Sole Decision Makers

Eighty-four trillion dollars. That’s how much wealth will change hands over the next two decades.

This shift, driven by baby boomers passing down their wealth to their surviving spouses and ultimately to younger generations, is more than a financial event—it’s a defining moment for financial advisors. It’s a chance to lead with empathy, clarity, and strategic foresight. Advisors leveraging platforms like SS&C’s Black Diamond^® Wealth Platform are uniquely positioned to support families with transparency and confidence through this transition.

And here’s the hard truth: the vast majority of heirs don’t stick with their parents’ financial advisor after inheriting. Why? Because wealth transfer isn’t just about money. It’s about connections. If the advisor doesn’t know the family, the family moves on.

Each transfer tells a story. These are emotional shifts as much as financial ones. The best advisors won’t just manage portfolios—they’ll manage relationships.

To succeed, advisors must prioritize surviving spouses—often the first to inherit—while building relationships with future heirs. The focus should be on three key pillars:

• Transform how they engage with both clients and heirs
• Support families through the emotional side of a wealth transfer
• Connect early with each spouse to become a steady, trusted partner before the transition occurs

Why Heirs Walk—and What Advisors Can Do About It

A Financial Advisor Magazine article points to two big reasons clients fire their advisors:

• 72% cite poor communication. These aren’t just missed emails but missed opportunities to build trust with both spouses and future heirs.
• 51% say their advisor didn’t understand the family’s goals. Heirs want someone who gets their values and vision.

The key? Advisors must engage the entire household—especially the spouse, who may become the sole decision-maker. Building trust early, aligning wealth plans with the family’s long-term goals, and fostering relationships rooted in people is essential. Firms that prioritize multi-generational relationships and digital fluency are better equipped to retain assets and strengthen long-term client loyalty.

Why Engaging Both Spouses Early Matters

Before wealth goes to the next generation, it usually goes to the surviving spouse most often, the wife. And of widows switch advisors after their partner dies.

Why? It is because the wife often wasn’t included in the conversations. Advisors can’t afford to wait. Every meeting, plan, and review should consist of both spouses. Advisors need to understand each partner’s financial concerns and comfort levels, as well as build a bridge of trust before it’s too late.

From Grief to Guidance: Supporting Surviving Spouses Through Transition

Taking over financial decisions during a loss is overwhelming; the best advisors know how to approach the surviving spouse as a guide rather than a manager. Surviving spouses often need clarity more than strategy. Advisors must simplify the process, offer reassurance, and help clients move forward one step at a time.

Every client is different. Some are ready to act, while others need time to process. Adapting to their pace, rather than imposing a rigid structure, builds the foundation for trust. Advisors can turn difficult transitions into long-lasting partnerships through patience, empathy, and attentive listening.

This is where an advisor can prove their value—not just in managing assets but also in being present, patient, and proactive when it matters most.

Technology: The Bridge Between Advisors and the Next Generation

New decision-makers, whether they are a spouse or heirs, don’t want binders and jargon. They want clarity, access, and support. That’s where a strong tech stack comes in. A platform like Black Diamond lets advisors:

• Show the complete picture of the family’s finances
• Offer real-time access to portfolios and insights
• Deliver a personalized digital experience across devices
• Use CRM tools to track life milestones and communication preferences
• Build interactive financial plans that feel more like collaboration than instruction

Tech doesn’t replace empathy—it amplifies it. If used correctly, it’s the bridge that builds trust and empowers better decisions.

Retaining the Next Generation Means Starting the Conversation Now

The Great Wealth Transfer is already happening. Advisors who lead with emotional intelligence, listen before they talk, and involve the whole family will stay relevant. However, it starts with the surviving spouse. For sole decision-makers navigating unfamiliar territory, the right advisor—backed by the right technology—can turn confusion into confidence.

Loyalty won’t come from legacy. It’ll come from experience. Be the one who shows up early, listens deeply, and makes it personal. That’s how you stay in the story.

To learn more about how Black Diamond can help you connect with your clients, call us at 1-800-727-0605, email info@advent.com, or request your personal demo today.