Estate planning is no longer just a legal checkbox—it’s becoming a critical expectation for today’s financial advisor clients. In an era where wealth management is deeply personal, and generational wealth transfer is top of mind, consumers are seeking financial advisors who offer comprehensive financial and estate planning support. This article explores key findings, statistics and facts from our 2025 Financial Advisor Report, highlighting consumer attitudes, behaviors, and expectations at the intersection of financial advising and estate planning.
Key Takeaways:
40% of financial advisor clients would switch to an advisor who offers estate planning services.
Estate planning demand spans income, political, and racial lines—though gaps in access and awareness remain.
Financial advisors already serve as trusted guides on personal finance, making estate planning a natural extension of their role.
Methodology
The study was conducted by WeAreTalker (formerly OnePoll) on behalf of Trust & Will. The survey was fielded between January 3–13, 2025, and included 10,000 U.S. adults aged 18 and older. Respondents were randomly selected to provide a diverse range of perspectives across age, income, education, race, political affiliation, and geography. The results have been weighted where necessary to ensure demographic accuracy and reflect the current state of estate planning and financial attitudes in America.
II. Consumers Who Do and Don’t Use Financial Advisors
General Findings:
Only 27% of respondents currently work with a financial advisor.
73% of respondents do not work with a financial advisor, highlighting a vast opportunity for growth in the financial advisory market.
When Should You Get a Financial Advisor: Youngest Generations are Engaging Earlier in Life
When it comes to working with financial advisors, usage is remarkably consistent across generations. Millennials (29%), Baby Boomers (31%), and the Silent Generation (32%) are among the most likely to engage with an advisor, showing strong interest across both older and younger age groups.
Gen Z isn’t far behind at 28%, suggesting early adoption of financial guidance. Gen X, however, lags slightly at 21%, representing the lowest engagement among all generations, despite being in a prime stage of life for estate and financial planning.
At what income level should you get a financial advisor?
The higher the income, the more likely someone is to have a financial advisor:
Making Under $25,000: only 10% of people have a financial advisor.
Making $250,000 - $499,000: 68% of people have a financial advisor.
Making Over $1,000,000: 69% of people have a financial advisor.
Who is Most Likely to Use a Financial Advisor?
Engagement with financial advisors varies across geography, education, gender, and race—offering a clearer picture of who’s seeking guidance when it comes to planning their financial future.
Suburban residents lead the way, with 30% reporting they work with a financial advisor—slightly higher than their urban (27%) and rural (22%) counterparts. While political affiliation shows minimal influence on advisor usage, education is a clear factor: those with higher levels of education are more likely to seek out financial guidance.
When it comes to gender, men (32%) are more likely than women (24%) to partner with a financial advisor. And racial differences show notable variation: Asian Americans (32%) report the highest usage, followed by White (28%), Black (24%), and Hispanic (23%) individuals.
III. Financial Advisor Estate Planning Statistics
Can a Financial Advisor Help With Estate Planning?
Most people agree: estate planning isn’t just important, it’s a key piece of your overall financial health. In fact, 70% of people believe estate planning should be part of financial planning.
When asked how essential it is, the responses are telling: 37% say it’s absolutely essential to have an estate plan, while another 33% see it as a valuable “nice-to-have.” Only a small group of people—just 10%—believe estate planning stands entirely apart from financial planning.
And this connection is especially strong among younger generations, who are increasingly recognizing the importance of estate planning as they build wealth and look toward the future.
IV. The Expanding Role of Financial Advisors
What should you tell your financial advisor?
When it comes to what clients share, there’s no one-size-fits-all approach. Forty-three percent of people open up about family dynamics that could affect their financial future, while 39% keep conversations strictly financial. Meanwhile, 18% are fully transparent, choosing to disclose everything to their advisor.
How much information should you share with your financial advisor?
The level of transparency often depends on age and education. Older and more educated clients tend to be more forthcoming, recognizing that estate planning is deeply personal and intertwined with family relationships and long-term goals.
What Clients Want from Advisors in Estate Planning:
When it comes to estate planning, clients are looking for more than just investment advice. Forty-one percent want help with specific tasks, like updating beneficiary designations or optimizing tax strategies. Thirty-seven percent are seeking educational support to better understand their options. Another 35% want full estate planning services, including help drafting essential documents.
Proactive reminders matter, too—33% want advisors to prompt them when it’s time to revisit or update their plan. And 32% value collaboration between their advisor and an estate planning attorney, ensuring a cohesive, well-rounded approach.
Demographic Insights:
Generational and life-stage differences reveal deeper preferences. Millennials tend to favor hands-on guidance, showing strong interest in both Help (41%) and Collaboration (38%). Gen X leads other groups in wanting financial advisors to offer full estate planning services (37%).
Financial Planning for Women & Parents
Women are more likely than men to support financial advisors offering estate planning support, at 37% versus 33%. And parents—especially those with young children—are among the most engaged, showing increased interest across all areas of estate planning support.
V. Why Estate Planning is a Dealbreaker: Clients Would Switch Advisors
Estate planning has become a key differentiator for advisors. Forty percent of clients say they’d switch to a new advisor if estate planning services were offered. Meanwhile, 22% already have access to estate planning through their current advisor. Still, 38% say they wouldn’t switch—highlighting both loyalty and the opportunity for advisors to deepen relationships by expanding their offerings.
Key Trends:
Gen Z: 63% would switch to a new advisor that offers estate planning—highest of any group.
$500,000 - $999,000 earners: 82% would switch to a new financial advisor that offers estate planning.
Urban: 51% would switch.
Non-white respondents: 57% vs. White respondents: 34%.
Parents with children under 18: 63% willing to switch.
VI. Estate Planning as the Next Frontier for Financial Advisors
Estate planning services aren’t just an added benefit—they’re an expectation. Financial advisors who expand their role to include estate planning can build deeper, more resilient relationships with their clients, and meet a growing demand that spans generations and demographics.
At Trust & Will, we keep things simple. You can create a fully customizable, state-specific estate plan from the comfort of your own home. Take our free quiz to see where you should get started, or compare our different estate planning and settlement options today!
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