Clients Want Advisers Who Know Estate Planning, per Survey

As trillions of dollars are expected to change hands during the ongoing Great Wealth Transfer, financial advisers are well-positioned to help the many clients who still have not addressed the future of their own estates, according to recent research from estate planning firm Trust & Will. 

The company’s “2026 Financial Advisor Report,” based on a survey of 1,500 adviser clients surveyed from June 4 through June 10, found that nearly half of respondents felt unprepared for the great wealth transfer and anticipated regretting their lack of planning. While 73% said estate planning is very important, 56% reported having no estate planning documents in place. 

Additionally, the majority of clients surveyed (61%) expected their advisers to offer estate planning services within their practice.  

The findings suggested a gap between awareness and action, presenting an opportunity for advisers to incorporate estate planning discussions into broader financial planning conversations. 

Estate Planning as Plan Adviser Extension 

Experts say advisers can, rather than attempt to offer advice that typically comes from estate attorneys, start with basic questions during financial planning reviews, such as whether clients have estate documents, when those documents were last updated and whether beneficiary designations still reflect their wishes. 

“If there’s ever been a change in the family situation, it’s a great time to ask, ‘How does this affect the broader plan?’” says Andrew Kulha, a partner in and director of estate strategy at Mission Wealth Management L.P. 

Kulha says advisers can take a “low-stakes pathway” into estate planning by reviewing beneficiary designations and discussing major life events in a “holistic approach,” before referring clients to attorneys or estate planning specialists when more complex needs arise. 

Kulha also says advisers have a strong business incentive to engage clients on estate planning issues as younger generations begin to inherit assets from older family members. 

According to separate Trust & Will adviser research, advisers who offer estate planning services or referrals reported stronger client retention, increased client growth and improved client peace of mind, compared with advisers that do not. 

Cody Barbo, the founder and CEO of Trust & Will, says estate planning remains one of the most requested value-added services among clients, alongside tax planning. 

“When that family passes away, you could lose that relationship if you don’t prioritize this,” he says. “It’s very real for the clients’ advisers to serve.” 

Gen X Emerges as Planning Blind Spot 

One of the report’s more surprising findings was the position of Generation X. 

Trust & Will executives described Gen X as the “least protected generation,” despite being among the cohorts most likely to navigate issues related to inheritance, aging parents and retirement preparation. 

Many Gen X households are simultaneously supporting children and aging parents while managing peak-career responsibilities, creating financial and emotional pressures that may delay estate planning decisions. 

By contrast, younger generations appear more proactive. Trust & Will found that Generation Z respondents had higher rates of estate planning document ownership than older generations and showed growing engagement with financial advice. The firm reported financial adviser adoption among Gen Z rose to 42% from 28% a year earlier, while adoption among Millennials increased to 39% from 29%. 

Barbo attributes some of the trends to younger consumers’ comfort with researching and adopting financial tools online. 

“Gen Z and Millennials fall in this bucket of pretty savvy consumers, like it’s hard for us to get spooked on the internet,” he says. “But I think Gen Z is, by far, the savviest of all the generations when it comes to digital consumption and can filter through the noise.”  

The report also found that anxiety often motivates estate planning activity. Aproximately half of respondents said they were more motivated than ever to complete an estate plan, with concerns about the future serving as a major driver. 

Health events and family emergencies remained among the most common catalysts for action. Trust & Will found that a personal medical diagnosis or major health event was the leading trigger prompting respondents to think seriously about estate planning, followed by the death or serious illness of a loved one. 

Barbo says many families wait until a crisis occurs, leaving little time to complete critical planning documents. 

“The worst thing about this is that, for that person, it’s too late,” he says. “There’s such better ways to proactively get ahead of it.”