Legacy planning: An opportunity for advisers to bridge the gap

Research from Canada Life’s ‘Long-Term Close Up’ campaign reveals how emerging demographic shifts could change the future of financial planning

Passing down wealth is the top priority for UK adults when it comes to legacy planning, according to new research from Canada Life1. The research, which forms part of Canada Life’s ‘Long Term Close Up’ campaign, found nearly half of UK adults (46%) believe providing financial security for family members is very important. This was followed by leaving behind a property that they own (36%) and a lump sum or investments that can be inherited (25%).

However the research reveals significant generational differences, which could have a major impact on how advisers engage with their clients on inheritance planning. Millennials (aged between 26 and 40) put greater emphasis on their legacy leading to a more equal society, with 40% saying this is very important, compared to 30% of boomers (aged between 56 and 75). With this younger generation expected to inherit wealth as part of the great intergenerational wealth transfer in the coming years, understanding their priorities when it comes to future financial planning will be key for advisers.

These generational differences also extend to the recipients of financial legacies. According to the research, UK adults are most likely to want their children to receive it with over three-fifths (63%) of adults saying this, more than four in 10 (41%) would leave their wealth to their partner, and over a fifth (22%) to their grandchildren. However, millennials are more likely to leave their legacy to their siblings (21%), compared to 8% of boomers.

Lara Bealing, Marketing Director, Canada Life UK, comments: “Passing on wealth to loved ones has long been an important part of financial planning, however the pandemic and the great wealth transfer have accelerated conversations around intergenerational planning.

"This presents a unique opportunity for advisers to grow their client base, as well as create further value in their own business models as funds flow between generations. It’s also an opportunity for advisers to build greater connections with their clients and to expand the advisory relationship beyond the traditional focus of the primary client. Building relationships with the wider family earlier by having the conversations which span generations will clearly demonstrate both the role and value of advice.”

Further details on Long Term Close Up can be found here: https://www.canadalife.co.uk/long-term-close-up/




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Notes to editors:

  1. The research was conducted in partnership with Savanta and encompassed three phases:
  • An consumer online qualitative community conducted for seven days in June with 24 consumers. Each day different topics were covered via written commentary, videos and polling, along with some group discussions
  • 15 interviews with industry experts (advisers, investment banks and institutional pension decision makers) between the 5th & 30th July 2021. Each interview lasted between 45-60 minutes.
  • An online survey of 3000 consumers running from 27th July to 12th August 2021.
  1. The psychological exploration of long-term thinking has been conducted by Dr Simon Moore and his team of psychologists at Innovation Bubble.


About Canada Life:

Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies.  Great-West Lifeco has over 30 million customers worldwide and £1.341 trillion assets under administration (as at 31.12.21).

Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Platform Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (UK) Limited, and is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 8395855. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.