Ninety-four percent of financial planners involve family members when advising in the wealth transfer process, Quilter Cheviot has found.

The investment manager’s latest survey with the lang cat revealed that 17% of advisers always include family members when providing advice, while 77% suggest involving the wider family but leave the final decision to the client.

However, these statistics come after a recent YouGov survey found that 32% of UK adults who paid for specialist advice in the last two years said that their adviser did not involve their spouse or wider family in the process.

Furthermore, advisers are divided on how to charge for advising additional family members.

A third (32%) of advisers treat wider family members as separate individual clients and charge accordingly.

A further 33% charge the family as a single entity and 17% charge the wider family separately but at a lower rate than the main client.

In terms of the consumer, 66% of those who have received financial advice expect an adviser to also provide advice to their spouse, as well as their family, as part of the service.

Over two in five (42%) of those who involve family in financial planning expect the adviser to start involving the spouse and family immediately at no extra cost, while 11% of clients who consult independent financial advisers would not want their family to continue receiving advice from their adviser.

Head of technical at Quilter Cheviot, David Denton, said: "In the face of the great wealth transfer, it is imperative for financial planners to adopt a comprehensive and inclusive approach that involves the entire family unit. Our research highlights that while many advisers are making strides in this direction, there is still room for improvement.

"By ensuring that spouses and family members are actively included in the financial planning process, we can better meet the expectations of our clients and facilitate a smoother transition of wealth across generations. This holistic approach not only strengthens family financial security but also builds lasting trust and relationships with clients."

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