Since the recent Budget announcement, there’s been a noticeable uptick in activity, with many high-net-worth individuals (HNWIs) looking to review, refresh, and strengthen their estate plans.
However, it’s not just the changing Budget rules that is driving the growing demand for estate planning services. A range of factors are contributing to this surge impacting not only the affluent but a much broader segment of the population as well. These factors include:
- The Generational Wealth Transfer: The UK is on the brink of a historic wealth transfer, with billions expected to move from baby boomers to younger generations in the coming decades.
- More families are being drawn into the Inheritance Tax net: Rising property values and the inclusion of pensions within tax calculations mean that increasing numbers of families now face potential Inheritance Tax liabilities. As a result, more people are turning to advisers for support in preserving wealth and maximising what they can pass onto future generations.
- Inheritance Tax (IHT) Planning: With IHT thresholds frozen again and further potential reforms looming, wealthy individuals are increasingly seeking ways to mitigate their exposure.
- Global Families: Many HNWIs have international assets, dual residences, or children living abroad, adding layers of complexity to estate planning that requires professional input.
- Uncertainty and Risk: Economic volatility, political change, and recent global events have made people more aware of the importance of putting their affairs in order.
These trends signal that high-net-worth clients are seeking more than just tax advice, they’re looking for reassurance, discretion, and long-term strategic planning from trusted professionals.
Now is the time for firms to position themselves to capture their share of this growing market, attract new clients, and drive meaningful growth.
Where to Find High-Net-Worth Clients
Finding HNWIs requires a blend of strategic marketing and genuine relationship-building. Here are some avenues you could explore:
- Professional Referrals
Build strong relationships with wealth managers, private bankers, accountants and independent financial advisors. These professionals are often the first point of contact for HNWIs seeking estate planning support.
- Business Owner Networks
HNWIs are frequently entrepreneurs or business owners. Attending or sponsoring events geared toward owner-managed businesses, private equity groups, or even luxury brand and lifestyle events can help position you as a trusted adviser.
- Philanthropic Circles
Many HNW clients are involved in charitable giving. Partnering with private foundations or speaking at philanthropy-focused events can connect you with clients seeking advice on legacy planning and charitable trusts.
- High-End Property Market
Collaborate with luxury estate agents or private client mortgage advisers. Real estate remains a major component of wealth—and buying, selling, or passing on high-value property is often a catalyst for estate planning.
- Advertising on Social Media
On platforms like LinkedIn, you can strategically target senior business owners or individuals who are more likely to be high-net-worth individuals (HNWIs). While referrals remain one of the most crucial sources of new business, maintaining a polished digital presence complete with a professional website and up-to-date LinkedIn profile helps establish credibility and build trust.
As the demand for estate planning services continues to rise, high-net-worth individuals are increasingly seeking expert advice to safeguard their wealth and secure their legacy. With factors like the generational wealth transfer, rising Inheritance Tax liabilities, and the complexities of global family structures at play, there has never been a more critical time for estate planners and private client solicitors to position themselves as trusted advisors for the wealthy.
By leveraging strategic marketing, nurturing professional relationships, and establishing a strong presence in key networks whether through professional referrals, business-owner circles, or philanthropic community’s firms can effectively tap into this growing market.
Ready to grow your private client practice?
Now is the time to act. Whether you’re looking to attract more high-net-worth clients, expand your referral network, or position your firm as a go-to expert in estate planning, the opportunity is there for the taking.
Start by reviewing your current strategy—then take steps to raise your profile, nurture key relationships, and show HNWIs you’re the trusted adviser they’re searching for.
Want help getting started? Explore how our tools can support your estate planning services and help you stand out in a growing market. Visit our website or book a demo.