The unprecedented shift in wealth that is taking place over the next two decades is far more than simply a transaction between accounts; it will be transformational for families across the US.
With the start of trillions of dollars changing hands, families will be reshaped, along with markets and even philanthropy. And Tom Lewandowski, principal of the High Net Worth Segment at Edward Jones, tells InvestmentNews that this moment is unique.
“The current ‘great wealth transfer’ is happening on an unprecedented scale, with an estimated $84.4 trillion in assets being passed down to younger generations through 2045,” he says. “Ultimately, this wealth transfer is not just about passing down assets, it’s about passing down values, legacy and financial wellness.”
Data suggests wealthy families are far more focused on preparing for this transition than the broader population.
“According to our Edward Jones research, HNW clients are two times more likely to discuss transferring wealth than other clients,” Lewandowski explains. “Over 62% cited leaving an estate as an important long-term goal, compared to less than half of the general population.”
Many of these clients have already given or received an inheritance, and Lewandowski says this makes the conversation real rather than hypothetical.
Family dynamics play an equally important role, as parents and grandparents increasingly want to ensure heirs are ready not just to receive wealth, but to steward it responsibly. Add in heightened anxiety about markets, retirement, and global uncertainty, and the impulse to plan becomes even stronger.
For Lewandowski, helping families manage wealth transfer is as much about navigating relationships as it is about numbers.
“Balancing financial planning and performance with a client’s priorities around family, philanthropy and values is both an art and a science,” he says.
He recalls working with a client who had just sold a business, suddenly coming into a level of wealth the family had never imagined. “They had multiple priorities, including ensuring financial security for their children and grandchildren, establishing philanthropic strategies and, last but most importantly, preserving their family values across generations.”
To support them, the firm helped the family create a ‘legacy charter’ or a written framework of shared values and decision-making principles. That document, Lewandowski says, became the foundation for their entire strategy.
Despite the urgency, common misconceptions persist. Lewandowski points to five he hears most often:
Each, he warns, can derail even the best intentions.
“In reality, proactive planning can help reduce tax impacts and adapt to changing laws,” he stresses. “Lack of communication can lead to confusion or disputes after a client’s death among their beneficiaries.”
To meet the rising demand, the firm has launched a dedicated private client platform for wealthy households called Edward Jones Generations®.
“Generations is designed to meet the complex needs of high net worth clients,” Lewandowski explains. “With it, clients instantly extend and amplify their network of specialists and strategists who deliver comprehensive financial planning, continual financial management and support about key topics that are most relevant as life changes over time.”
The firm is also expanding its investment toolkit, including alternatives such as private credit and real estate, which many families now see as essential diversification strategies. And personalization is taking center stage with the firm having tripled the number of SMA strategies available through its Advisory Solutions UMA Models program.
Read next: UMA vs. SMA: Should your clients choose a unified managed account or a separately managed account?
Yet even with new platforms, products, and strategies, Lewandowski insists that success still comes down to relationships.
“With the wealth transfer underway, it’s hugely important for families to have open and ongoing discussions about inheritance and estate planning,” he says. “Don’t make big changes in reaction to short-term events like market swings, geopolitical headlines, or tariff announcements.”
Instead, he counsels clients to “anchor their choices in a long-term financial plan, not in daily headlines or stock-market noise.
Looking ahead, Lewandowski sees constant change in regulation, technology, and culture. But one factor will remain steady.
“The one constant will be the importance of having a trusted human relationship with a financial advisor.”
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