Advisors reshape business for wealth shift

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From family councils to private banks, top advisors are rethinking legacy planning to build durable, cross-generational client relationships

IT'S EASY to view the so-called “great wealth transfer” as a $124 trillion opportunity waiting to be unlocked. But for advisors aiming to build truly lasting practices, the more interesting question isn’t how much money is changing hands, it’s who will control it next, and how they’ll want to engage. Behind the staggering numbers is a quieter shift in identity: financial advisors are no longer just portfolio managers or retirement planners. Increasingly, they’re being asked to act as family stewards, conflict mediators, intergenerational translators, and sometimes as trustees. “The risk is that an advisor doesn’t see this as the opportunity it is,” says Michael O’Connor, president of MassMutual Private Wealth and Trust, whose firm helps high-net-worth families preserve, grow, and transfer wealth to the people and causes they care about. “Or worse,” he says, an advisor “feels it’s too complex to navigate − and misses it entirely.”

To learn more about MassMutual's commitment to wealth management, visit our website.

“The myth is that an advisor doesn’t have the experience to support high-net-worth families through transition. But they do. They just need to think differently about how to bring in the right help”

Michael O’Connor, MassMutual Private Wealth & Trust

A new language of stewardship

Published June 16, 2025

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“This is where the lowest cost of client acquisition exists. If you’ve built trust with the parent, and they have three children, you now have the opportunity to build three more relationships inside the same family”

Michael O’Connor, MassMutual Private Wealth & Trust

Many advisors still assume that tackling the wealth transfer requires an entirely new skillset or that it’s out of reach unless they’re already working with ultra-high-net-worth families. But that assumption, says O’Connor, is not only limiting − it’s incorrect. “There are two common myths I see. The first is that advisors working with the mass market think they can’t make the leap into high-net-worth planning. But this isn’t a leap. It’s a continuum,” he says. According to O’Connor, the tools used in accumulation and preservation are not far removed from what is needed in transition. The difference lies in how an advisor chooses to extend their practice. For example, rather than attempting to be an estate planner or tax expert themselves, advisors can form partnerships with institutions like MassMutual Private Wealth and Trust. These partnerships are designed precisely for the high-net-worth market and offer access to estate planning, tax, and investment resources that seamlessly operate as an extension of the advisor’s business. “The second myth is that an advisor doesn’t have the experience to support high-net-worth families through transition,” he says. “But they do. They just need to think differently about how to bring in the right help.”

This shift isn’t just about expanding technical capability. It’s about expanding trust. By deepening relationships not only with the client but also their spouse and children, the advisor positions themselves as a family resource, someone with continuity across generations. “Many parents come from a generation where you don’t talk about money,” says O’Connor. “Advisors can lean into that silence, structure the conversation, and clarify intent before the responsibility becomes a significant burden on the spouse or one of the children. “That’s critical in the transition phase. Families want someone who already understands their dynamics.”

Some advisors are setting up family councils to formalize communication and align decision-making among adult children. Others are helping families establish private family banks − vehicles designed to finance entrepreneurial ventures, graduate studies, or philanthropic goals of younger generations, with built-in governance and accountability. It’s a new language of stewardship, one that resonates with rising heirs who want more than just passive income.

While the opportunity is significant, so is the complexity. Family businesses, special needs children and trusts, property, and uneven financial capability among heirs can all complicate estate planning. In some cases, family history brings additional challenges, such as addiction or unresolved conflict. O’Connor describes one example involving a client who sold a nationally known company. While the liquidity event was a success, the client faced a difficult reality. Financial mismanagement and substance issues were affecting both the second and third generations. The advisor, who had long understood the family dynamics, helped guide the client toward a corporate trustee model well in advance. This approach ensured that a professional team could administer the trust without forcing difficult decisions onto a spouse, or one child over another. “Not every family wants to appoint one sibling to make decisions. Not every spouse wants that responsibility either,” O’Connor says. “In many cases, they want the guidance and protection of a corporate trustee.”

Making complexity manageable

MassMutual’s model allows advisors to remain central while giving families access to dedicated private client managers and fiduciary experts. This kind of partnership makes it possible to manage complex assets in line with a family’s long-term goals, without overwhelming any individual. “Advisors often think they don’t have the tax or estate planning expertise,” O’Connor notes. “But the best ones extend their office. They partner with firms like ours to fill in the gaps seamlessly.” Tax-aware trust strategies, especially those incorporating dynasty trusts, charitable remainder trusts, or irrevocable life insurance trusts (ILITs), are no longer fringe tools reserved for the ultra-wealthy. In a post-pandemic, high-rate, high-regulation environment, they’re fast becoming central to responsible, future-proof planning. To further reduce complexity, MassMutual has partnered with Luminary, a startup that produces estate planning illustrations. These visual tools help clients understand how assets will flow, how taxes will be handled, and how trusts will function over time.

“It lets clients see what wealth transition really looks like. Not just the structure, but the implications,” he explains. “That level of clarity builds confidence for the client and for their children.”

From retention to growth: the generational expansion opportunity

There is still skepticism among some advisors about focusing on younger generations. A common concern is that millennial and Gen Z heirs may not be ready to engage or generate enough revenue to justify the effort. O’Connor sees it differently. “This is where the lowest cost of client acquisition exists,” he says. “If you’ve built trust with the parent, and they have three children, you now have the opportunity to build three more relationships inside the same family.”

And while younger generations may not need every service up front, the value of an early relationship is cumulative. Advisors who meet the children before a transfer of wealth occurs have time to learn their priorities, understand the family’s intentions, and act as a sounding board as they step into new roles − a more emotionally intelligent engagement they can’t get from an app, at least not yet, O’Connor notes. That continuity often starts with a family meeting. MassMutual encourages advisors to host or facilitate these conversations, offering training and support to help structure productive dialogue. For many families, these meetings mark the first time money is openly discussed across generations.

“It’s often said that previous generations were taught not to talk about religion, politics, or money,” O’Connor says. “But now it’s essential. The earlier that intent is shared, the smoother the transition will be.” There’s no question that wealth transfer matters − to families, to the economy, and increasingly, to a financial advisor’s practice. The real question is how your role adapts as your clients’ financial lives become more complex and family-focused. For advisors just beginning to explore this segment, O’Connor offers three key points. First, see wealth transition as part of your existing planning framework, not something separate. Second, lean on partnerships to fill capability gaps so you can focus on your client relationships. And third, understand that whether you engage or not, the segment will continue to grow − either with your participation or without it. “You can approach it opportunistically, by forging new relationships,” he says. “Or defensively, by realizing that if you don’t solve for these needs, someone else will.”

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(in broker/dealer accounts and investment advisory programs)*

Securities, investment advisory, and wealth management services offered through MML Investors Services, LLC, Member SIPC, and a MassMutual subsidiary. Trust and Fiduciary Services offered through MassMutual Trust Company, FSB, a federal savings bank and MassMutual subsidiary.

PUT The power of MassMutual Behind You

$274B in client assets* $5.5B in private wealth and trust client assets* 8th largest broker-dealer**

* As of 12/31/24. **Financial Advisor Independent Broker-Dealer Ranking 2025.

To learn more about MassMutual's commitment to wealth management, visit our website.