As WSR readers know well, Cerulli projects that $124 trillion in wealth will change hands by 2048, with about $105 trillion passing to heirs and another $18 trillion going to charity.
For financial advisors, this Great Wealth Transfer represents both tremendous opportunity and real risk. Firms and advisors who can effectively engage multiple generations of client families will not only retain assets but grow meaningfully. Those who fail to adapt could see their books of business decline as wealth shifts to heirs who have relationships elsewhere.
For this month’s Patent Perspective column, we addressed this transfer with Pat Hynes, President of Prudential Advisors, which supports a nationwide network of more than 3,000 financial professionals. Hynes shared his perspective on what the Great Wealth Transfer means for advisors, how they can position themselves for success and what his is doing to prepare.
WSR: What do financial advisors need to do to best prepare for the Great Wealth Transfer?
Hynes: Advisors who are serious about long-term success need to think differently about relationship management. Retaining assets and attracting new ones starts with understanding that your client’s financial life doesn’t exist in isolation — it’s part of a broader family story.
I recently read in WSR that the National Association of Plan Advisors’ 2024 survey, which showed that advisors retain 78% of client relationships when a spouse inherits, but only 58% when children inherit. Those numbers are better than in the past, which tells me advisors are getting more intentional about connecting with clients’ families. But clearly, there’s still work to do.
That’s why we recommend a multi-generational mindset. Engage not just the primary client, but their spouse, their children and even grandchildren when appropriate. Understand each family member’s unique perspective and values — whether that’s legacy planning, impact investing or financial independence.
We recommend a multi-generational mindset.
At the same time, advisors need support from their firms. They need tools, resources and technology that make it easy to deliver personalized advice at scale. We’re focused on giving our network access to both internal expertise and strategic external partners who can help with specialized needs like estate, tax and philanthropic planning.
Technology also plays a big role. AI and digital solutions can help streamline operations and free up advisors’ time — time they can reinvest in building deeper relationships. When used right, technology isn’t a substitute for the human element; it’s an amplifier of it.
Ultimately, success in this new era comes down to something timeless: trust. Advisors who listen, educate and engage across generations will be the ones who retain assets and earn the right to serve future heirs.
WSR: What are some under-the-radar opportunities the coming wealth transfer can offer advisors?
Hynes: Most conversations about the Great Wealth Transfer focus on the next generation — and for good reason. Engaging those future heirs early is critical. But one opportunity that’s often overlooked is the continued importance of serving Baby Boomers, who still control the majority of investable assets and will for many years.
We sometimes forget that twenty years is a long time in this business. A healthy 65-year-old today could live well into their 90s. As clients live longer, their financial needs evolve — and so does the advisor’s role. Retirement planning today is about far more than asset allocation and withdrawal rates. It’s about creating sustainable income streams, managing healthcare costs, navigating taxes and planning for the legacy clients want to leave behind.
That requires a flexible, holistic approach — one that integrates protection, growth and income solutions with empathy and emotional intelligence. Advisors who can guide these conversations become indispensable partners.
Another opportunity lies in serving retirees who may feel underserved by their current advisors — particularly those whose advisors are primarily focused on younger, next generation prospects. By combining strong financial expertise with genuine care, and by leveraging technology to deliver a seamless experience, advisors can attract these clients and grow organically.
Another opportunity lies in serving retirees who may feel underserved by their current advisors.
The advisors who win in the next decade will be those who can balance both sides: nurturing the next generation while continuing to deliver exceptional value to today’s wealth holders.
WSR: What steps is Prudential Advisors taking to help its network guide clients through this changing landscape?
Hynes: Our focus has always been on helping financial professionals succeed through change — and this moment is no different.
Our strategic partnership with LPL Financial is one way we’re preparing for the future. It combines LPL’s technology and wealth management platform with our trust and strength, local leaders’ expertise, compensation and benefits. This allows our advisors to deliver client experience, including advanced planning tools and expanded investment options, while leveraging our scale, resources and brand.
We’re also investing heavily in the advisor experience. We’ve simplified how advisors do business with us so they can spend more time with clients and less on administration. We’re building a collaborative culture where advisors share ideas, best practices and expertise.
Our focus on comprehensive financial planning helps advisors go beyond product conversations and address clients’ full financial pictures — from protection and investment to estate and legacy. And we’ve built a lead generation program to help connect advisors with individuals and families.
The Great Wealth Transfer is a defining moment for our industry, but it’s also an incredible opportunity to deepen relationships and redefine what advice looks like. Advisors who embrace technology, empathy and multi-generational engagement — backed by strong support — will not only survive this shift, they’ll thrive in it.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at michael.madden@wealthsolutionsreport.com.
