Millennials are ready to bring their advisor to the family table

Younger investors want an advisor to serve as a facilitator for cross-generational retirement and financial planning discussions, while older investors are largely declining to take that step. This is according to an Advisor Authority study, powered by the Nationwide Retirement Institute.

Six in 10 millennials who have financial professionals said that they would welcome their advisors to facilitate financial planning conversations among family members, compared to only 32% of Generation X and 16% of baby boomers and older who feel the same. Nearly half of baby boomers and older said they prefer to keep these conversations private, compared to only 10% of millennials.

The stakes behind this divide are significant, the survey pointed out. Among baby boomers, 64% are actively transferring or planning to transfer wealth in the future, including 15% who are doing so right now. At the same time, this group continues to age, making the need for family alignment around their wishes and needs an issue that could be more urgent than some recognize.

Notably, less than a quarter of Gen X and baby boomer investors (22% and 24%, respectively) have discussed with their next of kin how they can prepare to help manage their finances when they become unable to do so.

Why millennials are interested in talking

Why are so many millennials interested in bringing their advisors to the family table?

“Our survey found that older generations are less likely to discuss retirement and financial plans with family, with 27% of baby boomers saying these conversations are not needed, compared with only 8% of Generation Z and 12% of millennials,” said Juan Jose Perez, senior vice president of Nationwide Strategic Customer Solutions. “That openness may stem from younger generations’ being more comfortable sharing personal information, in part because they grew up during the rise of social media. Baby boomers, by contrast, may be less likely to involve a third party because they trust their own decision-making and may not want an advisor or their adult children questioning their choices.”

For some, Perez added, it may also be difficult to shift from being the caregiver for their children to accepting that they may someday need support themselves.

The importance of family discussions

Family discussions are important for a variety of reasons. As Perez pointed out, retirement and financial planning conversations among families are becoming crucial as trillions of dollars shift to the next generation. On the surface, these discussions may not seem urgent. For many retirees, it can seem like everything is under control – until circumstances change, which can happen fast.

“That’s when you need loved ones to not only understand the plan but be ready to play their part. This is where working with an advisor can make a meaningful difference. By helping older generations make their wishes clear and prepare family members for future responsibilities, advisors can support smoother, more efficient, dignified transitions,” he said. They can also strengthen relationships with the broader family in the process, increasing the likelihood that they can retain the next generation as clients.”

Advisors facilitate difficult conversations

Confident in their ability to navigate sensitive family dynamics, advisors are supporting families through difficult financial conversations, according to the survey. For example, 9 in 10 advisors currently facilitate conversations between aging clients and their adult children about retirement planning, healthcare costs or financial security, including 43% who said it's a standard part of their practice. Most advisors said that they are confident in their ability to facilitate sensitive family conversations with their clients.

Steps for success

What skills are needed to improve the chances for success as advisors conduct these family conversations? Financial professionals who facilitate effective retirement and financial planning conversations among families need a blend of technical expertise and interpersonal skills, Perez shared. Clients will expect their advisor to be an expert in retirement planning strategies, tax awareness, investment knowledge, and estate and legacy planning.

However, Perez added, advisors will also need clear communication skills to simplify complex concepts, as well as active listening skills to fully understand goals, fears and family dynamics.

“Advisors who are skilled in driving consensus will excel, particularly when family members initially disagree on a plan,” Perez said. “It may take time to bring a group along to align on a shared roadmap, but good advisors can shepherd this process by giving the family a platform to share their thoughts and educating the group on the pros and cons of potential action steps.”

For more insights into this survey data, see the infographic.

The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 528 advisors and financial professionals and 2,012 investors ages 18+ with investable assets (IA) of $10K+, January 15-February 6, 2026. Among the investors, there were 1,041 with a financial professional, 179 Gen Z (age 18-29), 605 Millennials (age 30-45), 482 Gen X (age 46-61), and 746 Baby Boomers and older (age 62+).

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