Financial advisers increasingly involved clients’ family members in wealth transfer discussions, according to research from Quilter Cheviot with The Lang Cat.
The study noted that 17% of advisers always included family members in discussions, while 77% suggested their involvement but left it up to clients.
However, a YouGov survey showed 32% of those who sought specialist advice recently said their adviser didn’t involve family in consultations.
Additionally, 32% of advisers treated families as separate clients and charged accordingly, 33% charged the family as a single unit, and 17% applied lower rates for wider family members.
Expectation among clients was clear as 66% expected family advice to be part of the service, and 42% expected advisers to include family at no extra cost.
Only 11% of clients with independent advisers preferred their family not to continue receiving advice.
David Denton, head of technical at Quilter Cheviot, said: “In the face of the great wealth transfer, it is imperative for financial planners to adopt a comprehensive and inclusive approach that involves the entire family unit.
“Our research highlights that while many advisers are making strides in this direction, there is still room for improvement.
“By ensuring that spouses and family members are actively included in the financial planning process, we can better meet the expectations of our clients and facilitate a smoother transition of wealth across generations.”
Denton added: “This holistic approach not only strengthens family financial security but also builds lasting trust and relationships with clients.”
