Amid the ongoing generational transfer of wealth, rising geopolitical uncertainty and the intricacy of modern families, the role of wealth and succession advisers around the world is transforming, according to a recent report.

The profession is moving beyond traditional legal and tax advisory into a broader role that includes guiding families through emotional, social and generational challenges, finds the Society of Trust and Estate Practitioners ( Step )’s Barometer 2026: Global Trends in Family Wealth and Succession Planning report, which draws on research from more than 500 legal, financial and wealth professionals globally, alongside surveys of more than 6,000 citizens in Singapore, the UK and Australia.

“The Barometer [report] points to a sector stepping up to meet the shifting demands of increasingly complex and internationally mobile families at a time when trusted expert advice, guidance and open communication within families is needed now more than ever,” says Emma Lovell, Step’s CEO. “[The report] highlights how the role of practitioners is adapting to meet these changing demands – from offering traditional legal and tax advice towards providing more holistic, values-driven coaching and guidance, helping clients navigate key milestones throughout their lives.”

Wealth transfer, changing values

The scale of the so-called “great wealth transfer” is highlighted in the report, as trillions of dollars pass from baby boomers to younger generations, with 77% of practitioners surveyed saying that they have witnessed evidence of this shift in the past year alone.

However, it seems the transition is rarely a straightforward exercise. So called “blended families” are emerging as a major source of tension, with 71% of practitioners saying such family structures are the leading cause of legal or planning challenges in succession matters. Meanwhile, 41% reported an increase in disputes involving blended families over the past 12 months.

Concerns over whether younger generations are prepared to manage inherited wealth are also shaping planning decisions, particularly in family-owned businesses.

The rising risks linked to ageing populations and cognitive decline are also highlighted in the report. While nearly three-quarters of practitioners say they are confident in identifying signs of financial abuse, 44% report encountering cases of actual or suspected abuse involving vulnerable individuals.

Alarmingly, practitioners say adult children are the most common perpetrators, cited by 67% of respondents. At the same time, 73% believe, the report notes, public awareness around financial abuse of elderly or vulnerable people remains inadequate.

Beyond the family dynamics, the motivations behind wealth planning, according to Step, are also shifting. For many clients, philanthropy is now driven primarily by personal values rather than tax advantages.

More than half of practitioners surveyed ( 56% ), the report points out, say personal beliefs are now the key driver of charitable giving, far exceeding tax incentives during life ( 17% ) or after death ( 19% ).

The shift reflects, the report shares, a changing client base that includes younger high-net-worth individuals, internationally mobile families and women taking a greater leadership role in family wealth decisions.

AI, mobility, compliance

Technology is also reshaping the sector. While 60% of practitioners say they feel confident using artificial intelligence ( AI ) responsibly, but many warn that it cannot replace the human dimension of advisory work.

And there are a growing number of errors, the report shares, in documents generated using AI tools. Around 15% of practitioners say they have encountered wills drafted by AI containing mistakes, while others report spending increasing time correcting client misunderstandings created by online advice.

Misinformation is becoming a wider problem too. Nearly half of practitioners ( 47% ) have seen wills prepared by unqualified advisers, while 37% have encountered misleading estate planning claims promoted by social media influencers.

Increasing international mobility among wealthy families is another major factor reshaping the profession. Some 60% of practitioners report a rise in internationally mobile clients, with 63% saying cross-border families create significant planning challenges.

At the same time, regulatory demands are intensifying. Fully 85% of practitioners say compliance burdens have increased over the past three years.

Despite the mounting complexity, the findings, Lovell argues, tell a more constructive story than the headlines often suggest.

“While the headlines often focus on family conflict, inheritance disputes, AI risks and a wealth exodus, a much more nuanced story is in play,” Lovell adds. “More open conversations are being encouraged, and the role of the adviser is changing as clients seek help, advice and support that goes far beyond technical legal and tax advice.”