The Great Wealth Transfer: Why do heirs often still fire their parents' adviser?

Over the past two decades, I’ve worked with successful families, entrepreneurs, and their advisers across Africa, the UK and leading international financial centres, building enduring relationships and witnessing how wealth evolves across generations.

I’ve seen children become adults, forge their own paths, return to family enterprises, and assume responsibility for family wealth. I’ve shared in their successes, challenges, and milestones. And one lesson stands out: wealth may pass between generations, but trust does not automatically transfer.

This remains one of the greatest challenges advisers face.

Winning the next generation

When wealth transitions between generations, heirs often replace advisers their parents trusted for decades, not because the advice was lacking but because relationships were never built with the next custodians. Too often, the advisory relationship is anchored to the wealth creator rather than those who will inherit it.

As South Africa approaches one of the largest intergenerational wealth transfers in its history, this is a conversation advisers must lead. Effective succession planning depends as much on people, trust, and continuity as on structures and governance.

Today's heirs have grown up in a different world. They communicate differently, think globally and place equal importance on entrepreneurship, purpose, sustainability, and international opportunity. Naturally, they expect a different relationship with their advisers.

Trust must be earned

A major misconception in succession planning is that advisory relationships transfer with assets. In my experience, they rarely do.

Trust must be earned by every generation. An adviser who served a founder faithfully for decades may have little connection with their children. When the next generation steps in, they want to know whether their parents’ advisers understand their ambitions, communicate in ways that resonate, and can help them navigate a complex global landscape.

Throughout my career, I’ve worked alongside lawyers, tax advisers, and fiduciary specialists to help families establish trusts, holding companies, and international wealth structures. These remain valuable tools when tailored to a family’s circumstances and supported by sound professional advice. But structures alone do not guarantee transition.

A trust deed can establish governance, but meaningful family communication must be cultivated. A family constitution can express shared values and expectations, but it cannot guarantee harmony. Legal structures can transfer ownership and control, but wisdom, stewardship, and responsibility must be built and passed on through education, engagement, and experience.

That’s why the most successful families invest as much effort in preparing future decision-makers as they do in preparing legal documents.

Relationships define lasting advice

The adviser’s role is evolving. Technical expertise remains essential, but families increasingly seek advisers who can facilitate meaningful discussions, coordinate specialists across jurisdictions, and deliver solutions aligned with their goals and values.

One lesson I’ve learned is that no adviser has all the answers. The strongest outcomes come when specialists work together with the family’s long-term objectives at the centre.

This commitment to long-term relationships has always been central to my work. The aim is not only to structure wealth today, but to ensure families remain supported as circumstances shift, regulations change, and leadership passes from one generation to the next. Families should never feel left behind.

The greatest opportunity lies in engaging the next generation long before succession becomes real. Bringing them into conversations, educating future beneficiaries and trustees, and understanding their aspirations builds trust that extends beyond a single generation.

The Great Wealth Transfer is often measured financially, but its true significance lies elsewhere. It’s about families, values, and legacy.

The advisers who remain with families for generations will not be those with technical credentials alone. They will be those who invest in relationships, embrace collaboration, and recognise that enduring success is built on trust. In my experience, that’s how families navigate change with confidence and how lasting legacies are preserved.

Building Trust Across Generations

Every family's circumstances are unique, but successful wealth transitions are built on more than structures alone. By engaging future decision-makers early and fostering trusted relationships, families can preserve their values, legacy, and wealth for generations to come.

If you would like to discuss any of the topics explored in this article, please contact Chad using the form below.

This article was featured in FAnews August 2026 Edition 175.