Financial advisors urged to rethink NextGen focus in wealth transfer

5 articles · Updated · The Globe and Mail · May 5

The article says Gen X clients with ageing parents are often the real near-term decision-makers, not millennials or Gen Z, and warns advisors risk being sidelined during family transitions.
It argues advisors should treat NextGen as a role, identify the family co-ordinator, and address care decisions, powers of attorney, fraud risks and fairness disputes before crises erupt.
The piece says preparedness can deepen trust and retention, while silence over caregiving costs or inheritance expectations can fuel sibling conflict, legal disputes and lost advisory relationships.

Is the future of financial advice more about managing family dynamics than managing money?

As advisors become family mediators, what new legal and ethical risks do they face?