Wealth professionals observe the ‘Great Wealth Transfer’ getting underway

Wealth industry professionals are seeing the beginning of the ‘Great Wealth Transfer' among high net worth (HNW) families, with 77 per cent seeing evidence of this in the past 12 months, according to the Society of Trust and Estate Practitioners (STEP).

Its STEP Barometer 2026 report, which surveyed over 500 legal, financial, and wealth practitioners, found that while the vast majority had seen evidence of wealth transfer activities, succession planning was being hampered by conflicts in blended families, future care concerns, and a lack of confidence in younger generations’ ability to handle inheritance and business affairs.

Blended families were the leading cause of legal or planning challenges to business succession or inheritance, cited by 71 per cent of practitioners, with 41 per cent seeing an increase in disputes within blended families over the past 12 months.

The report highlighted that trust and estate planning practices were increasingly dominated by compliance, and 85 per cent of practitioners reported seeing a rise in regulatory and compliance burden on their practice in the past three years.

HNW families were also found to be becoming more internationally mobile, with 60 per cent of respondents seeing more internationally mobile clients.

Almost two thirds (63 per cent) of practitioners said the rise in multi-jurisdictional families was creating significant wealth planning challenges.

More than half (51 per cent) had seen an increase in HNW families relocating abroad for tax reasons.

Loss of capacity and cognitive decline among an ageing population was also affecting practices, and while 74 per cent of practitioners were confident they could spot the signs of financial abuse, 44 per cent had seen instances of actual or suspected vulnerable person financial abuse.

STEP called for better safeguarding and greater public awareness of this issue, with 73 per cent of practitioners agreeing there was a lack of public awareness, education or vigilance of financial abuse of the elderly and vulnerable.

The report also explored philanthropic giving among HNW families. More than half (56 per cent) of practitioners saw clients’ personal values and beliefs as the greatest driver of philanthropy, ahead of death (19 per cent) and tax advantages (17 per cent).

STEP said these changing attitudes to wealth were influenced by new types of clients seeking advice, including more internationally mobile clients, women leading family wealth decisions, and younger HNW individuals.

More than a third (36 per cent) of practitioners had changed how they framed discussions about wealth and purpose as clients become more open to conversations about responsible wealth stewardship, and motivations for wealth planning move beyond tax mitigation and asset protection.

“The barometer points to a sector stepping up to meet the shifting demands of increasingly complex and internationally mobile families at a time when trusted expert advice, guidance and open communication within families is needed now more than ever,” said STEP CEO, Emma Lovell.

“It highlights how the role of practitioners is adapting to meet these changing demands – from offering traditional legal and tax advice towards providing more holistic, values-driven coaching and guidance, helping clients navigate key milestones throughout their lives.

“While the headlines often focus on family conflict, inheritance disputes, AI risks and a wealth exodus, a much more nuanced story is in play.

“The STEP Barometer looks behind the scenes at the key themes, highlighting what expert and trusted practitioners are seeing and doing in reality as they support the most vulnerable people and families to navigate new and complex challenges.

“More open conversations are being encouraged, and the role of the adviser is changing as clients seek help, advice and support that goes far beyond technical legal and tax advice.”

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