Australia is on the cusp of one of the largest intergenerational wealth transfers in history. Over the next two decades, an estimated $3.5 trillion is expected to move from Baby Boomers to younger generations. But with this unprecedented shift comes complexity and, for many families, a lack of preparation.
At Sherlock Wealth, we believe that passing on wealth should be more than a financial transaction. It’s an opportunity to empower the next generation, align family values, and protect the legacy you’ve worked so hard to build.
“The most successful wealth transitions are those that are planned well before the transfer occurs,” says Andrew Sherlock, CEO of Sherlock Wealth.
“That means having the right structures in place, open conversations with family, and ensuring the next generation is financially educated and supported. It’s not just about handing over money, it’s about handing over confidence and clarity.”
The Challenge: When Wealth Arrives Without Advice
Research from CoreData and Money Management shows that over 50% of inheritors don’t maintain a relationship with a financial adviser after receiving an inheritance. This disconnect can lead to poor decision-making, misaligned expectations, and the rapid erosion of family wealth.
Adding to this urgency, CoreData’s Investor Sentiment Index found that Australians aged 18–29 are the most likely to receive an inheritance, with 58% expecting to inherit wealth. The question is, are they ready?
“Without proper planning and communication, inheritance can create confusion and conflict rather than opportunity and stability,” shares Andrew Sherlock.
It’s Not Just About Inheritance
While formal bequests are one part of the story, the “Bank of Mum and Dad” continues to play a growing role in wealth transfer. Whether it is helping adult children enter the housing market, supporting education, or funding new ventures, many families are transferring wealth now, often without structure or long-term strategy.
Planning for these early transfers is essential to protect your financial well-being while still supporting the next generation in a meaningful and sustainable way.
Key Strategies for a Smooth Transition
- Start the Conversation Early – Open and honest discussions with family members create transparency and build trust.
- Involve the Next Generation – Education and inclusion are key to preparing younger family members to take on financial responsibility.
- Put the Right Structures in Place – Consider trusts, wills, binding nominations, and tax-effective strategies tailored to your goals.
- Work With the Right Team – our estate and legacy planning ensures your family wealth is maximised, preserved, and transferred to the next generation and beyond. From benefactors to beneficiaries, our multi-generational offering provides ongoing advice, education, and counsel for all parties involved.
Final Thoughts: A Legacy That Lasts
The Great Wealth Transfer is more than a financial event; it’s a defining moment for many families. The choices made today will shape not only what gets passed on but also how it’s received and managed for years to come.
“The clients we work with aren’t just planning for tomorrow—they’re thinking about what kind of impact they want to have long after they’re gone,” says Andrew Sherlock.
“Our role is to help them turn that intention into a clear, practical plan that gives them and their families peace of mind.”
Take the Next Step
If you haven’t yet discussed your wealth transfer strategy or are unsure whether your current plan adequately covers all eventualities, our team is here to help.
Start the conversation today: Book a chat with the Sherlock Wealth Team here.
Sources
- CoreData / Money Management – Over half of inheritors lack ongoing adviser relationship
- CoreData Investor Sentiment Index – reported via Money Management
- JBWere Bequest Report – The Voice of a Growing Market: Understanding the Future of Giving in Australia
- Sherlock Wealth – Life Insurance and Estate Planning Services
