The scale of global intergenerational wealth transfer is reshaping expectations across the financial advice industry. More than USD100 trillion will pass to heirs over the next two decades, according to some estimates*.  

Although the figures exclude South Africa, the forces driving the shift, ageing wealth holders, concentrated savings, and maturing family businesses, apply locally as well.  

Millennials emerge as the primary recipients of this future capital. For advisers, this means future assets may sit with clients whose decision-making patterns differ sharply from those they currently serve.  

Several global research houses have examined how this transition will affect advisory relationships. Capgemini and EY have each published in-depth studies on client expectations. EY’s 2025 Global Wealth Research Report is particularly relevant because it highlights behaviours shaping both donors and inheritors.  

Two-thirds of surveyed clients use life insurance or risk protection products for downside protection and inheritance planning. For advisers, this reinforces the value of estate planning structures, such as international endowments within diversified global portfolios.  

The same report shows that 64% of clients want meaningful conversations about preparing their estates for transfer. Many advisers treat estate planning as an administrative step, but the research indicates that clients see it as a primary component of the advice relationship.