Missed opportunities in succession planning are highlighted in a bracing report from EY as AI and client expectations reshape wealth management.
Wealth management firms face a crucial inflection point. As more than $100tn shifts between generations before 2050, many players risk losing assets by failing to engage early and holistically with clients and their heirs. The 2025 EY Global Wealth Research Report highlights both the urgency of wealth transfer planning and the rapid evolution of client expectations around technology, personalisation, and value.
Half of all wealth management clients feel underprepared for wealth transfers, says Jun Li, EY global and Americas wealth and asset management leader. “One of the biggest missed opportunities is around timing. Advisers do not start the wealth transfer conversations with clients and their families early enough.”
The report, based on a global survey of nearly 3,600 wealthy investors, reveals that although 80 per cent say they are likely to retain their family’s wealth adviser after inheriting assets, nearly half qualify this as only “somewhat likely”. That ambiguity points to a significant loyalty gap, especially among older inheritors, who the report finds to be among the least loyal.
Mr Li stresses that “getting to know family members early on, understanding their dynamics, and maintaining open lines of communication” is critical. “Building trusted relationships tops the list for both donors (52 per cent) and inheritors (51 per cent) when it comes to using the same adviser post-transfer,” he notes.
Late arrivals
Some commentators believe the industry is late to a truth that should be self-evident. “It is surprising to me that everyone is surprised by data points such as older inheritors being among the least loyal,” says April Rudin, founder of New York-based wealth marketing consultancy The Rudin Group. “They have more life experience, have seen up and down markets, and are ready for something new.”
The twist, she adds, lies not in trying so hard to retain them, but instead creating campaigns to increase visibility and relevancy to these new potential clients.
The EY report also underscores a gender dimension to wealth transitions: 53 per cent of female inheritors want to change their investment strategy after receiving wealth, and 36 per cent say their inheritance is key to retirement, compared to just 26 per cent of male inheritors.
This is seen as a moment of opportunity: “By focusing on the needs of women, firms can build stronger relationships and boost loyalty among a demographic that’s playing an increasingly important role,” says EY’s Mr Li.
Tech-led planning
The report finds that 43 per cent of clients would trust AI alone for financial planning, and 60 per cent expect their wealth manager to already be using AI. Yet this shift in sentiment presents a nuanced challenge: “While AI can enhance efficiency and provide valuable insights, human advisers will remain essential for personalised guidance, emotional support, and navigating complex regulatory environments, especially in cross-border wealth planning,” stresses Mr Li.
Stockpicking is one key area where clients are increasingly comfortable deferring entirely to algorithms, believes Ms Rudin. But there are other “higher value” activities where human interaction is preferred, most notably cross-border financial planning tasks including philanthropy and estate planning.
EY cautions that while expectations for AI are high, most firms are not yet delivering on its potential. “AI will exacerbate the differences between the firms that are investing in and embracing this technology versus the firms that are not,” Mr Li says. He urges firms to “differentiate by combining AI insights with human expertise, and by acting now to lay ethical and robust data foundations”.
The report also highlights a growing disconnect between client concerns and adviser preparedness. Some 57 per cent of clients feel underprepared for political instability, and 50 per cent feel unequipped to navigate economic downturns.
Controlling portfolios
Despite strong overall satisfaction scores, EY finds that a significant share of clients, especially millennials and those in fast-growing regions, are increasing their number of adviser meetings, demanding more proactive engagement, and in many cases, taking greater control of their portfolios.
“Wealth managers must step up their game,” says Mr Li. “Offering comprehensive advice that tackles these concerns head-on is critical. That means expanding the scope of services, combining core offerings with ancillary services, and providing a holistic understanding of clients’ lives.”
For Ms Rudin, that also means modernising the message: “The time and opportunity for acquiring clients in this new segment has never been better, but not with the same old messaging, branding, and marketing.”
As intergenerational transfers, digital expectations, and geopolitical volatility converge, EY’s report suggests that those wealth managers which lag on personalisation, trust-building, and AI adoption risk more than just falling behind — they risk falling off the radar entirely.
