The Great Wealth Transfer: An existential test for advice
April 14, 2026
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6 min
Over the next two decades, more than $84 trillion1 in assets will change hands as older individuals pass wealth to spouses, children, grandchildren, charities, and foundations. This unprecedented movement of capital represents both an opportunity and a threat for financial advisors. With so much money in motion, the advice business is poised for disruption as beneficiaries decide whether to retain their benefactor’s advisor, rely on their own, or seek a new relationship altogether.
The stakes are high for advisors:
- 46% of advisors see generational wealth transfer as an existential threat to their business3
- One-third report firsthand experience losing substantial assets through generational attrition.
While advisors report relative success retaining assets through intragenerational inheritance – keeping assets 72% of the time when a spouse inherits – the challenge intensifies when wealth transfers to the next generation3. Advisors estimate they retain assets only half the time in intergenerational transfers, and investor data suggests the outlook may be even less favorable. Just 45% of investors say they plan to keep inherited assets with their benefactor’s advisor, highlighting a widening gap between advisor expectations and client intentions2.
To survive and thrive during the Great Wealth Transfer,
1. Advisors must reevaluate assumptions about asset retention.
Investor data shows that 55% of next-generation heirs plan to leave their benefactor’s advisor2, and even spousal inheritance is far from guaranteed. Notably, baby boomers themselves are the most likely to move assets after inheriting, suggesting intragenerational transfers may be more vulnerable than advisors expect.
Who will leave their partent's / benefactor advisor?
2. Advisors must better understand what women want from advisory relationships.
While long-term survey data shows more variation across wealth bands than gender, wealth transfer reveals important differences:
- Women are slightly more likely than men to leave their benefactor’s advisor, particularly among millennials and Gen X2.
- Women also tend to perceive risk differently, favoring safety over performance, expressing greater concern about volatility, and placing higher value on advisors who help them understand investing.
These differences are especially relevant given women’s longer life expectancies and the likelihood that spousal inheritance will be the first test of asset retention.
How women and men differ in their views on risk
3. Advisors must bridge the generational gap with next-generation heirs.
The modern advice business was built around the evolving needs of baby boomers – from accumulation to retirement income to estate planning – but Gen X and Millennial investors bring different expectations:
- Younger investors are more willing to take risk, more likely to view volatility as opportunity, and more open to nontraditional assets and structures.
- They show strong interest in private assets, active ETFs, sustainable investing, cryptocurrencies, and AI-driven opportunities, even as significant knowledge gaps persist around liquidity, eligibility, and risk.
Millennials show greater interest in private assets
The next evolution of financial advice
At the same time, generational differences extend beyond investment preferences to the nature of advisory relationships themselves. Millennials and Gen X investors are more receptive to digital advice and AI-enabled solutions, with many believing these tools can enhance returns. Yet human advice remains central. Across generations, investors continue to place the highest trust in their financial advisors, themselves, and their families, underscoring the enduring value of personalized guidance.
It’s clear that performance alone is not the decisive factor in asset retention. Investors who stay cite trust and existing relationships as their primary reasons for staying with their benefactor’s advisor. Those who leave most often do so because they already have an advisor or lack any connection to their benefactor’s advisor.
Advisors recognize this reality, ranking long-term relationship building across the family as their most important retention strategy, well ahead of ancillary services or product solutions.
Advisor's top retention strategy
Ultimately, the principles of a strong advisory practice remain unchanged: tailoring advice, services, and communication to meet client expectations. But the Great Wealth Transfer raises the cost of getting this wrong. Advisors who reassess their assumptions, engage families earlier, adapt to gender and generational differences, and evolve both investment offerings and service models will be best positioned to retain assets and remain relevant in the decades ahead.
1 Cerulli Associates: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021.
2 Natixis Investment Managers, Global Survey of Individual Investors, conducted by CoreData Research in February 2025 and March 2025. Survey included 7,050 individual investors in 21 countries.
3 Natixis Investment Managers, Global Survey of Financial Professionals, conducted by CoreData Research between June 2024 and August 2024. Survey included 2,700 respondents in 19 countries.
The views and opinions expressed may change based on market and other conditions. This material is provided for informational purposes only and should not be construed as investment advice. There can be no assurance that developments will transpire as forecasted.
Actual results may vary.
All investing involves risk, including the risk of loss. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.
Natixis Distribution, LLC is a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided by affiliates of Natixis Investment Managers.
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