Key facts
- 61% of Americans believe financial advisers should offer estate planning services.
- 68% of advised clients would consider switching to an adviser who offers estate planning.
- 80% of Gen Z and millennial clients with advisers would consider switching for estate planning services.
- 27% of Americans prefer to create or update estate plans with a financial adviser over an attorney.
- 42% of Americans currently have no estate planning documents.
- 40.7% of Americans are comfortable using AI tools for estate planning, with younger demographics showing higher acceptance.
A growing number of Americans expect financial advisers to provide estate planning services, with many indicating they would switch firms if this offering is absent, according to Trust & Will's 2026 Financial Advisor Report. The survey of 1,500 U.S. adults revealed that 61% believe estate planning should be a standard service from financial advisers, and 68% of clients with advisers would consider moving to one that offers it.
This trend is particularly pronounced among younger demographics, with approximately 80% of advised Gen Z and millennial clients stating they would consider switching. The report, based on an online survey conducted between June 4-10, highlights a significant shift in client expectations, with younger investors increasingly seeking bundled services that encompass both wealth management and estate planning.
Estate planning has transitioned from a peripheral offering to a core expectation for financial professionals. Adviser usage has seen growth, particularly among younger adults, with Gen Z usage rising to 41.7% and millennial usage to 38.5%. Conversely, baby boomer participation declined. Younger clients are now more likely to use advisers and expect comprehensive estate planning as part of the relationship.
Financial anxiety has increased for over half of Americans in the past year, with rising living costs and inflation cited as primary concerns. This heightened anxiety, coupled with economic conditions, has motivated nearly half of respondents to complete estate planning. Furthermore, a significant portion of Americans feel unprepared for the impending "Great Wealth Transfer," estimated to be between $84 trillion and $124 trillion.
The survey indicates a growing preference for financial advisers over attorneys for estate planning, with 27% preferring an adviser compared to 24% preferring an attorney. A majority also expect advisers to proactively oversee and flag outdated estate plans. Despite these rising expectations, a substantial portion of Americans (42%) still lack estate planning documents.
There is also a growing openness to technology in estate planning, with over 40% of Americans comfortable using AI tools, especially among younger generations. The report emphasizes that when advisers proactively offer estate planning services or initiate conversations, clients are more likely to accept the help and feel a greater sense of urgency to update their plans.