Some 59 per cent of advisers said they had already seen demand for wealth transfer advice rise over the past three years, while 84 per cent said they were already advising some clients on the wealth transfer.
According to the study, 88 per cent of advisers agreed it was beneficial to meet spouses to be able to offer more suited advice, especially when it comes to clients who are retired.
When it came to the most likely reasons for seeking wealth transfer advice, the study found:
- 67 per cent of advisers stated that their clients are focused on limiting inheritance tax liabilities
- 65 per cent said their clients have money to gift
- 59 per cent stated the importance of meeting the dependents of retired clients
- 30 per cent confirmed their business has specific packages and fees available for children of current clients.
Financial advisers working for larger firms with at least 10 client facing advisers, reported more of a demand for wealth transfer advice compared to those working in smaller firms, with 70 per cent compared to 59 per cent.
Some 38 per cent of larger firms said they have a deliberate business practice to prompt conversations with children or grandchildren of existing clients.
Justin Blower, director at M&G Wealth, said: “Our research offers valuable insight into wealth transfer patterns.
"We know that against the current economic background, the increasing threat of double-digit inflation, continued market volatility and ongoing geo-political tensions financial advice is more valuable than ever."
The latest M&G’s Family Wealth Unlocked report, carried out among more than 1,000 UK adults, revealed that 33 per cent of advised families used the same financial adviser as another generation of their family – or in-laws.
Of those who said they had an adviser, 57 per cent shared them with their parent(s) - including biological, step and adopted.
simoney.kyriakou@ft.com
