Hundreds of billions of pounds are set to be inherited over the next 10 years and could shake up the wealth management industry.

Intergenerational wealth transfer is expected to be a source of big business according to analytics firm GlobalData.

London-based GlobalData estimated that over the next decade, £215bn of millionaires’ investable wealth will be passed on to the next generation in the UK alone.

Bartosz Golba, head of wealth management content at GlobalData, said: “Different studies estimate that up to 90% of children switch financial advisors after their parents pass away and they take control over family’s assets.

“They can be a source of new business, but providers also have to focus on retaining assets after inheritance.”

“The key to success is understanding the needs of a new generation of clients.

“There is a common belief that the new wave of investors and millennials above all, require access to digital channels, however, GlobalData’s study found that millennial investors are still frequent users of traditional channels.”

He added: “Millennials require access to human financial advisors.

“In fact, the proportion of investors who contacted their investment management provider face-to-face is higher among millennials than among baby boomers or Generation X.

“Younger generations require true multi-channel propositions that allows them to talk to their provider when they want, and how they want – be it in branch, over email, by telephone, or on Skype.”

“Millennials who are still building up their wealth are open to new solutions, and are more likely to have tried robo-advisors than their parents.

However, ultimately they keep the majority of their assets within their main bank, this is because millennials are paying off their mortgages, and their first savings land in the accounts they hold with mortgage providers.

“This puts universal banks in a privileged position to bond with individuals from the very beginning of their financial journey.”