Clients Seek Advisors Skilled in Estate Planning

Clients are increasingly looking to their financial advisers for help with estate planning, a trend highlighted by a new survey of 1,500 adviser clients conducted between June 4 and June 10.

Survey shows strong demand but low preparedness

The study, released by estate‑planning firm Trust & Will, found that 73 % of respondents consider estate planning “very important,” yet 56 % reported having no estate‑planning documents at all. Nearly half said they felt unprepared for the ongoing Great Wealth Transfer and expected to regret the lack of planning.

More than half of those surveyed (61 %) said they expect their adviser to include estate‑planning services in the practice. The gap between awareness and action suggests a clear opening for advisers to integrate these discussions into broader financial‑planning reviews.

Advisers can start with simple questions

Experts advise that advisers do not need to replace estate attorneys. Instead, they can begin by asking basic questions about existing documents, the date of the last update, and whether beneficiary designations still match the client’s wishes. “If there’s ever been a change in the family situation, it’s a great time to ask, ‘How does this affect the broader plan?’” says Andrew Kulha, a partner and director of estate strategy at Mission Wealth Management L.P.

Kulha suggests a “low‑stakes pathway” that starts with reviewing beneficiary designations and discussing major life events. When more complex needs arise, advisers should refer clients to attorneys or specialized planners.

There is also a business incentive. As younger generations begin to inherit assets, advisers who address estate‑planning issues can improve client retention and attract new business. Separate Trust & Will research indicated that advisers who offer estate‑planning services or referrals see stronger client growth and higher satisfaction compared with those who do not.

“When that family passes away, you could lose that relationship if you don’t prioritize this,” says Cody Barbo, founder and CEO of Trust & Will. “It’s very real for the clients’ advisers to serve.”

Clients often postpone planning.

From a practical standpoint, the data imply that many families are waiting until a health crisis or a loved‑one’s death to start planning. This reactive approach can leave them with insufficient time to complete essential documents, a situation that could be avoided with earlier adviser engagement.

Generation X stands out as the least protected

One surprising finding concerns Generation X, which the study describes as the “least protected generation.” Many in this cohort are simultaneously supporting children, caring for aging parents, and managing peak‑career responsibilities. Those pressures appear to delay estate‑planning decisions.

Related: Benefits of trading.

By contrast, Generation Z respondents showed higher rates of document ownership and greater engagement with financial advice. Adoption of financial advisers among Gen Z rose to 42 % from 28 % a year earlier, while Millennial adoption increased to 39 % from 29 %.

Barbo attributes the generational differences to younger consumers’ comfort with online research and digital tools. “Gen Z and Millennials fall in this bucket of pretty savvy consumers, like it’s hard for us to get spooked on the internet,” he says. “But I think Gen Z is, by far, the savviest of all the generations when it comes to digital consumption and can filter through the noise.”

Approximately half of respondents indicated that anxiety about the future drives them toward estate planning. Health events and family emergencies were the most common triggers, with personal medical diagnoses leading the list, followed by the death or serious illness of a loved one.

In practice, this means advisers who proactively raise the topic during routine reviews can help clients avoid the scramble that often follows a crisis. Early conversations allow clients to align their assets with their wishes before circumstances force hurried decisions.

Overall, the survey reveals a widening gap between the recognized importance of estate planning and the actual steps taken by many clients. As wealth continues to shift across generations, advisers who incorporate estate‑planning discussions into their services may find both stronger client relationships and new growth opportunities.