Overview of How Financial Advisors Can Grow During the Great Wealth Transfer
This sponsored Bloomberg episode of The Great Client Transfer explores how financial advisors can retain assets and win new clients as an estimated $100 trillion+ changes hands over the next 25 years. Host Maggie Lake is joined by David Blanchett (Prudential), Brittany Castro (financial planner), and Chelsea Ransom Cooper (Zenith Wealth Partners) for a practical discussion on why next-generation heirs often leave their parents’ advisors—and what firms can do to stay relevant, trusted, and growth-oriented.
Key Data and Research Highlights
What the research says
- Roughly $100 trillion is expected to transfer across generations in the next 25 years.
- Only about 19% of heirs say they plan to stay with their parents’ financial advisor.
- Advisors often overestimate how well they’re communicating:
- 62% think they’re discussing protection with clients, but only 27% of clients say those conversations happen.
- 70% of advisors say they regularly discuss how clients will spend their time in retirement, but only 29% of clients report those conversations.
- In Prudential’s Pulse survey, about 90% of mass affluent Americans believe they’re on track for retirement essentials, yet only 40% have an advisor and only about one-third have a financial plan.
Why the Next Generation Leaves
The core issue: they feel unseen
The panel repeatedly returns to a simple explanation: younger heirs often feel that their parents’ advisor is not speaking their language or understanding their reality.
- They want advice that reflects their life stage, values, goals, and lifestyle.
- Many see traditional advisors as too focused on numbers and not enough on empathy, empowerment, and relevance.
- Women, in particular, are often underserved when advisors fail to engage both spouses or account for different financial priorities.
Money is emotional, not just analytical
The episode emphasizes that even when advisors present a strong plan, clients may not absorb it:
- Clients often retain only a fraction of what’s said in a meeting.
- Emotional baggage, inherited beliefs about money, and readiness to engage all affect decision-making.
- A technically correct plan is not enough if the client doesn’t feel connected to it.
What Financial Advisors Should Do
1. Lead with empathy and better questions
A major recommendation is to move beyond product or portfolio talk and ask:
- What does wealth mean to you?
- What does financial success look like in an advisor relationship?
These questions help uncover the client’s values and build trust across generations.
2. Use simpler, more relevant language
The panel suggests advisors reconsider the word “retirement,” which can feel outdated or negative to younger clients.
Better framing:
- Financial independence
- Work-optional lifestyle
- Purpose-driven time and flexibility
3. Stop overloading clients
Advisors should avoid delivering everything in one meeting. Instead:
- Break advice into bite-sized pieces
- Hold more frequent check-ins
- Focus each meeting on one or two key issues
This makes the advice easier to absorb and act on.
4. Engage the whole household
Advisors need a household-level approach, not just an individual-client approach:
- Include spouses and partners early
- Pay attention to the next generation
- Build relationships before money changes hands
5. Build a team-based, holistic practice
The panel argues that the modern advisory firm should be built for diversity of need:
- Not every advisor can connect with every client
- Firms should use a team model with complementary skills
- Bring in specialists or coaches when needed to support more emotional or behavioral conversations
The Bigger Shift in the Advisory Model
From portfolio management to life planning
The episode argues that the profession is evolving:
- Old value proposition: “I build portfolios.”
- New value proposition: “I help you achieve your goals.”
That means advisors must expand beyond investing into:
- Retirement income planning
- Estate and protection conversations
- Family dynamics
- Lifestyle and purpose in later life
Practical Takeaways for Advisors
What to do next week
- Review your current client communication style.
- Check whether you’re using language that resonates with younger investors.
- Start using questions that uncover values, not just assets.
- Schedule more frequent, shorter meetings.
- Strengthen relationships with spouses and heirs.
- Evaluate whether your firm needs a more team-based or multidisciplinary structure.
Who is most at risk?
- Advisors with older books of business need to actively protect relationships across generations.
- Advisors with younger clients should prepare now for future wealth growth by building trust early.
Bottom Line
The episode’s core message is that the Great Wealth Transfer is not just an asset-transfer event—it’s a relationship-transfer event. Advisors who want to grow through it must become more empathetic, adaptable, household-oriented, and behaviorally aware. The firms most likely to succeed will be the ones that can speak the next generation’s language, connect advice to values, and support clients through both the emotional and financial sides of wealth.