According to research by platform provider Zurich the findings suggest advisers could be missing out on chances to connect with the next generation of investors.
Wealth transfer and inheritance is expected to surge over the next few decades with an estimated at £1.2 trillion “cascading” down from baby boomers to younger generations.
A study by YouGov for Zurich of almost 200 advised consumers aged over-55 found that few advisers were “building relationships” with family members who stand to inherit their wealth.
Some 14% of advised consumers said they had introduced their adviser to their children – twice the number of advisers who have themselves done this.
When it comes to estate planning, just 4% of consumers surveyed said their adviser had involved their children in discussions about what happens to their wealth when they pass away.
Alistair Wilson, Zurich’s head of retail platform strategy, 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.
“Firms that don’t forge links with the next generation could begin to see their asset base decline.”
Mr Wilson also said it was important for advisers to review how their platform is geared-up to support intergenerational planning.
Among the features Mr Wilson said would help inter-generational transfer on platforms were family linking of accounts, junior pensions and ISAs to help parents and grandparent save for the next generation, trusts and engagement tools to help consumers understand the advantages of saving and investing lump sums early.
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