Key facts
- Americans increasingly expect financial advisers to offer estate planning services.
- A Trust & Will report highlights this growing demand.
- A significant percentage of clients consider switching firms if estate planning is not offered.
- Younger clients are particularly likely to consider switching firms.
- There is a growing demand for bundled wealth management and estate planning services.
- Clients view estate planning as an integral component of comprehensive wealth management.
- Financial advisory firms face pressure to adapt their service models.
- Firms not offering estate planning risk losing clients.
A Trust & Will report reveals a significant shift in client expectations, with Americans increasingly anticipating that their financial advisers will provide estate planning services. The survey data indicates that a substantial percentage of clients are considering changing financial advisory firms if estate planning is not offered as part of the service package. This trend is particularly pronounced among younger clients, who are more likely to seek out advisers who can offer a holistic approach to wealth management that integrates estate planning.
The findings suggest a growing demand for bundled financial services, where clients view estate planning not as a separate offering but as an integral component of comprehensive wealth management. This evolving client perspective pressures financial advisory firms to adapt their service models to meet these new expectations. Firms that fail to incorporate estate planning may risk losing clients to competitors who offer a more complete suite of services.
This development points to a broader trend in the financial services industry, where clients are seeking more integrated and convenient solutions for managing their financial lives. The traditional separation of financial advising and estate planning is becoming less tenable as clients desire a single point of contact for all their wealth-related needs. The report underscores the importance for financial advisers to broaden their expertise or collaborate with estate planning professionals to retain and attract clients in this evolving market.