Data referenced in this article is drawn from Empathy's original research report, The Hidden Barriers to the Great Wealth Transfer.
The Great Wealth Transfer is no longer a distant event. It is happening now and unfolding in a world where 68% of families already use AI-driven tools to research both financial and estate strategies.
Many clients now look to digital experiences and AI for early research, arriving with questions and expectations shaped long before they reach out to an advisor, a firm, or a life insurance carrier.
Our research at Empathy shows just how far this shift has come and what it means for the institutions that support families through these transitions.
How AI-Driven Financial Planning Is Reshaping the Wealth Transfer
AI adoption is near-universal among next-gen heirs. 79% of Gen Z and Millennial clients are using AI for financial guidance. In high-net-worth households, that number rises to 96%.
This is not just a trend among early adopters. It reflects a broader change in how people build trust, form perspectives, and make decisions about their financial futures—reshaping what influences next-gen heir retention.
These next-gen heirs are not disengaged from financial planning, they are deeply engaged—just not always with the institutions that supported their families before. They are building knowledge, forming preferences, and developing loyalty to those who meet them in the digital spaces where they seek answers. When institutions wait until after a transfer event to connect, or have a poor beneficiary experience, they risk losing not just assets, but relationships that were never given a chance to grow.
Will AI Replace Financial Advisors?
It is a question every financial institution is quietly asking. The short answer: no. However, the outcome depends on how advisors and institutions choose to evolve.
We have seen this before. When robo-advisors first emerged, many predicted the end of the human advisor. But clients showed, time and again, that while they value technology, they still seek a human relationship. Many of those early ventures have since closed.
The takeaway? Technology raises the bar for what clients expect from advisors, but it doesn’t replace them.
Our research reveals that the first-touch gap is narrowing, and AI is transforming the initial stages of the client journey. Now, 43% of families first turn to a professional advisor, attorney, or accountant, and 29% turn to AI or self-directed digital research first.
While the first-touch gap is narrowing and AI adoption is growing, the data shows that families are not choosing between technology and advisors. Instead, they are using these tools to prepare for deeper, more meaningful conversations. Institutions that recognize and support this journey will be best positioned to serve families in the moments that matter.
“AI and tools will only continue to increase…Advisors must leverage technology to complement their services and create efficiencies while still offering the emotional care that families need.” - Andres Mazabel
Hear more from Andres: The Great Wealth Transfer Webinar.
The AI Impact on Life Insurance
The behavioral shift reshaping financial planning is playing out just as sharply in life insurance — and the search data captures it in real time.
Generic searches like "top life insurance companies" are declining in search demand, while more specific, intent-driven queries like “life insurance quotes” are rising. The reason mirrors what's happening across the broader financial planning journey: families are turning to AI first. They use it to understand their options and narrow their choices, and then move to a carrier with a focused, purchase-ready question.
The prospect reaching your quoting flow today has almost certainly already done that research. They know more. They're asking sharper questions. And they're evaluating whether your institution can meet them at this new discovery point.
Defining the Next Era of Financial Planning
1. Get into the digital journey earlier.
Many clients form their perspectives long before they request a quote or meeting. By offering digital-first touchpoints—like interactive guides, virtual Q&A sessions, and personalized content—institutions can connect earlier, build trust from the beginning, and better understand what families need.
2. Enable teams to lead with guidance, not just products.
There is often a gap between what families expect and what institutions provide. In our research, families said the #1 thing they wanted was education, yet only 4% of advisors offer it. When institutions help close this gap, they empower advisors to better support families at every stage.
3. Treat the heir relationship as a business priority now.
Many advisors and institutions find that clients are hesitant to involve heirs, and reaching the next generation can be challenging. Yet these heirs will soon be making important decisions about their family's wealth and who will support them. Firms that build relationships with heirs early or work to improve beneficiaries' experience are most likely to continue supporting families through these transitions.
Research & Methodology
Data referenced in this article is drawn from Empathy's original research report, The Hidden Barriers to the Great Wealth Transfer. The study was developed in partnership with Censuswide. The findings are based on a large-scale, dual-audience research study conducted between January and February 2026, using anonymous responses from adults across the United States, Canada, and the United Kingdom.