Great wealth transfer will lead to financial choices

For financial services executives, the issue is not simply asset accumulation but the conduct and operational implications of serving donors and beneficiaries with different needs, expectations and levels of financial capability. AFM highlights both opportunities and risks, including potential inequality within generations. Compliance teams should assess exposure to wealth transfer across customer segments, review suitability and advice processes where beneficiaries inherit or receive assets, and test product governance for savings, investment, insurance and later-life lending.

Mortgage and consumer credit teams should consider affordability, security and vulnerability implications where wealth is transferred or used to support housing. Firms should also strengthen data segmentation, scenario planning and adviser training so that intergenerational advice is consistent and fair. There are no immediate rule changes, but early preparation is prudent.

Actionable next steps include mapping wealth-transfer exposure, identifying affected products and customer journeys, reviewing conduct risk and vulnerable customer treatment, and monitoring AFM and government policy developments as this agenda matures.