How Advisors Can Close the Estate Planning Gap

The intention is there. The execution isn’t. In a recent Empathy webinar on the Great Wealth Transfer, Silvia Gianni and Andres Mazabel unpacked what’s standing in the way — and why it matters now more than ever.

Empathy recently surveyed over 6,000 families across the U.S., Canada, and the UK for our upcoming research report on the Great Wealth Transfer.

One of our most surprising findings?

87% of families said they’ve had active conversations about estate or legacy planning. They’re talking about it at the kitchen table, bringing it up with their spouses, thinking about who gets what and when. The intention is real.

But only 30% actually have a plan in place.

“That’s nearly a 60% gap between intention and execution,” said Silvia Gianni, Empathy’s Senior Director of Wealth and Insurance Partnerships, during a recent webinar on the Great Wealth Transfer. “Families are aware of how important it is, and they’re seeking to have these conversations. But they’re not bridging the gap.”

That gap represents one of the most significant risks facing families — and the financial institutions that serve them — amid the largest wealth transfer in history.

The stakes are higher than most families realize

Here’s the context that makes this gap so urgent: 4 in 10 families are expecting an inheritance within the next two to ten years. That translates to roughly $16 trillion changing hands imminently — not in some distant future, but within current relationships and current financial plans.

Andres Mazabel, Empathy’s Head of Estate Planning Solutions, put it plainly during the webinar: “Before looking at this study, I thought the Great Wealth Transfer is truly more of a five, ten, fifteen, twenty years in the future. The first theme that jumped out is it’s actually much closer than you think.”

That proximity changes everything. Without an estate plan, that transfer gets complicated fast. Beneficiary designations may be outdated. Guardianship decisions haven’t been formalized. Tax-efficient strategies haven’t been put in place. And the people who are supposed to inherit that wealth — surviving spouses, adult children, chosen beneficiaries — are left to figure it out in the worst possible moment.

“The great wealth transfer is not something that’s happening in 2045 — it’s something that’s happening right now,” Gianni said. “So we have to think about what your plan is to address this today.”

So why aren’t families following through?

If 87% of families are having the conversations, what’s keeping them from crossing the finish line?

The decisions are emotionally heavy. Estate planning forces families to confront things most people would rather not think about — their own mortality, what happens to their children if something goes wrong, how to divide assets fairly. One of the most common sticking points? Naming a guardian.

Gianni shared her own experience: “For my family and me, it was really difficult when we had children to figure out who the guardians of my kids would be. That was a process, and that takes a while.”

Mazabel echoed this, noting the pattern extends well beyond one family: “One of my best friends still hasn’t created his estate plan, and he has kids that are five and six years old — because they’re stuck on who’s gonna be the guardian for their kids. And I know this happens consistently.”

The weight of that single decision freezes everything else.

There’s no clear next step. Most families know they should have an estate plan. Far fewer know how to actually get one done. The process feels opaque, expensive, and overwhelming. Without a clear, simple path from conversation to completion, good intentions stay exactly that — intentions.

As Mazabel put it: “There is information available today on the internet more than ever before. People are having these conversations. But they’re not getting it done.”

The industry hasn’t made it easy enough. There’s no shortage of estate planning education out there — articles, PDFs, checklists, webinars. But education alone doesn’t close the gap.

“We have estate planning education. We have articles. We have PDFs. Amazing — I think that’s table stakes today,” Mazabel said. “But it’s a matter of looking at a much deeper layer. It’s the accountability piece.”

Families don’t need more information. They need someone to walk them through the process, help them make the hard decisions, and hold them accountable to actually finishing.

The opportunity hiding inside the gap

For financial advisors and the institutions that support families, this 60-point gap isn’t just a problem. It’s one of the biggest opportunities in financial services right now.

Consider what the research tells us: 25% of families said that education and clear guidance are what they want most from their financial advisor, and one in five expect help navigating inheritance conversations specifically.

“Clients are not just looking for someone to invest their money and beat the benchmark,” Gianni said. “They’re looking for a really holistic approach to their family and their life plan — whether it’s accessing liquidity to purchase a home, financing a child’s education, or figuring out how to pass an estate on to their family in the most tax-efficient way.”

And yet, only 18% of families say they’re turning to their financial advisor for estate planning help. That means the vast majority are trying to figure this out on their own.

“This execution gap is the industry’s biggest challenge, but also potentially the biggest opportunity,” Gianni said, “especially in light of the great wealth transfer.”

What closing the gap actually looks like

The firms that are doing this well aren’t just offering more content. They’re building a fundamentally different kind of relationship with their clients — one that’s proactive, personal, and anchored in life transitions rather than transactions.

Start with visibility. Do you know which of your clients have an estate plan in place and which don’t? Do you know when their life circumstances change — a new child, a move, a marriage, a retirement?

Bring the next generation in early. Gianni advised, “It matters not only that you are involved, but when you get involved,” she said. “The earlier you get involved, the more likely you are to keep that relationship.”

Make the first step small. Estate planning feels monumental because families see it as one massive, irreversible decision. The best advisors break it into manageable pieces. Mazabel suggested a practical approach: framing a meeting around the children’s roles. “I see your children are the executors and beneficiaries of your estate. Do they feel they have all the education about what that role means? Would it be beneficial for them to have a meeting with me — just a meet and greet?”

Don’t stop at education — support execution. The gap isn’t knowledge. It’s follow-through. Families need tools that simplify the process, support that helps them navigate the emotional complexity, and accountability that keeps them moving forward. (Empathy LifeVault™ is one of those tools.)

“The institutions that are proactive in really prioritizing these conversations and investments today will pay dividends in the future,” Mazabel said. “The firms that continue to invest in the human experience, but leverage technology as a core part of your business model — those are the institutions that are continuing to deepen relationships, create more engagement, and bring asset retention.”

The bottom line

87% of families are telling us, loud and clear, that they know estate planning matters. They’re having the conversations. They’re thinking about the future. What they need is a bridge between that intention and action.

Gianni summed it up in her closing remarks: “The advisors who end up with $124 trillion aren’t going to win it because of performance. They’re going to win it because they showed up for clients — because they were in the room when it happened.”

The great wealth transfer is already underway. The question isn’t whether families need estate plans. It’s who’s going to help them actually get one done.

This article is based on Empathy’s recent webinar, “The Great Wealth Transfer,” featuring Silvia Gianni, Senior Director of Wealth and Insurance Partnerships, and Andres Mazabel, Head of Estate Planning Solutions. It draws on findings from Empathy’s upcoming 2026 Great Wealth Transfer Study, surveying over 6,000 families across the U.S., Canada, and the UK. The full report will be available on March 11, 2026.