How Estate Planning Helps Financial Advisors Retain Clients Across Generations
For financial advisors, growth isn’t just about acquiring new clients—it’s about keeping them.
But there’s one moment where even the strongest client relationships are at risk: the transfer of wealth from one generation to the next.
Research shows that more than 70% of heirs switch financial advisors after inheriting wealth. Other estimates are even more stark, suggesting that up to 90% of heirs leave their parents’ advisor entirely.
At the same time, we’re entering the largest wealth transfer in history, with up to $84 trillion dollars expected to pass between generations in the upcoming decades.
For advisors, this presents both a risk—and a massive opportunity.
One thing that can make the difference is estate planning. To be more clear, a financial advisor’s involvement in their clients’ estate plans.
The Retention Problem Advisors Can’t Ignore
Many advisory relationships are built with a single individual or couple. But when that client passes away, the relationship doesn’t automatically transfer with the assets.
In fact, it often disappears. That’s because most advisors never build meaningful relationships with the next generation. One study found that 75% of advisors haven’t even met their clients’ heirs.
Without that connection, heirs are far more likely to:
Move assets elsewhere
Choose their own advisor
Start fresh with a new financial strategy
This creates a major leakage point for financial advisors even those who delivered high quality services during a client’s lifetime.
Estate Planning Changes the Conversation
Estate planning shifts the advisor’s role from managing assets to guiding legacy.
Instead of focusing solely on returns, advisors become central to conversations around:
wealth transfer
long-term goals
protection of assets and intentions
This repositioning matters. Because clients are actively looking for it.
More than 90% of clients say they want estate planning guidance from their financial advisor, yet only 22% are actually receiving it.
That gap represents a clear opportunity to deepen relationships, increase perceived value, and stand out in a competitive market.
Building Multi-Generational Relationships
Estate planning naturally brings more people into the conversation. Because once heirs inherit, it’s often too late to build trust from scratch, early engagement is critical.
By discussing estate planning with your clients, you are positioning yourself to meet their spouses and children. Additionally you can become a pillar in facilitating the conversation around inheritance and provide education regarding how wealth is transferred. Think about it, if your clients’ children learn how to avoid probate and hefty inheritance taxes from you, they’ll be that much more likely to stay with you after the wealth has been transferred.
More than a financial advisor, getting involved in multi-generational relationships opens doors to be viewed as a trusted family advisor who is dedicated to maintaining continuity across generations.
Advisors who integrate estate planning report stronger relationships, with two-thirds saying it improves client relationships overall. Others report direct business growth thanks to the inclusion of estate planning in their strategies—44% report increased AUM with existing clients and 42% say it led to the acquisition of new clients.
Better Outcomes for Clients, Too
While estate planning is a powerful growth lever for advisors, it also delivers clear value for clients as many people still more than 60% of Americans don’t have a will or trust in place.
Clients who work with a financial advisor are more likely to have a documented plan, more likely to use tax-efficient strategies, and overall more confident in their financial future.
Estate planning doesn’t just protect assets—it reduces confusion, minimizes conflict, and helps families navigate one of the most difficult transitions they’ll face.
From Risk to Opportunity
The reality is simple: if advisors aren’t leading estate planning conversations, someone else is.
And when that happens, they risk losing not just a client—but an entire family’s future business.
On the other hand, advisors who embrace estate planning can:
reduce asset attrition during wealth transfer
strengthen long-term client relationships
differentiate themselves in a crowded market
unlock new growth through multi-generational engagement
Making Estate Planning Scalable
Historically, estate planning has been complex, time-consuming, and heavily dependent on legal professionals.
Today, that’s changing.
Modern platforms like GoodTrust make it easier for advisors to introduce estate planning without overstepping into legal advice, centralize key documents and information, and facilitate collaboration between clients, families, and professionals
This is where GoodTrust offers a solution—helping advisors integrate estate planning into their practice in a way that is accessible, scalable, and aligned with modern client needs, including digital assets and family coordination.
The Bottom Line
The coming wave of wealth transfer will reshape the advisory industry. Advisors who remain focused solely on investments risk losing relevance—and clients. On the other hand, those who expand into estate planning, have an opportunity to become indispensable.
By doing so they can build deeper, longer-lasting relationships and grow their business across generations.
Including estate planning in the perks you provide your clients with can make the difference between you losing clients to wealth transfer or acquiring new clients through your clients and their children.
In the end, financial planning isn’t just about managing wealth. It’s about ensuring it lasts.
Learn how GoodTrust can help establish yourself as a trusted family advisor, here.