An international survey of advisers showed that while advisers were generally good at engaging with both halves of a couple, their relationships with clients’ children were less strong.

The research found that almost 70% of high-net-worth clients were aged 60 or over.

"Overlooking the children of these investors is ill-advised as most are not adolescents, but adults well into their 30s and older, with their own financial habits, philosophies, and possibly established adviser relationships," said Cerulli associate director Donnie Ethier.

"How and where the younger generations manage assets or inheritances represents a pivotal transformation, as these wealth transfers will likely determine who the future leading firms and channels become.”

IFA president Michael Dowling said advisers needed to consider the transfer of wealth across generations.

“This is not a new issue, however there is always an issue of the next generation understanding the rationale for an investment structure, versus the difference in goals between the generations.”

He said advisers could ask clients to bring their children into a meeting to discuss what had been set up and why.

“This is two-fold, to explain what was in place and also to form a relationship. This may be with the view of offering services to the wider family or to allow them to be included in the decisions now and create a safety network if the mental capacity of clients starts to deteriorate or the clients become victims of scams as they grow older.”

Adviser Bill Raynel said he was working on a more brand awareness-raising approach, trying to improve the local knowledge of his business.

That was done in the hope that he would be top of mind for the next generation of clients when he was needed, whether their parents were clients or not.

He had identified KiwiSaver as a way to tap into the younger market, who would then build up their assets to the point where they needed more advice.

“I’m taking a shotgun approach and hoping that at least some of them are the children of HNW individuals rather than specifically targeting the wealthy.”

Ethier said as the financial advice industry moved towards a more transparent and goals-based approach to investing, practices would need to adjust to the expectations of clients by offering a collaborative advisory model with a broader range of products and services.