The great wealth transfer is estimated to be worth £5.5tn over 30 years, so why is a huge proportion of the advice industry woefully underprepared?
According to research from Octopus Investments, just 31 per cent of advisers have a plan for this inheritance wave, while at the same time almost half are concerned about losing assets under management should their client die.
Sums can be significant, with those surveyed estimating they have lost up to £5mn after clients passed away.
So what is holding advisers back when it comes to tapping into the great wealth transfer?
Barriers to wealth transfer planning often include not getting the right people in the room because clients can be nervous about involving their children - and vice versa.
Sometimes advice firms consider themselves less to younger generations, due to their use of outdated technology and service offering.
Yet many advisers would agree that connecting with the next generation of clients early on is very important.
Here are the top tips for advisers - from advisers - wishing to benefit from the great wealth transfer:
Early engagement is key
Paul Denley, chief executive at Oakham Wealth Management, says engaging inheritors early on in the relationship is crucial to optimise the chance of retaining the family portfolio when wealth is passed on.
"Younger members should be encouraged to open small portfolios, such as Isas, to build an understanding of investing," he says.
"Even better if these portfolios are self-managed, which will promote engagement and, hopefully, highlight the value of advice, even if the young investor makes an error or two – this is invaluable experience."
Thinking about client relationships as family relationships is a key point, says Chris Thorndycraft, chief commercial officer at Milecross Financial and a former commercial director at Openwork.
"You may have had a client that you've been dealing with for many, many years.
"And if you have, you really should be connected enough to be talking to the children as part of that process, so it feels like it's a family approach to financial advice.".
Paul Dalzell, co-founder of Milecross, adds: "Many, many years ago that's what was done. You knew the whole family, and the whole family knew the adviser and that's what we need to get back to."
Similarly, director of advice firm New World Lisa Tipton says young people should be engaged early on.
"We believe that everyone can benefit from good quality financial planning, and the younger this starts, the better," she says.
The firm has introduced fixed fee subscription services and workplace wellbeing solutions to make financial planning more affordable.
"By working with individuals at a younger age, we're not only ensuring that they are making good financial decisions but they'll be ready, and already working with a financial planner they trust, when they do inherit."
