Millennials ready to bring their advisor to the family table

COLUMBUS, Ohio – As the largest intergenerational wealth transfer in history gets underway and baby boomers advance deeper into their retirement journey, a striking generational divide is emerging. Younger investors actively 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, according to a new Advisor Authority study, powered by the Nationwide Retirement Institute.

Six in 10 (60%) Millennials (age 30-45) with financial professionals say they would welcome their advisor facilitating financial planning conversations among family members, compared to just 32% of Gen X (age 46-61) and only 16% of Baby Boomers and older (62+) who feel the same. Nearly half of Baby Boomers and older (46%) say they prefer to keep these conversations private, compared to just 10% of Millennials.

The stakes behind this divide are significant. 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 be prepared to help manage their finances when they become unable to do so.

“For many retirees, it can seem like everything is under control – until things change, which can happen fast,” said Juan José Pérez, senior vice president of Strategic Customer Solutions for Nationwide. “That’s when you need loved ones to not only understand the plan but also be ready to play their part. Older generations have an opportunity to help their family understand their wishes for the future and be better prepared to step in and help when the time comes. While private family conversations are a good place to start, a family meeting with an advisor at the table can accelerate a family’s ability to ensure a smooth, efficient and dignified transition.”

 

Half of investors are talking finances, while half put it off

When it comes to private conversations (without an advisor), investors are split on discussing finances as a family, with many not doing so at all. More than half (53%) of investors say they have had conversations with relatives (e.g., adult children or aging parents) about how they are planning for financial security in retirement in the past 12 months. Yet nearly half (47%) have not had these conversations — including 17% who say they don't think they’re necessary.

That reluctance is most pronounced among older generations. More than a quarter of Baby Boomers (27%) say it's not necessary: compared to just 8% of Gen Z, 12% of Millennials, and 14% of Gen X. Gen Z, by contrast, is the most likely to be planning ahead: 32% say they plan to have the conversation but haven't yet.

For older investors who do have conversations with family members, key priorities emerge:

• Half of Baby Boomers and older investors (50%) have shared their wishes for end-of-life care with their family.
• More than four in 10 of all Gen X and older investors (42%) have discussed access to their financial accounts, including 34% of Gen X and 47% of Baby Boomers and older investors.
• Nearly four in 10 (39%) of all Gen X and older investors have shared plans for passing on assets.

"When an older adult you’ve depended on your whole life for wisdom and stability suddenly becomes unable to manage their finances or care for themselves, it can feel like an instant crisis for many families,” Perez said. “It doesn’t have to be that way. Intergenerational conversations can help create a shared roadmap for how a family can come together to follow through on their loved one’s wishes if and when the time comes to do so.”

Advisors are ready to facilitate difficult conversations

Confident in their ability to navigate sensitive family dynamics, advisors are supporting families through difficult financial conversations. Nine in ten (90%) advisors say they currently facilitate conversations between aging clients and their adult children about retirement planning, healthcare costs, or financial security, including 43% who say it's a standard part of their practice. Most (91%) advisors say they are confident in their ability to facilitate sensitive family conversations with their clients.

Advisors are evolving their practices for a multi-generational approach

With most Baby Boomers having crossed the retirement threshold, nearly one in five advisors (17%) say their biggest concern about the long-term sustainability of their practice is client demographics, attracting new clients as older clients approach the end of their lives.

Advisors are taking deliberate action to better serve younger clients. Among advisors who work with clients under 45, the top approach to adapting their practice to serve across generations is focusing on retaining the family of existing clients via relationship building (27%). Additionally, a quarter of advisors (25%) say they are expanding their service offerings to be more holistic, rather than focusing on an investment-only approach.

“One of the biggest opportunities for advisors isn’t finding the next client – it’s deepening relationships with the families they already serve. It’s great to see advisors recognizing this and making it a focus. Advisors who intentionally bring family members into financial conversations, offer education around wealth transfer and stay present during major life events are far more likely to preserve trust and maintain continuity across generations, growing their practice as a result.”

Perez offered these tips to help families structure financial planning conversations with or without an advisor:

1. Start with wishes: Talk first about what matters most: End-of-life wishes, health and long-term care preferences, funeral plans, legacy goals, and how individuals want decisions made if they can no longer speak for themselves.
2. Make a plan for “if I need help:” Older parents should explain where key information lives — bank accounts, insurance policies, passwords, advisor contact information, legal documents, monthly bills, and emergency contacts — so adult children can step in quickly if needed. Agree on who would help, when they would step in, and what authority they would need.
3. Get the legal basics in place early: A conversation about money should include whether important documents are in place, including a will, power of attorney, healthcare power of attorney and any beneficiary designations. The goal is to reduce confusion, family stress, and delays later.
4. Share lessons learned across generations: Older savers can pass on the habits that helped them most — sharing tips related to living within their means, saving consistently, avoiding unnecessary debt, planning for emergencies, and thinking long term. Adult children can also highlight the financial challenges they may be facing. Parents are likely to have great advice or lessons learned that can benefit their younger loved ones today.
5. Make it an ongoing conversation, not a one-time event: The best family money talks are honest, respectful, and repeated over time. End the discussion with clear next steps: what documents to gather, what decisions need follow-up, and when to check in again.

 

For more insights on this survey data, see our infographic.

Nationwide’s eleventh annual Advisor Authority study, powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

 

About Advisor Authority: Methodology

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+).

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.3 percentage points using a 95% confidence level. For investors data is accurate to within ± 2.98 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.  For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].