Advisers missing opportunities to build relationships with heirs of baby boomer fortunes

Written by Oliver Wade

Less than one in ten (7 per cent) clients of retirement age claimed their adviser has introduced themselves to their adult children, according to new research from Zurich.

Zurich has estimated that £1.2trn in wealth could cascade down from baby boomers to younger generations over the next thirty years. However, the firm’s findings suggest that advisers are missing out on opportunities to connect with the next generation of investors ahead of the impending transfer of wealth from baby boomers.

Commenting on the findings, Zurich head of retail platform strategy Alistair Wilson said: “Baby boomers are set to trigger the biggest ever generational wealth transfer, yet advisers are missing out on critical opportunities to connect with their heirs.

“By building trusted relationships with beneficiaries, advisers can help families to preserve their wealth, as well as enhancing their own prospects of managing assets across generations.”

Wilson added that those firms not making a conscious effort to build relationships with the next generation could be in danger of witnessing their asset base decline.

Just 14 per cent of advised consumers admitted to introducing their adviser to their children – double the number of advisers who have proactively taken this step.

However, when it comes to estate planning, just 4 per cent of consumers surveyed said their adviser had included their children in discussions in relation to what happens to their wealth when they pass away.

Wilson added: “Advisers should consider how they can become a trusted family adviser. It’s hard for people to think about a loved one passing away but involving heirs in conversations about inheritance is a good way for advisers to connect with beneficiaries, and demonstrate their value early.”

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