Family conversations, not paperwork, drive wealth transfer readiness
The research also identified a notable gap around role clarity. While 66 per cent of parents said their adult children would play a significant role in executing their plans, nearly one-third of those parents had not discussed the specifics of that role with their children.
Those who had spoken about future roles were significantly more likely to have completed and communicated their plans, and to report open dialogues across all three planning areas studied: retirement and lifestyle planning, health and long-term care planning, and estate and end-of-life planning.
One finding stood out for its counterintuitive nature: a major health event did not prompt greater transparency. Despite identifying a serious health incident as the top hypothetical reason they would become more open with adult children, parents who had actually experienced such an event were no more likely to have shared planning details or had substantive conversations than those who had not.
The opening for advisors
For Canadian financial advisors, the research underscores what is increasingly regarded as an underutilised service area. Having navigated a client through decades of portfolio management, advisors who can also facilitate the harder conversations around roles, responsibilities, and family communication are well positioned to deepen those relationships — and protect them through transition.
As Wealth Professional has highlighted, messy estates and absent planning conversations carry real consequences for families and practices alike and they represent a planning gap that advisors are uniquely placed to help close.
