

The experts all say it: “Build a relationship.” Simple advice. 

But here’s a question: can you do it entirely with social media?

Sure, LinkedIn and Facebook are powerful tools. You can attract attention, educate with bite-sized tips, and even tug at heartstrings with the right “feel-good post.” But relationships—the kind that matter, the kind that retain assets across generations? They aren’t forged through likes and comments.

Sooner or later, you need to bridge the virtual world to the real one. Millennial heirs and even Gen Z don’t just want a digital presence. They need face-to-face conversations, real trust, and actionable guidance. And when those conversations happen, two age-old emotions will come into play:

• Fear: They’re worried they won’t have enough money.
• Greed: They want their fortune to grow.

These emotions have been with us since the days of trading flint tools and animal hides. They haven’t changed with Millennials or Gen Z, and they likely never will. What’s changed is how you engage with these emotions.

If you can tap into what heirs fear and desire most—and show them you can help—you’ll earn something far greater than assets. You’ll earn their trust.

7 Steps to Build a Relationship with The Next Generation

Let’s face it: if you have a large wealth management practice, you can’t personally forge deep relationships with every single heir. This is where structure comes in. Whether it’s you or a team member dedicated to client marketing and asset retention, your practice needs a strategy.

Here’s how to start:

1. Build the Right List

Every relationship starts with awareness. And in your case, that begins with identifying the beneficiaries tied to your clients’ wealth. Think of this as uncovering the hidden network that links generational wealth to future generations.

• Comb through your CRM and highlight the heirs of your wealthiest clients.
• Don’t stop at names—map out their relationships. Who’s the decision-maker in the family? Who’s inheriting the largest share?
• Use this list as your starting point for personalized outreach.

The result? A targeted roadmap to the family members who will control the wealth you manage tomorrow.

2. Bring Beneficiaries into the Loop

Imagine you’re an heir. You inherit a sizable portfolio, but you’ve never met the advisor managing it. Would you stick around? Probably not. That’s why the first step to trust is visibility.

• Get beneficiaries to opt-in to your communications. Whether it’s a newsletter, market update, or insight on investment strategies, make sure heirs hear from you regularly. The goal? To become a familiar, trusted voice before they inherit.
• Share content tailored to them. Address their unique concerns, like managing a sudden windfall, planning for healthcare expenses, or understanding how annuities can protect their future.

Proactive communication makes you more than an expert—it makes you present.

3. Celebrate the Small Moments

Trust isn’t built in grand gestures—it’s built in the moments that show you care.

• Collect and celebrate birthdates. Add heirs to your CRM and send thoughtful birthday letters. A simple “happy birthday” goes a long way in making them feel valued.
• Recognize milestones. Did they graduate, get married, or land a new job? Send a congratulatory note. Show them you’re paying attention—not just to their finances, but to their lives.

These gestures are small, but they leave a big impression.

4. Map the Family Dynamics

Every family has its own story. To become the Family Financial Advisor, you need to understand who’s playing what role.

• Map out relationships in your CRM. Who are the beneficiaries? Who holds influence over major financial decisions? Include parents, siblings, and even extended family members.
• Ask the right questions. During client meetings, dig deeper: Who is the financial decision-maker in your family? What are their priorities? What challenges do they face?

When you know the family dynamics, you’re no longer just managing assets—you’re managing relationships.

5. Find Out What They Love

Most financial professionals often stop at numbers. But families are more than portfolios. They’re people with passions, hobbies, and interests.

• Discover what matters to them. Are they passionate about real estate investing? Do they love golfing or traveling? Add these details to your CRM.
• Use this information to create your client events. A workshop on estate planning or a casual golf outing with a couple of HNW families would be a great opportunity to get to know your client’s heirs on a deeper level.

When you connect with what they care about, you show that you care, too.

6. Help the Older Generation Help Their Kids

Trust is built when you position yourself as the family’s advocate, not just the portfolio manager.

• Suggest ways parents can support their heirs. Set up Roth IRAs or 529 plans for grandchildren. These strategies aren’t just good financial advice—they’re proof that you’re invested in the family’s success.
• Frame these actions as legacy-building tools. By helping their children, your clients are creating a lasting impact for future generations.

When parents see you as a partner in their family’s legacy, they’ll trust you to guide their heirs.

7. Open the Door with an Account

The best way to secure future generations as clients? Start working with them today.

• Encourage heirs to open accounts now. Even small brokerage accounts are an opportunity to build trust and demonstrate your value.
• Use these accounts as a conversation starter. Discuss their long-term goals, financial security, and how you can help them achieve what matters most.

When heirs are already clients, the transfer of wealth becomes seamless.

Why This Strategy Works

Relationships aren’t built overnight. They’re built one thoughtful interaction at a time. By focusing on these actionable steps, you position yourself as more than a financial advisor. You become the family’s trusted partner, their guide through wealth management, and their ally in preserving and growing generational wealth.

This isn’t just about retaining assets—it’s about creating connections that last a lifetime. And it starts with showing up today. Because when the wealth transfers, the trust should already be there. 

Securing Generations with Bill Good Marketing

The Silent Generation and Baby Boomers built the wealth, but the next chapter belongs to their heirs. The Great Wealth Transfer is happening now, and with it comes both risk and opportunity. The risk is losing assets when families move their wealth to advisors they trust. The opportunity? Becoming that trusted advisor before the wealth ever changes hands.

Here’s the key takeaway: The future of your practice isn’t just about managing portfolios—it’s about managing relationships. And that’s where we come in.

For over 45 years, we at Bill Good Marketing have been helping financial professionals like you not only survive market changes but thrive by building lasting relationships. We understand that branding yourself as the Family Financial Advisor isn’t just about strategy—it’s about execution.

• Engaging Communication: From birthday letters to family-focused events, our systems help you create touchpoints that resonate with clients and their heirs.
• Relationship Mapping: With tools to map family members and track important details, we make sure you’re always one step ahead.
• Content That Builds Trust: Our wealth of resources—custom newsletters, client letters, and educational materials—ensures you stay top-of-mind for generational wealth conversations.

The question isn’t whether or not you can adapt to this shift. It’s whether or not you’ll act in time. The clock is ticking, and the next generation is already deciding who they’ll trust with their inheritance. Let us help you become the advisor who bridges generations, preserves legacies, and grows relationships.

With Bill Good Marketing, you’ll have the tools, systems, and strategy to secure not just today’s assets but tomorrow’s as well.