connect with heirs
Engaging the Next Generation
A critical time to engage the next generation of clients — and retain family wealth
Gen X, Millennials, Gen Z
After decades of building trusted relationships with Baby Boomer clients, many financial professionals face a new reality: the next generation expects something different.
Gen Xers and Millennials — and soon Gen Z — are entering their peak earning years and bringing new expectations for what advice looks like, how it’s delivered, and the kind of relationship they want with a financial professional.
Starting relationships early in their wealth-building years positions you as the trusted partner they can turn to when the time comes to protect the wealth you’ve helped them build.
Why Next Gen Deserves Your Focus
The Great Wealth Transfer is already underway — and the balance of wealth and decision-making power is rapidly shifting to younger generations.
Roughly $124 trillion is projected to move from Baby Boomers to Gen X, Millennials, and Gen Z by 20481 (averaging $5+ trillion per year).
Millennials have become the wealthiest generation in history, surpassing Gen X and Baby Boomers at the same age. Together, Gen X and Millennials now hold the majority of management and leadership roles — and they’re entering their prime earning, saving, and investing years.
Roughly $124 trillion is projected to move from Baby Boomers to Gen X, Millennials, and Gen Z by 2048 1
These generations represent a tremendous opportunity for those who reach them early — during their wealth-building years — and stay connected as their needs evolve.
Yet 81% of high-net-worth heirs leave their parents’ financial professional within two years of inheriting assets.2
What Younger Clients Want
They’re looking for personalized guidance rooted in transparency and education. They don’t just want instructions; they want to understand the why behind decisions so their choices align with their goals and values.
They’re also juggling competing priorities:
- Paying down debt
- Caring for aging parents
- Saving for retirement
- Building generational wealth
All while pursuing purpose and flexibility.
They’re looking for a financial professional who can help them balance these trade-offs, make more informed decisions, and stay accountable to their goals.
Financial professionals who bridge generations — engaging younger clients while maintaining trust with existing Baby Boomer clients — can gain and retain relationships for the long-term.
The Evolving Role of the Financial Professional
As client expectations shift, so must the financial professional’s role. Today’s financial professionals are no longer just portfolio managers or retirement planners — they’re coaches, educators, and partners in holistic planning.
This requires a paradigm shift: from focusing primarily on technical and transactional side of financial advice to prioritizing connection, communication, and understanding what truly drives each client.
And it’s keeping in mind that the strategies that worked with Baby Boomers won’t necessarily resonate with Gen X, Millennials, or Gen Z.
- To win over the next generations, focusing on the human side of advice and meeting younger clients where they are builds trust that endures across generations — and helps future-proof your practice.
This shift is more than a trend; it’s a transformation of the profession.
Financial professionals who embrace this evolution will stand out not by what they know, but by how well they understand the people they serve — empowering a new generation to build, protect, and sustain their wealth with purpose.
How Guaranty Income Life can help
- Deepen understanding of generational motivations, behaviors, and financial priorities
- Encourage a more human-centered approach that blends technology with empathy and insight
- Provide educational and lead-generating resources that help financial professionals connect with younger clients and their families
- Reinforce how annuities can support long-term financial stability, protection, and income when the time is right
