Let's talk about something that keeps many financial advisers up at night. Jess Franks at Octopus Investments recently called it a "seismic shift" for our industry, and she wasn't being dramatic. Over the next few decades, an estimated £5.5 trillion will transfer from UK baby-boomers to their families - the largest wealth migration we've ever seen.
Yet here's the shocking part: two-thirds of advice firms still have no structured plan for connecting with these heirs. And when inheritances do happen, over 90% of beneficiaries switch to a new adviser within months. In plain English? Every time a long-standing client passes away, half (or more) of the assets you've carefully managed essentially return to the open market.
I'm going to share the real numbers behind this Great Wealth Transfer, why advisers keep losing inherited assets, and most importantly, practical scripts and a three-meeting framework you can implement this quarter to build lasting relationships with your clients' next generation.
The Great Wealth Transfer: Hard Facts
The numbers tell a compelling story:
- £5.5 trillion will change hands in the UK over roughly the next 20-30 years
- 69% of advisers admit having "no plan in place" to address this massive transfer
- 46% are actively worried about losing assets when clients die; half have already lost between £300k and £5m+ from a single estate settlement
- Global studies consistently show over 90% of heirs change advisers once they receive their inheritance
Let's be honest - when a client passes away, it becomes a competitive free-for-all unless you've already built meaningful relationships with both the spouse and (especially) the children.
Why Heirs Walk Away
There are four main reasons we lose these relationships:
-
No prior relationship
Many adult children meet their parent's adviser for the first time at the funeral. With trust at zero, they naturally look elsewhere. -
Generational mismatch
Millennials and Gen Z expect different things: mobile apps, ESG-aligned investments, and transparent fee structures. If you can't deliver that, they'll find someone on TikTok who can. -
Silence during probate
Probate often drags on for 6-12 months. During this communication vacuum, DIY platforms swoop in with their slick interfaces and low fees. -
Perceived conflict
If heirs see you as loyal primarily to their parents' goals, they'll worry about being "sold to" rather than genuinely advised.
If you're thinking, "We barely have time to manage our current clients — how are we supposed to build relationships with the next generation too?" you're not alone.
That's where platforms like JustFA can quietly make a big difference. It allows advisers to offer a fully branded digital experience, from onboarding and risk assessments to client reviews and communication, without adding to your admin load.
For tech-native heirs, that digital flexibility isn't a bonus. It's expected.
A Three-Meeting Framework That Actually Works
Here's a practical approach to multi-generational retention:
1. Discovery & Values Conversation
Purpose: Introduce yourself to heirs while parents are still alive
Timing: Ideally during the next annual review
Outcomes: A shared family vision, heirs' contact details in your CRM, and agreement to ongoing dialogue
2. Education & Preparation
Purpose: Build heirs' financial confidence and demonstrate your value well before the inheritance arrives
Tools: Quarterly Loom videos on timely topics, group webinars ("Sustainable Investing 101"), personalized risk-profile assessments
Outcomes: Heirs onboarded to your client portal, a clear learning path established, and growing recognition that you are their financial partner
3. Pre-Transition Review
Purpose: Rehearse "what happens the day after" a death and stress-test the estate plan
Triggers: Every 3-5 years or following any health scare
Outcomes: A documented "inheritance roadmap," clear fee expectations, and a family that feels prepared
Conversation Starters That Don't Feel Awkward
Feel free to adjust these to match your style, but keep the affirm → explore → align → invite sequence:
Discovery Meeting
To parents:
"One of the greatest gifts you can give your children is clarity about your intentions. Would you be open to having a relaxed family meeting where we walk through your plans together?"
To heirs (once introduced):
"Today isn't about diving into numbers; it's about understanding what matters to your family and how I might help when the time comes. What would make this conversation valuable for you?"
Ongoing Education Touchpoint
Quarterly email with a brief 45-second Loom video:
"Hi Ella - yesterday's Budget just changed the ISA rules. Here's what that might mean for your home-deposit goal. Drop me a message if you'd like to chat about it further."
Pre-Transition Review
"If something happened tomorrow, here's exactly what we'd do in the first 48 hours: you call me first; I'll coordinate with the solicitor, adjust the portfolios as needed, and make sure you have access to funds for immediate expenses. Would that give you peace of mind?"
Making This Happen: Your Implementation Checklist
- Tag each client in your CRM with "heirs identified?" and "intro completed?"
- Create a simple but effective Family Meeting Pack - agenda, values cards, straightforward estate summary
- Develop a three-email nurture sequence for heirs: welcome → educational resource → annual review invitation
- Host at least one heir-friendly event each quarter (webinar, breakfast meeting, or podcast Q&A)
- Track your retention rates after client deaths; aim for >80% spouse retention and >60% child retention
- Review your fee structure - tiered or project-based fees can help ease heirs into paid advice
The Business Case (Because This Matters to Your Bottom Line)
Let's put this in perspective: capturing just £10 million in additional AUM at a 0.75% fee means £75,000 in additional recurring revenue annually. At 3.5x multiple of recurring revenue, that's £262,500 added to your firm's value. Now multiply that by dozens of heir relationships, and we're talking about transformational growth.
Take Action Now
The time to act is before these transfers begin in earnest. Audit your client list, schedule those initial family meetings, and position yourself as the trusted adviser for all generations - before a competitor shows up at the reading of the will.
Sources:
FTAdviser, "Two thirds of advisers unprepared for 'seismic' £5.5tn wealth transfer,";
Russell Investments, "Intergenerational Wealth Transfer," 2022;
The Private Office, "The Great Wealth Transfer: an opportunity for HMRC,"