Intergenerational planning helps families talk about finances, care and wealth transfer

04/27/2026 — As a financial professional, family is at the heart of your business. You offer guidance to your clients as they seek financial security for themselves in retirement and for their families in the future.

But as many of us know with our own families, different generations don’t always see eye to eye on certain matters. That’s even true with finances. When it comes to money, many family members aren’t communicating at all about their future plans or wishes, which can lead to problems when their families need to step in and help. 

This situation is common even for someone like myself who has worked in the financial industry for over 20 years. I have visibility to my parents’ financial accounts and trust documents, but we are just beginning to have conversations around holistic financial planning. We even work with the same financial professional, so we’re in a better position than most to have a family financial planning discussion. 

A new Advisor Authority survey, powered by the Nationwide Retirement Institute^®, uncovered some stark differences across generations in their attitudes toward family financial planning. Insights from this survey can help you prepare your clients and their families for the financial road ahead, including providing support and care to older family members and planning for the smooth transfer of family wealth. 

Generations may be split over family financial planning discussions

Many families are already engaged in discussions about their financial future. But you may find, as we did in our survey, that some family members may not be as enthusiastic as others about these conversations. 

More than half of surveyed investors (53%) said they’ve had conversations with family members in the past 12 months about planning for financial security in retirement. Yet, it’s more common among older investors (27% of Boomers age 62 and up) to say that these discussions are not necessary. 

What could explain this reluctance among older investors? Our survey revealed some key financial planning priorities among Boomers and Gen Xers (age 46-61). For example: 

• Half of investors in the Baby Boomer generation and older have shared their wishes for end-of-life care with their families.
• 47% of Boomers and 34% of Gen Xers have discussed access to financial accounts with family members.
• Nearly four in 10 of all Gen X and older investors (39%) have shared plans for passing on assets.

Your place at the family planning table

While private family conversations are a good place to start, a family meeting with a financial professional at the table can accelerate a family’s ability to ensure a smooth, efficient and dignified transition. That may be easier said than done with certain families. You may encounter resistance from some clients or family members who wouldn’t welcome an outside presence in what are essentially family matters. 

This is more likely among older generations; among Boomers with existing financial professional relationships, only 16% would welcome their financial professional to facilitate family financial planning discussions. However, younger generations, including 60% of Millennials (age 30-45) are open to offering you a seat at the family table for a financial planning discussion.  

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As a financial professional, how can you counter this resistance? First, understand that any resistance is based on emotion. While it’s hard to play down emotions when it comes to money, you can help families focus on what each person values when it comes to their accumulated wealth. With older clients, stress the importance of communicating how they want the wealth they pass along to heirs to be managed. With younger generations, help them recognize the responsibilities that inheriting family wealth brings and be ready to assume the role of financial caretakers for their aging parents. 

Your role can also be more practical, making sure there’s a plan for the smooth transfer of these assets in place and communicating to all family members how this transfer will actually work. 

Reaching out to families across generations

Family dynamics can be on full display when discussions turn to finances. But as these conversations develop, you may need to help steer family members back toward the ultimate goal of financial planning—preparing for the inevitable with a specific plan to ensure continued financial security. 

The worst-case scenario is when a family that doesn’t talk or plan for the future is thrown into crisis mode when an older parent passes away or becomes unable to manage their finances. Facilitating a family financial discussion before this crisis happens can help different generations come together to follow through on their loved ones’ wishes if and when the time comes to do so.

Here are some suggestions that can help you structure family financial discussions:

• Talk first about what matters most. That could include end-of-life wishes, health and long-term care preferences, funeral plans, legacy goals, and how each person wants decisions to be made if they can no longer speak for themselves. 
• Make a practical “If I need help” plan. Advise your older clients to put key information in writing—bank accounts, insurance policies, passwords, advisors, legal documents, monthly bills and emergency contacts—so adult children can step in quickly if needed. This plan should be specific about who would help, when they would step in, and what authority they would need. 
• Get the legal basics in place. Family discussions about money should include whether important documents are current, 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. 
• Share lessons learned across generations. Younger generations can benefit from the lessons that older generations have already learned—that it pays to live within your means, save consistently, avoid unnecessary debt, plan for emergencies, and think long term. Older generations should listen to the challenges their adult children are facing right now and help in ways that can have the greatest impact. 
• Make it an ongoing conversation. The best family 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.

Build trust with family members that lasts for many generations

With trillions of dollars in wealth set to move from one generation to the next in the coming years, communication between older and younger family members has never been so important. 

But these conversations don’t have to be just about wealth transfer. Older generations can help younger family members understand their wishes for their wealth and be prepared to step in with financial help when the time comes. They can also pass along wisdom and lessons learned to help their heirs plan for their own retirement. 

Your position as a financial professional can help everyone get on the same page and prepare for a smooth transition of wealth in due course. By bringing family members into financial conversations, offering education around the wealth transfer process and staying present during major life events, you are far more likely to preserve trust with existing clients and maintain continuity across generations.

Sources and disclaimers