Financial Planners are increasingly emphasising the importance of involving the entire family in wealth transfer plans, according to new research.

A study revealed that 17% of advisers "always" include family members when advising while 77% suggest involving the wider family but leave the final decision to the client.

The adviser study, by investment manager Quilter Cheviot, contrasts with recent consumer research which found that a third of those who paid for specialist financial advice in the last two years reported that their adviser did not involve their spouse or family in the process.

However, consumers expect financial advisers to also provide advice to their spouses and/or family as part of the service, with two-thirds of those asked saying they expected it.

Two fifths said they expected their adviser to start involving the spouse and/or family immediately at no extra cost. Only one in 10 clients who consult independent financial advisers said they would not want their family to continue receiving advice from their adviser.

Advisers, meanwhile, are divided on how to charge for advising additional family members. For example, 32% of advisers treat wider family members as separate individual clients and charge accordingly. Slightly more (33%) charge the family as a single entity while 17% charge the wider family separately but at a lower rate than the main client.

David Denton, head of technical at Quilter Cheviot, said the data underscores the growing need for Financial Planners to adopt a more inclusive approach, ensuring that the entire family is prepared for the great wealth transfer.

He said: "It is imperative for Financial Planners to adopt a comprehensive and inclusive approach that involves the entire family unit. Our research highlights that while many advisers are making strides in this direction, there is still room for improvement.”

He said that by ensuring that spouses and family members are actively included in the Financial Planning process, “we can better meet the expectations of our clients and facilitate a smoother transition of wealth across generations. This holistic approach not only strengthens family financial security but also builds lasting trust and relationships with clients.”

• Adviser research was conducted in August 2024 through The Lang Cat’s adviser research panel. The survey was completed by 151 advice professionals. Consumer research was conducted by YouGov Plc. The total sample size was 2,003 adults. Fieldwork was undertaken between 30 August and 5 September 2024 online. The figures have been weighted and are representative of all UK adults (aged 18+).