Millennials push for family-first advice as boomers keep finances private

A widening generational gap is reshaping how families approach financial planning, with younger investors far more open to bringing advisors into sensitive discussions than their older counterparts.

New research from the Nationwide Retirement Institute shows Millennials are leading a shift toward collaborative, family-based planning. Six in 10 Millennials who work with a financial professional say they would welcome their advisor into family conversations about finances. That compares with 32% of Gen X investors and just 16% of Baby Boomers and older investors who feel the same.

At the same time, older investors are far more inclined to keep financial matters private. Nearly half of Baby Boomers prefer not to involve others in these discussions, versus only 10% of Millennials.

The divide comes as trillions of dollars are expected to move between generations, raising concerns about whether families are adequately prepared for the transition. While 64% of Baby Boomers say they are already transferring or planning to transfer wealth, many have yet to prepare their heirs for managing those assets. Fewer than one-quarter of Gen X and Baby Boomers have discussed how family members should step in if they become unable to handle their own finances.

“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.”

Despite the stakes, many families are still avoiding the conversation altogether. Just over half of investors say they have discussed financial planning with relatives in the past year, leaving a sizable portion who have not — including some who believe such conversations are unnecessary.

Reluctance is especially pronounced among older generations, where more than a quarter of Baby Boomers say these discussions aren’t needed. Younger cohorts are more proactive, with Gen Z the most likely to say they intend to have these conversations soon.

When discussions do occur, they tend to focus on practical concerns. About half of older investors have shared end-of-life preferences, while many have also outlined access to financial accounts or plans for passing down assets.

Advisors, for their part, appear ready to take on a larger role in guiding these conversations. Nine in 10 say they already help facilitate discussions between clients and their families, and a similar share express confidence in handling sensitive topics.

That growing involvement reflects a broader shift in advisory practices toward multigenerational engagement. With older clients aging out, firms are increasingly focused on building relationships with the next generation. Strategies include strengthening ties with clients’ families and expanding services beyond traditional investment management.

As Pérez noted, “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. 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.”