Financial planners are increasingly emphasising the importance of including their clients’ entire family units in the wealth transfer process, research from Quilter Cheviot and The Lang Cat has found.

According to the study, 17 per cent of financial planners always involve family members when advising, while 77 per cent suggest including the wider family but leave the final decision to the client.

Despite advisers’ efforts, a survey by YouGov showed that 32 per cent of those who paid for specialist advice over the past two years said their adviser did not include their spouse or family in the process.

Quilter Cheviot also highlighted that advisers were divided on how to charge for advising additional family members, with 32 per cent treating them as separate individual clients and charging accordingly.

Meanwhile, a third (33 per cent) charged the family as a single entity, while 17 per cent charged the wider family separately but at a lower rate than the primary client.

Two thirds (66 per cent) of people who had received advice expected a financial adviser to also provide advice to their spouse and/or family as part of the service.

Furthermore, 42 per cent of those who involve their wider family expected their adviser to involve their spouse and/or family immediately at no extra cost.

Just 11 per cent of clients who use independent financial advisers would not want their family to continue receiving advice from their adviser.

Quilter Cheviot stated that the findings highlighted the importance of financial planners adopting a more inclusive approach, ensuring that their clients’ entire families are prepared for the great wealth transfer.

"In the face of the great wealth transfer, it is imperative for financial planners to adopt a comprehensive and inclusive approach that involves the entire family unit,” commented Quilter Cheviot head of technical, David Denton.

“Our research highlights that while many advisers are making strides in this direction, there is still room for improvement.

“By ensuring that spouses and family members are actively included in the financial planning process, we can better meet the expectations of our clients and facilitate a smoother transition of wealth across generations.

“This holistic approach not only strengthens family financial security but also builds lasting trust and relationships with clients."

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