How Advisors Can Capture the Next-Gen Saver and Wealth Transfer Opportunity

The largest wealth transfer in history is already underway. Roughly 10,000 Baby Boomers retire every day, with the bulk of retirements happening now through 2027. By 2030, nearly 74 million Americans will be retired, and trillions of dollars in assets will be moving into the hands of Millennials and Gen Z.

Yet, studies show that more than 70% of heirs change advisors after inheriting wealth. Without existing relationships with the next generation, the assets you manage for today’s clients could walk out the door tomorrow.

Next-gen savers think and act differently. To capture the wealth transfer opportunity, advisors must engage them now, on their terms. This blog distills insights from that panel into practical strategies for building lasting relationships with Millennials and Gen Z and positioning your practice to grow assets as wealth shifts across generations.

Why Next-Gen Engagement Matters

This fall, Vestwell hosted VEST 2025, our inaugural savings summit uniting leaders across finance, policy, and technology to explore the future of savings. During the event, Vestwell’s Doug Magnolia, First Merchants Corporation’s Michael Joyce, and Earned Wealth’s Bill Martin tackled this new era of wealth transfer head-on.

Millennials are now the largest segment of the workforce, and Gen Z is close behind. Together, they bring new expectations for how financial services should look and feel.

Unlike prior generations, they may tend toward a pessimistic viewpoint: “I won’t reach my parents’ level” and have a lower baseline of trust. If advisors approach them with the same playbook used for Boomers, they risk losing relevance.

But why should this matter to advisors? The business case is straightforward:

• Scale of wealth transfer: Roughly $84 trillion will change hands by 2045.
• Retention risk: Most heirs don’t stay with their parents’ advisor.
• Growth potential: Engaging Millennials and Gen Z early builds loyalty and expands the potential for long-term AUM.

Meet the Next Generation on Their Terms

Panelists emphasized that younger savers value transparency, immediacy, and personalization. They expect financial services to function like the apps they use daily: mobile, connected, and intuitive.

Technology and data are the new trust-builders. Advisors who embrace digital experiences, automated nudges, and personalized dashboards are not just meeting expectations; they’re differentiating themselves.

At VEST, Doug Magnolia noted how Vestwell’s platform is helping advisors bridge this generational shift by integrating modern plan design, payroll connectivity, and data-driven engagement tools that make financial wellness tangible for every saver, from Gen Z employees just starting out to Gen X business owners scaling their benefits.

Reframing the Conversation

One of the strongest themes from the discussion was language. “Retirement” feels distant for Millennials and Gen Z. Instead, advisors should focus on financial independence, flexibility, and lifestyle goals.

Panelists shared that reframing saving as a “subscription to your future” or a “raise to your future self” can help younger savers internalize the value of long-term investing. When coupled with small, automated contributions and in-app engagement, these micro-moments of empowerment build consistency—and trust.

Where Advisors Can Start

Advisors who want to retain assets through the generational shift can begin now by:

• Developing a digital-first client experience. Leverage platforms that integrate mobile access, multilingual tools, and automation to make saving frictionless.
• Engaging both generations together. Facilitate intergenerational planning sessions that bring parents and children into shared financial conversations.
• Personalizing outreach. Use behavioral and demographic insights to deliver content that resonates with each life stage.
• Leveraging holistic solutions. Offer education, health, and emergency savings alongside retirement to create multiple entry points for younger clients.

To Vestwell Is to Advise for the Future

The future of advising is hybrid. Advisors who balance empathy and technology will be the ones who win across generations.

At Vestwell, we’re helping retirement plan advisors do exactly that. To Vestwell for the Future by scaling their practices, differentiating their offerings, and delivering modern, data-driven experiences that help every client and employee save with confidence.

Book a demo with our team of specialists to get started today.