You want your clients’ families to one day become your clients as well, but 80% of heirs leave their families’ advisors.1 
                         

 An opportunity too big to pass up


It can be a complex challenge to establish relationships with client family members. However, it’s a challenge that isn’t just about client retention but growth. Millennials and Gen-X are expected to inherit $73 trillion between 2021 and 2045 and $16 trillion of that could be within the next decade.2
 

Here’s the good news: Many heirs can be open to meeting with advisors. One study showed that 87%3 of heirs plan to meet an advisor when they inherit. The same research showed that the openness to meet with an advisor is over 50% if the heir has a relationship with the advisor as an adult, but it’s much higher if the relationship is established first as a teen.4 At minimum, experts say to be sure to engage with family members at least five years before a possible wealth transfer.


Regardless of when you start, you need to know your audience if you want them to be your clients one day. Watch Ocean Park Asset Management’s webcast, “Building the Whole Family Relationship,” to learn about practical steps you can take to help establish your advisor role with your clients’ heirs. To start, let’s share some highlights from the webcast. 
 

Steps you can take
 

Engaging with client family members may seem tricky, but it can start with simple questions to the client first. In fact, asking your client about the personalities and desires of their loved ones may be a way of deepening your understanding of your client’s financial needs. 
Of course, there is the basic challenge of arranging to meet with client family members. There are several opportunities that you may have, and considerations that go along with them.
•    Financial Literacy:
Give your client’s children, regardless of their age, personal finance literacy. 
o You can hold financial literacy seminars for your clients’ children, tailored to their age. This can build trust and increase engagement once they understand how financial moves like investing their inheritance can benefit them. 
o You can offer to meet with your clients’ children to create simple but personalized financial plans for them.

•    Estate Planning:
If an estate plan is not communicated to heirs ahead of time, it can create family conflict. Emphasize to your client that among the most important gifts they can leave their loved ones is the gift of peace of mind, and a family discussion on the estate plan could help. Advisors can attend as objective intermediaries that explain the technical details of the estate plan.

•    Charitable Giving:
Your client may want to ensure their philanthropic legacy continues. This is a perfect opportunity to meet with family members to explain how approaches like donor-advised funds and qualified charitable distributions work.

•    Don’t overlook the spouse:
Prioritize meeting your client’s spouse, if you haven’t already. They’re typically the primary beneficiaries.

•    Know the generations:
Each generation may view the value and role of a financial advisor differently. Gen X may prefer an in-person relationship with financial advisors. Millennials may take a more do-it-yourself approach through robo-advisors, so the value of a personal financial advisor needs to be proven. Gen Z may rely more on social media for financial advice and could respond to a social media presence. (See the chart below to learn more.)


Again, those are just some highlights from Ocean Park’s webcast, “Building the Whole Family Relationship,” which was presented with Bill Cates, host of the Top Advisor Podcast. To find out more, watch the replay.

Financial decision making


Source: Ocean Park

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1 Cerulli Associates, 2025 survey of investors with at least $250,000 in assets
2  Federal Reserve (2023), Cerulli Associates' report, “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021: Evolving Wealth Demographics”
3 Nuveen Wealth Inheritor Research Study, 2023
4 Nuveen Wealth Inheritor Research Study, 2022
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