Planners from larger firms were more likely to report an increase in demand for wealth transfer advice.

Overall, 59% of Financial Planners said demand for wealth transfer advice has increased in the past three years, but this rose to 70% for Planners at larger firms, according to the report from M&G Wealth.

Larger firms were defined as those that have at least 10 client facing advisers.

Over eight in ten (84%) of the 201 Financial Planners surveyed said they currently advise clients on wealth transfer.

A similar number (88%) said they find it is beneficial to meet spouses to be able to offer more tailored advice, especially when it came to clients who are retired.

When it came to the reasons for seeking wealth transfer advice, 67% of advisers said their clients were focused on limiting inheritance tax liabilities.

Clients were also concerned about what to do with money they have to gift (65%).

Close to two thirds (59%) of advisers stated the importance of meeting the dependents of retired clients, with 30% of Planner’s businesses having specific packages and fees available for children of current clients.

Larger firms were more likely to have a policy for dependents with 38% having a deliberate business practice to prompt conversations with children or grandchildren of existing clients, compared to 17% overall.

Justin Blower, director at M&G Wealth, said: “We know that against the current economic background, the increasing threat of double-digit inflation, continued market volatility and ongoing geo-political tensions financial advice is more valuable than ever.

“Which is why our aim is to deliver dependability and consistency – and the industry’s best platform experience to help advisers offer more tailored advice to their clients and their families.”

Separate research from the recent M&G Family Wealth Unlocked report said that one in three advised families use the same financial adviser as another generation of their family or in-laws.  

Of those who had an adviser, well over half (57%) shared them with their parent(s) - including biological, step and adopted. While two in three (65%) shared an adviser with their grandparent(s), and a third (34%) with their In-laws/partner’s parent(s).

NextWealth surveyed 201 financial advisers in February on behalf of M&G Wealth.