The next generation of HNW wealth inheritors is increasingly turning to peers rather than traditional wealth managers or private bankers to seek advice on succession planning, according to a new UBS report.
The 2026 UBS Global Next Generation Report published today found that 27 per cent of next-generation respondents said peers are their most important source of advice when making succession planning decisions, ahead of wealth managers and private banks (21 per cent).
Tax advisers (16 per cent), lawyers (14 per cent) and family officers (13 per cent) rank further behind, highlighting how informal peer networks are playing a bigger role in shaping key decisions around the transfer of wealth.
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The report suggests that while professional advisers remain central to technical and structural planning, younger family members are seeking broader and more flexible sources of guidance, and are increasingly likely to validate decisions through peer comparison and shared experience, particularly during the early stages of wealth transition.
UBS notes that the next generation is not disengaging from professional advisers, but rather widening the ecosystem of trusted input beyond banks and family offices. This includes peer-to-peer learning networks, entrepreneurial circles and informal advisory relationships that often end up carrying significant weight in shaping young UHNWs’ attitudes towards risk and goals – and wealth management in general.
This dynamic is also reinforced by broader expectations around advisory relationships. The report found that 78 per cent of next-generation respondents said networking opportunities are the most important ‘extra’ that makes a financial services provider stand out, ranking above legal, tax, concierge or relocation services.
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Age plays a significant role in shaping the advisory ecosystem. Among adults aged between 22 and 25, 57 per cent rely most heavily on peers for guidance, while those older than 45 are most likely to consult lawyers (67 per cent).
Despite this shift towards peer influence, continuity remains important when engaging with private banking partners. The report found that 41 per cent of respondents prefer to work with their family’s existing bank, while 31 per cent are open to switching providers, and 29 per cent actively seek a new adviser.
As one next-generation portfolio manager noted in the report, established relationships still carry weight. ‘Our advisers have worked with us for 15 to 20 years. Good partners aren’t easy to find. When we do find someone who is committed and trustworthy, we want to work with them for the long term.’
The UBS findings also highlight what next-generation clients expect from wealth managers beyond portfolio construction. Experience and expertise are priorities, with 79 per cent of respondents citing technical capability as essential when selecting an adviser.
However, respondents were clear that technical skill alone is insufficient. More than half (56 per cent) want advisers who can build trusted relationships across generations, while 41 per cent value advisers who demonstrate a deep understanding of their financial goals.
As one second-generation entrepreneur told UBS: ‘We want wealth planning expertise. An expert should definitely be in the picture to help us with structures such as, for example, our trust.’
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The report also highlights the role advisers can play in facilitating intergenerational dialogue. ‘It can be hard for children to convince their parents that succession planning is important,’ the same respondent added. ‘A third-party expert could help clarify why it’s vital.’
This is also why, beyond technical advice, the strength of the client-adviser relationship remains central. Two-thirds of respondents (67 per cent) said a strong personal connection with their adviser is important. Preferences, however, vary by gender, as women place greater emphasis on experience, frequent engagement and early involvement of the next generation, while men prioritise advisers’ understanding of financial goals and competitive pricing.
As one inheritor put it, expectations are increasingly relational as well as technical. ‘To make a difference, wealth experts need to get personal.’
[See also: Mind the wealth gap: the secret entry points of private banking]
The findings point to a broader reconfiguration of advisory ecosystems around UHNW families, where peers, advisers and institutional experts coexist in a more fluid structure of influence.
Judy Spalthoff, head of family office and UHNW client services Americas at UBS, said successful wealth transfers depend on more than technical execution.
‘Successful wealth transitions require more than paperwork – they depend on ongoing, facilitated conversations and a strong support system of advisers,’ she said. ‘This helps both the financial and non-financial aspects of wealth transfer to enable families to navigate uncertainty and prepare each generation for the responsibilities ahead.’
[See also: UHNW families prioritise values over inheritance]
According to UBS, wealth managers are therefore increasingly moving beyond their traditional role as portfolio advisers, and are instead acting more as coordinators of wider advisory networks, bringing together legal, philanthropic and family governance expertise alongside investment advice.
But the report also flags that this more joined-up approach isn’t without its complications. In particular, it can make it harder to keep advice consistent, and to ensure that different advisers are all working towards the same long-term goals.
As the largest intergenerational transfer of wealth in history continues to unfold, UBS argues that the adviser’s role is shifting away from being the single point of authority towards something closer to orchestration within a broader ecosystem of influence.
For (U)HNW families, that translates into a more decentralised decision-making landscape (but potentially also a more flexible and responsive one), where peers and informal networks sit alongside wealth managers in shaping how fortunes are managed and passed on.
