Great Wealth Transfer is already happening, STEP says

The ‘Great Wealth Transfer’ has already started, according to a new report by STEP.

The phrase refers to a long-anticipated shift of trillions globally from the Baby Boomer generation to Millennials and Generation Z.

In its inaugural “barometer report”, the professional body for trust and estate practitioners revealed survey results suggesting that the majority of practitioners are already seeing wealth being handed over to younger generations.

STEP surveyed around 500 members and practitioners in November and December last year.

The Baby Boomer generation is expected to transfer $83 trillion in global assets to younger generations between 2030 and 2045.

This handover is already taking place according to the STEP survey, with 77% of practitioners having already seen evidence of it.

The report warns, however, that succession planning is increasingly hampered by friction within blended families, and older generations’ lack of confidence in younger people’s ability to manage money.

Of those surveyed, 71% identified blended families/ stepchildren as the scenario most often creating legal or planning challenges, followed by multi- jurisdictional or cross-border families (63%) and unmarried or cohabiting couples (43%).

The most common points of friction in disputes involving second marriages or blended families are conflicts between children or stepchildren and a surviving parent or stepparent, according to 68% of those surveyed.

It also highlights that adult children are the main perpetrators of the growing tide of vulnerable person financial abuse.

It found that dementia rates are impacting all areas of practice, with 40% of respondents seeing increased demand for capacity-related planning. It calls for better safeguarding of power of representation tools and greater public awareness.

The report also suggests practitioners are curious yet cautious about using Artificial Intelligence, with 60% feeling confident they can use AI tools without undermining ethical standards or client trust.

Indeed, 56% of respondents are already using AI experimentally in their professional practice, with 18% using AI regularly as part of their workflow.

The report also calls for the need for proper safeguards around AI. It also highlights that AI, unscrupulous firms and online ‘influencers’ are all contributing to poor or inaccurate advice that can lead to disputes, family fall-outs or invalid wills.

More than a third (37%) of respondents have seen ‘influencers’ making false claims and spreading misinformation about estate planning.

Emma Lovell, CEO of STEP, said this would be the first of a regular report that aims to “take the pulse of the sector around the world, and provide an insight into the changes, priorities and challenges facing practitioners today.”

The main findings in the report were taken from practitioner research conducted with 500 practitioners between 17 November and 10 December 2025. STEP also interviewed practitioners to gather further insight, reaction and context.

STEP also commissioned independent research in three countries – the UK, Singapore and Australia – with more than 6,000 people surveyed on their attitudes to wealth and succession planning and the key issues facing individuals and families.