Survey: Transferring Generational Wealth Presents Unique Opportunities – and Challenges – for Financial Advisors
Washington, D.C. (November 20, 2025) – Many headlines have riddled the news proclaiming large amounts of assets will transfer from one generation to the next over the next two decades. A new survey by Greenwald Research’s 2025 Generational Wealth Transfer Study shows that most retirees and pre-retirees hope to leave a financial legacy, but they’re concerned that physical and mental decline – and taxes – will negatively impact their plans.
To help the financial services industry better understand the opportunities and challenges associated with generational wealth transfer, Greenwald Research recently conducted a study of both older consumers (future bequestors) and the financial professionals who serve them.
Consumers Prioritize Self Over Legacy
While most consumers surveyed prioritize supporting themselves (58%) over leaving a legacy, relatively few (29%) intend to gradually spend down their assets to fund their retirement lifestyles. Instead, most hope to preserve or even grow their assets during retirement, which would in effect position them for leaving a legacy.
“It may be that many such individuals see maintaining asset levels as a means to ensure their assets last without realizing they may be supporting the wrong goal in the process,” says Eric Sondergeld, Managing Director at Greenwald. “There is a real opportunity for financial professionals to help clients best plan for both supporting themselves to the fullest during their retirement years while helping them prepare for the efficient transfer of their remaining assets upon death.”
Regardless of their goal, consumers generally want what assets remain to go to their adult children, if they have any, or to other family members and charity if they do not.
Nine in 10 consumers believe they are at least somewhat prepared for the efficient transfer of their remaining assets upon their deaths. Yet, over half still feel there is more they need to do.
Fear of Incapacitation Leads List of Concerns
As consumers think about their futures and what will happen with their assets after they (and their spouse/partner) have passed away, two of the top three concerns expressed by majorities of respondents have to do with becoming incapacitated along the way:
- Becoming cognitively impaired (e.g., getting dementia) in later years
- Care they may need as they age significantly depleting their estate
- Minimizing taxes
When money enters the equation, even close families can face conflict as parents age and estates are settled. Consumers surveyed describe the emotional relationship with their children as close or supportive (87%) and don’t appear to be concerned about this potential conflict. Notably, of relatively low concern were the:
- ability for their children to manage the inheritance responsibly,
- perceived fairness of what children will receive, or
- potential for the inheritance process to negatively impact relationships among their children.
Opportunities and Risks for Financial Professionals Abound
Helping clients develop and implement wealth transfer plans is yet one more service facilitated by managing all, rather than a portion, of a client’s financial assets. Most financial professionals (81%) discuss wealth transfer planning with at least half of their clients and nearly all plan to spend the same amount (40%) or more time (58%) doing so over the next three years. Yet, there are two significant points in time where these client relationships can fall apart.
The first is when the first member of a client couple passes. While other studies have suggested up to 80% of widows fire their husbands’ advisors when the husband passes away, our survey suggests these figures are grossly overstated. It is obviously important for advisors to engage both members of a couple, lest they risk losing the relationship if the member they work with most closely passes away first. Financial professionals surveyed admit that it is extremely or very important to retain relationships with the less dominant spouse or partner (94%), yet express less confidence in retaining that relationship if the spouse/partner more dominant in the relationship with the financial professional were to pass (62%).
The second is when a single client passes (whether always single or their spouse/partner predeceased them), regardless of whether they have children. While 4 in 10 consumers with adult children have introduced their advisor to them, only half of advisors surveyed have a plan for engaging with client’s adult children. This is despite large majorities of advisors saying it is extremely or very important to engage them to retain assets after clients pass away (79%) and to deepen relationships with the client’s family (76%).
For more information about the 2025 Generational Wealth Transfer Study, contact Greenwald Research at info@greenwaldresearch.com
About the 2025 Generational Wealth Transfer Study
The Generational Wealth Transfer Study surveyed 1,018 consumers in June 2025 and 500 financial professionals in July/August 2025. The consumer survey included those ages 60 and older who have at least $500K in household financial assets. Full-time financial professionals have at least: $50M in assets under management, half of their income is from working with individuals, and 30% of their individual clients ages 60 and older.
About Greenwald Research
Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. For 30 years, Greenwald has partnered with the Employee Benefits Research Institute to conduct the annual Retirement Confidence Survey.
Contact:
Herb Perone
media@greenwaldresearch.com
