Why a modern user interface is important for generational wealth transfer

Much has been said and written about The Great Wealth Transfer – a multigenerational wealth shift in which about $84 trillion is expected to be transferred to heirs through 2045. This seismic shift is expected to be the largest generational wealth transfer in history. It highlights new challenges for family offices, particularly regarding the next generation’s adoption of wealth management practices.  

The question is no longer when this transition will happen, but rather—is the industry prepared to meet the expectations of the next generation? 

Problems family offices have with next gen adoption 

Family offices face several challenges when it comes to engaging the next generation. These include: 

Technology gaps 

Family offices and wealth advisors have relied on systems favouring printed reports and periodic updates. Traditionally, wealth owners have favoured more of a high-level and “hands-off” approach, allowing their advisors to deal with the day-to-day. Whereas the next generation is much more “hand-on,” having been raised in a digital-first world, with real-time information at their fingertips. They expect instant access to wealth information, intuitive tools, and seamless experiences. Many of the legacy systems and manual processes that firms currently use feel outdated and inconvenient to next gen users. Without modern digital interfaces, family offices risk losing engagement from future wealth holders.  

Ownership dynamics and engagement 

Ownership of wealth is transitioning, but the next generation often feels disconnected from the decision-making processes. Family offices have struggled to involve them meaningfully in wealth management, leading to disengagement. 

Lack of education and preparedness 

Many family offices fail to adequately prepare the next generation to steward their wealth. Beyond just inheriting assets, heirs need to understand investing, risk management, and financial decision-making. Without structured education, they remain unprepared to take responsibility for their wealth. 

Succession gaps within family offices and wealth advisory firms 

Wealth advisors are often unprepared to take on next gen clients, many of whom aren’t interested in continuing with their parents’ financial advisors. On top of that, many of those advisor firms have not identified a clear succession of ownership and leadership, putting their future in jeopardy.  

Family offices face a similar challenge. According to the UBS Global Family Office Report 2024, only 26% of those surveyed have done succession planning for the family office. This lack of continuity creates uncertainty for families and risks breaking long-standing relationships. 

In Succession – Generational Transitions, Sarah Samuels discusses how it is preferable for the next generation to be brought in at least five years before any planned event both from economic standpoint and running of the firm.  

Preparing for the next gen 

Family offices face significant hurdles with next gen adoption, but steps are being taken to address these challenges. Family offices are actively educating the next gen on managing wealth, creating their own succession plans within the firm, and working towards managing the wealth such that it serves the family’s interests. 

The next generation has grown up in a world of instant access to information and expects the same convenience, speed, and transparency when managing their wealth. The need to modernise is no longer optional—it’s essential. 

Is your family office ready for generational wealth transfer? 

The right technology can help bridge the gap not just between wealth advisors and the next gen, but even between generations by fostering transparency, collaboration, and accessibility. 

Modern consolidated reporting platforms like Asora are the way forward. They counter the challenges faced when using legacy systems with flexible architecture, easy-to-navigate UI, on-demand wealth information on mobile and web, and other such capabilities. 

The important question here is – Is your family office prepared to meet the digital demands of the next generation? 

Asora is a SAAS solution for single and multi-family offices to track and oversee assets, automating data capture and providing digital on-demand reporting on the web and mobile. 

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