CII Says Profession is ‘More Worried Than Prepared’ for £5.5Trillion Great Wealth Transfer

The Chartered Insurance Institute (CII) Group has published findings from its Great Wealth Transfer Roundtable, warning that the financial planning profession is underprepared for the largest intergenerational transfer of wealth in UK history, estimated at £5.5 trillion by 2050.

 Bringing together financial planners, policy influencers, and consumer advocates, the roundtable revealed growing concern, as well as a lack of readiness across the sector. A majority of survey respondents acknowledged the potential to lose clients after bereavement, yet only 44% have an intergenerational advice strategy in place, and fewer than 40% have a strategy for engaging adult children - the group identified as the hardest to support post-inheritance.

With only one in ten UK adults accessing regulated financial advice, the majority of those set to inherit wealth may do so without professional guidance. The report suggests that the greatest barriers are behavioural, with advisers highlighting difficulties in navigating complex family dynamics, building trust with inheritors, and encouraging families to discuss inheritance and end-of-life planning.

 The CII is both calling for and enabling greater collaboration across professions and policymakers, alongside enhanced research to better understand and address the risks. The key priorities identified include:

 ·    Improving cross-sector standards and coordination

·    Strengthening protections against economic abuse

·    Expanding access to financial advice

·    Developing practical toolkits for firms

·    Building evidence on the cost of unadvised inheritance

 Adam Harper, Executive Director of Strategy, Advocacy and Professional Standards at the CII Group, commented: "The Great Wealth Transfer represents a defining moment for the financial advice profession and the clients it serves. While awareness is growing, this report highlights the urgent need for coordinated action to ensure the sector is prepared to support consumers in this significant shift."

 Carla Brown, President of the Personal Finance Society, said:

"The scale of the Great Wealth Transfer brings with it both profound responsibility and a significant opportunity for finance professionals. Too many families are still unprepared for the emotional and financial complexities that come with passing on wealth.

 We need to evolve how we engage, not just with our clients, but with their families too, building trust across generations and making sure that any inheritance is supported by clear, well-structured financial planning."

Read the Great Wealth Transfer Roundtable summary report here

The Chartered Insurance Institute (CII)

The Chartered Insurance Institute is the professional body dedicated to building trust in the insurance and financial planning profession. Our strapline Standards. Professionalism. Trust. embodies our commitment to driving confidence in the power of professional standards: competence, integrity, and care for the customer.

We deliver that commitment through relevant learning, insightful leadership, and an engaged membership. Our members commit to high professional standards by maintaining continuous professional development and abiding by our Code of Ethics. The Chartered Insurance Institute is proud to be a member of the Chartered Body Alliance and the Institute for Global Insurance Education.

The Personal Finance Society (PFS)

The Personal Finance Society is a professional body dedicated to building public trust in the insurance and financial planning profession. Our strapline 'Standards. Professionalism. Trust.' embodies our commitment to driving confidence in the power of professional standards: competence, integrity and care for the customer. We deliver that commitment through relevant learning, insightful leadership and an engaged membership. Our 40,000 members commit to high professional standards by maintaining continuing professional development and adhering to a published ethical code.