Last week in our Geyer Legal blog, Cara Chittenden talked about the advantages of having family conferences which not only allow younger family members meet the members of their parents’ advisory team, but also allow the parents and grandparents to openly share with loved ones the values and assumptions that have gone into their estate planning choices.
Multigenerational retention of financial planning clients
The same concept of multi-generational talks is discussed from a different angle in the Journal of Financial Planning: November 2025. The authors refer to “multigenerational retention”, cautioning wealth advisors that, when older clients die, very often their children choose not to work with their parents’ planners.
“Baby boomers,” the authors point out, “with the largest net worth of any generation, hold 51.6 percent of all U.S. wealth, compared to the millennial generation, which possesses only 10 percent.” As the parents transfer wealth to the younger generation, wealth advisors are caused to develop relationships with both clients and their children. “Oftentimes,” the authors admit, “it is uncomfortable to discuss money, especially within a family.Therefore, it is important for advisers to be aware of existing and potential family tensions.” In fact, “practitioners who fail to adapt risk not only losing current clients, but forfeiting the opportunity to serve the next generation.”
A three-stage approach
At Geyer Law, we found the approach recommended by Brian Bollenacher from Waterstreet Financial especially interesting. Rather than one family conference, he suggests three distinct phases:
- Conduct individual family member interviews to understand the private concerns and expectations of each family member.
- Facilitate family meetings with structured agendas to discuss inheritance timelines and next-generation financial education.
- Maintaining ongoing “group” multi-generational relationship management.
Of course planners must maintain confidentiality, not sharing information with family members who are not yet their clients.
Dispute prevention
Writing in Kiplinger, CFP® Martin Baker says, “communicating about your assets and plans for passing them on increases clarity while preventing surprises and family disputes.” Expressing your views about the wealth you’ve accumulated and your plans for passing it on could prevent surprises leading to family disunity,” he adds. It isn’t necessary to disclose your net worth to your children, Baker assures parents, but it can be beneficial to discuss the behaviors that enabled you to build your wealth.
Our estate planning attorneys at Geyer Law agree. Starting conversations with adult children early definitely smooths the transition of wealth, and we try, whenever possible, to bring together family members of different generations to share values and wealth transfer goals. While having all the adult children involved in the discussion may not eliminate the possibility of sibling resentment, it diminishes the likelihood of legal disputes after parents have died.
– by Ronnie of the Geyer Legal Group blog team
