The Rising Importance of Estate Planning Services Among Financial Advisors in 2026
The Rising Importance of Estate Planning Services Among Financial Advisors in 2026
In an era where financial stability is top of mind, estate planning has emerged as a crucial service that clients now expect from their financial advisors. The latest 2026 Financial Advisor Report by Trust & Will has uncovered significant insights into this evolving landscape, showing that a remarkable 68% of advised clients would consider switching to an advisor that offers estate planning services.
A Shift in Client Expectations
Traditionally viewed as an optional service, estate planning is now perceived as essential by many Americans. The report, which surveyed 1,500 U.S. adults, reveals that nearly 61% of respondents believe financial advisors should include estate planning in their offerings. This marks a substantial shift, particularly among younger demographics. For Gen Z and Millennials, this figure is even higher, with roughly 80% expressing the desire for their advisors to assist directly with estate planning.
This growing demand can be largely attributed to increased financial anxiety brought on by current economic conditions. As reported, 54% of Americans are experiencing heightened financial worries, with similar numbers feeling an urgent need to prioritize their estate planning.
Cody Barbo, the Co-Founder and CEO of Trust & Will, highlighted, "For years, the challenge in estate planning was convincing people it mattered. That is no longer the issue. Citizens are aware of the need for a plan, and they are actively seeking advisors to help construct it."
Generational Changes in Advisor Relationships
The report's findings also indicate a generational shift in who collaborates with financial advisors. The survey noted a significant rise in advisor adoption among Gen Z, jumping from 28% to 42% in just one year, while Millennial engagement increased from 29% to 39%. Conversely, the percentage of Baby Boomers opting for financial advisors has declined from 31% to 24%.
This generational change signifies that younger investors, facing the unique economic challenges of today, are keenly aware of the importance of thorough financial planning—including estate planning.
The Preferred Channel for Estate Planning
In terms of how Americans prefer to approach estate planning, the report indicates a noteworthy trend: more individuals are choosing to work with financial advisors rather than solely turning to estate planning attorneys. Specifically, 27% of respondents favored collaborating with financial advisors, compared to 24% who preferred attorneys, while 19% expressed a desire for both professionals to be involved in the process.
This emphasizes the emerging role of financial advisors as key players in the estate planning process, a shift that could reshape the future of client-advisor relationships.
The Client-Specific Expectations
Trust & Will’s report also outlined the expectations clients have regarding their financial advisors and estate planning. For example:
- - Accountability Matters: 68% believe advisors should proactively notify clients about outdated or incomplete estate plans, while 45% expect this to happen without needing to ask.
- - Initiative is Key: Over 82% of advised clients recalled their advisors initiating conversations about estate planning, with 56% expressing heightened urgency to address their planning needs as a result.
- - Awareness of Wealth Transfer: Nearly half of respondents (48%) feel unprepared for the impending wealth transfer, estimated at $84 to $124 trillion.
- - AI's Role: Interestingly, 41% are open to using AI for creating estate planning documents. However, the desire for human oversight remains strong, particularly for complex scenarios.
Conclusion
The 2026 Financial Advisor Report by Trust & Will clearly illustrates a vital transformation in the realm of estate planning. Financial advisors must recognize this shift and adapt their services to meet the rising expectations of clients, particularly among younger generations who are now taking a more active role in their financial futures. As estate planning continues to gain prominence, those financial advisors who integrate these services into their offerings will likely find success in harnessing the trust and confidence of the next wave of clients.
For a deeper dive into the findings and insights of the 2026 Financial Advisor Report, visit Trust & Will's website.
Topics Financial Services & Investing）
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