Family wealth is increasingly becoming a multigenerational planning issue. Trillions of dollars are expected to change hands over the coming decades, and many high-net-worth families will go through that transition with an advisor already managing their wealth. That gives RIAs an opportunity to work with the next generation before assets are transferred.

Managing multigenerational wealth involves more than deciding how a portfolio should be invested. Family meetings, clear decision-making rules, financial education, and a shared sense of purpose can help families prepare for a transfer while keeping multiple generations involved in the advisory relationship.

How Can Family Meetings Help With Wealth Transfer?

81% of high-net-worth advisory practices consider family meetings and regular communication the most effective way to support wealth transfer planning.

These meetings work best when they have a clear purpose and structure. Instead of focusing only on account balances, families can discuss their values, philanthropy, education funding, roles within the family, and plans for a business or other major assets.

Advisors can start with several meetings and then continue with at least one family meeting each year. Bringing spouses and adult children into the relationship early gives them a chance to understand the family’s financial plan and get to know the advisor before they eventually take on more responsibility.

What Governance Structure Should Families Have?

Every family makes financial decisions, but without clear rules those decisions can become difficult when more people become involved. A simple governance structure can define who makes which decisions, how information is shared, and what happens when family members disagree.

Common elements include a family purpose or values statement, a family council, defined responsibilities for investments and distributions, and a regular process for reviewing the plan.

The need for this structure is clear in family-office research. One 2026 survey found that 71% of family offices did not have a family constitution, while 45% did not have a succession plan. 

How Can RIAs Prepare the Next Generation to Manage Wealth?

An heir who suddenly receives control over a large portfolio may have little experience making financial decisions. Preparing the next generation early can make that transition easier and give them a reason to stay involved with the family’s advisor.

A practical approach is to introduce heirs gradually. They can first observe family meetings, then learn about the investment policy, tax considerations, and philanthropic plans. Later, they can take responsibility for smaller decisions under the guidance of their family and advisor.

Some families give younger members a supervised portfolio or let them participate in grant decisions through a donor-advised fund. This gives heirs an opportunity to practice managing real assets rather than simply learning about wealth in theory.

What Other Areas Can Help RIAs Deliver More Client Value?

Multigenerational wealth planning also gives RIAs a chance to look beyond investment returns and make sure clients receive other financial benefits available to them.

Securities class action recovery is one example. Settlements totaled approximately $8 billion in 2025, creating another potential source of value for eligible investors. Platforms such as 11th.com automate settlement monitoring, holdings matching, claim filing, and payout delivery, making it easier for RIAs to identify and collect these recoveries without creating another manual process for their teams.

For families managing wealth across generations, capturing these opportunities can be part of a broader approach to making sure that no meaningful source of financial value is overlooked.

What Will Multigenerational Wealth Management Look Like in 2026 and Beyond?

As more family wealth moves to the next generation, RIAs will need to think about the family relationship as well as the individual client account. Family meetings, clear decision-making rules, financial education, and philanthropy can help bring heirs into the process before a major transfer takes place.

FAQ

What is multigenerational wealth management?

It combines investment, estate, communication, and governance planning to help families manage and transfer wealth across generations.

How often should families meet with their advisor?

Many advisors start with several family meetings and then hold at least one structured family session each year.

Do families need a formal family office to have governance?

No. Clear responsibilities, decision-making rules, and regular family meetings can provide a basic governance structure without a dedicated family office.

Why involve heirs before they inherit?

Early involvement helps heirs understand the plan, build a relationship with the advisor, and gain experience before taking on more responsibility.

How does philanthropy help prepare the next generation?

A donor-advised fund or foundation can give heirs a structured way to practice financial decisions while working within the family’s broader goals.