Short on Advice: The Great Wealth Transfer Challenge

As Baby Boomers and older generations pass their wealth to heirs, spouses and charities over the next decade, we will see the largest shift of assets ever recorded, reshaping who controls investment capital. Estimated at $124 trillion through 2048, this “Great Wealth Transfer” will create significant opportunities and challenges for Gen X, Millennials and especially women, who are poised to become chief stewards of this wealth.¹

As this transfer begins, the financial services industry is facing a looming shortage of advisors because 100,000 financial professionals are projected to retire by 2034. Many firms lack clear succession plans for these retiring advisors, putting an estimated $10.4 trillion in assets at risk of attrition or mismanagement. Meanwhile, new advisor recruitment has slowed, and the pool of young, entry-level advisors has shrunk down by 60% among those under age 25 since 2022.²

Despite growing interest in self-directed investing, the next generation shows a strong desire for professional guidance. A Wall Street Journal Intelligence Study finds that 80% of Millennials plan to use a financial advisor after receiving significant wealth, and nearly half expect to choose a new advisor once they inherit assets. Women, who are likely to outlive men and gain greater financial control, overwhelmingly want advisors who take a holistic view of life goals alongside traditional financial planning. Without proactive client engagement efforts, firms may risk losing long-held assets as heirs seek personalized, modern advice.

The financial advisor’s role is also evolving beyond asset allocation and stock picking. Investors are seeking holistic family partners—facilitators of legacy planning, family governance and goal-driven investing. As a result, advisors need to build bridges in order to keep assets in place and families united for generations.

First Eagle Academy is dedicated to helping advisors thrive through these unprecedented opportunities and challenges. Through interactive seminars and workshops and practical tools, the Academy helps advisors not only attract and retain generations of clients but also ensure smooth transitions and holistic financial guidance for families during times of change.

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