Estate planning becomes a client retention issue for financial advisors, survey finds

Estate planning is becoming less of an optional service and more of an expectation among advisory clients, with new research suggesting firms that fail to offer it could risk losing business. 

According to Trust & Will’s 2026 Financial Advisor Report, 68% of advised clients said that they would consider switching to another financial advisor who offers estate planning services. Among advised Generation Z and Millennial clients, that figure is roughly eight in 10, highlighting a growing demand from younger investors.  

The findings suggest estate planning is evolving into a competitive advantage for advisors as younger generations increasingly seek comprehensive financial guidance. 

The survey also found that 61% of Americans believe financial advisors should offer estate planning as part of their services, while only 17.5% said advisors should not. Nearly 68% also believe advisors have a responsibility to flag outdated or incomplete estate plans, with 45% saying advisors should do so without clients having to ask.  

Advisor adoption is also changing across generations. Overall, 31.2% of Americans now work with a financial advisor, up from 26.9% last year. Much of that growth came from younger investors, with advisor usage among Gen Z rising from 28.2% to 41.7% in one year and Millennials increasing from 28.5% to 38.5%. Meanwhile, Baby Boomer adoption declined from 31.1% to 24.3%. 

Read more: How advisors can turn client emotions into a financial plan 

The report notes that younger generations are both adopting financial advisors at higher rates and placing greater importance on advisor-led estate planning. 

Economic uncertainty appears to be reinforcing those expectations. More than half of respondents, 54%, said their financial anxiety has increased over the past year, while roughly half said current economic conditions have made them more motivated to put their estate plans in order. 

The report also found Americans are increasingly turning to advisors, rather than attorneys, for estate planning. About 27% said they would prefer to create or update an estate plan with a financial advisor, compared to about 24% who would choose an estate planning attorney. Another roughly 19% said they would prefer both professionals to be involved. 

Despite heightened interest, many Americans remain unprepared for the coming intergenerational transfer of wealth. Nearly 48% of respondents said they do not feel prepared for the Great Wealth Transfer, which is expected to move trillions of dollars from older generations to younger heirs over the coming decades. 

Read more: Lost in transition: Why family fortunes rarely survive the second generation, and what to do about it 

For advisor firms, the findings suggest estate planning is becoming more than a supplementary service. As client expectations begin to evolve, particularly among younger investors, integrating estate planning into broader financial advice may become increasingly important for both attracting and retaining clients.