The Great Wealth Transfer: how UK advisers can prepare for a generational shift

Who are the UK’s wealth holders? 

According to Vanguard, baby boomers currently hold over £5.1 trillion, more than half of the UK’s total wealth. But that’s changing fast. 

Each year, approximately £100 billion is passed on through inheritance, and this figure is expected to rise.  

Gen X and millennials, two groups with very different financial priorities and expectations, are the primary recipients. 

Unbiased’s data shows: 

• Baby boomers make up 27% of enquiries, with 11% holding over £1 million in assets 

• Gen X leads in volume with 29% of enquiries, but only 8% hold £1 million+ 

• Millennials account for 17% of enquiries, with just 3% holding £1 million+ 

Each group requires a tailored approach to convert them into loyal clients. 

Generational insights: What each group wants from advice 

Baby boomers: Legacy-focused but cautious 

Boomers are financially secure but often anxious about their children’s futures. Many delay inheritance conversations due to emotional complexity. 

• Top priority: Pensions and retirement 

• Approach: Emphasise control, reassurance, and family-inclusive planning 

Gen X: Time-poor and underserved 

Often juggling mortgages, careers, and dependents, Gen X feels overlooked by the industry. 

• Top priority: Pensions and retirement 

• Approach: Offer time-saving, actionable advice that simplifies decision-making 

Millennials: Ambitious but frustrated 

Millennials face high living costs and delayed milestones, such as homeownership. They’re open to advice, but want it framed around achievable goals. 

• Top priority: Financial planning 

• Approach: Position advice as empowering and offer it step-by-step to avoid it being overwhelming 

How advice firms can appeal to the next wealth holders 

The next generation of wealth holders expects more from their advisers.  

Here are three key shifts to prepare for: 

1. Digital-first is now the default 

Today’s clients start their financial journey online. According to Statista, over half of UK consumers research online before making a purchase. 

To stay visible, firms must invest in: 

• Content marketing 

• Social media engagement 

• Online reputation management 

As noted by Dow Jones, digital-first firms tend to enjoy higher client retention and assets under management (AUM) growth. 

2. Speed and flexibility are essential 

Consumers expect fast, on-demand service. Yet, according to Accenture, only 8% of advisers currently offer flexible, ad-hoc advice models.  

Unbiased data shows that firms responding to enquiries on the same day achieve an 80% lead-to-first-appointment rate. 

To meet expectations, firms should: 

• Use customer relationship management (CRM) systems to streamline follow-ups 

• Offer flexible scheduling 

• Provide quick, personalised responses 

3. Personalisation builds trust 

Younger clients value tailored advice over generic solutions.  

According to WealthManagement, Gen X and millennials respond best to advisers who address their specific challenges directly. 

To build trust: 

• Focus on education, not sales 

• Be transparent about your fees and services 

• Create content that reflects real-life scenarios 

The retention challenge: Don’t lose inherited wealth 

According to Unqork, up to 80% of heirs plan to change advisers after inheriting wealth. The main reason? A lack of relationship with the original adviser. 

To retain assets: 

• Build multi-generational relationships early 

• Offer family meetings and group planning sessions 

• Assign dedicated advisers to younger family members 

Vanguard recommends tailoring your approach to each family’s preferences. 

The acquisition opportunity: Reaching first-time clients 

At Unbiased, 59% of people who sought an adviser in 2024 had never used one before. These are the future wealth holders, and they’re looking online for help. 

To reach them: 

• Invest in digital marketing 

• Create educational content 

• Use a lead generation platform to connect with high-intent clients 

Platforms such as Unbiased offer a scalable way to expand your client base and tap into the next generation of wealth. 

How to adapt and lead 

The Great Wealth Transfer is already underway. Firms that understand generational differences, embrace digital tools, and build long-term relationships will be best placed to succeed. 

Unbiased is the UK’s leading AUM growth platform for financial advice firms. In 2024 alone, we helped bring over £37 billion in assets into the industry. 

Book a free demo today and learn how Unbiased can help you scale your business in a repeatable and effective way with a steady stream of new clients.