In recent years, articles, panels, podcasts, and conversations within the private client sector seem to have been centred around the transfer of wealth from the ‘Baby Boomer’ generation to Millennials and Gen Z.
“The Great Wealth Transfer” has dominated headlines and industry discourse, with many private client providers identifying a need to adapt their service models, digital capabilities, and engagement strategies to appeal to a young generation. Yet, in focusing so heavily on this rising group, the industry risks marginalising a crucial cohort: Generation X.
The forgotten generation
Born in the mid-1960s to late 1980s, Gen X is also often characterised as the “forgotten generation”, sandwiched between the influence and authority of Baby Boomers, and the size and pioneering spirit of Millennials (or “Generation Y”). Within private wealth, Gen X risks being reduced to intermediaries with an increasingly short stewardship role between inheriting from their parents and transferring assets to their children, a direct consequence of increased life expectancy and older generations remaining active in business and wealth management for longer.
To see this trend in action, we need only look to the British Royal Family, with King Charles III becoming monarch at the age of 73, following his mother’s unprecedented 70-year reign, which saw her continuing her duties until the age of 96, making her both the longest ruling and the oldest monarch in British history. Having surpassed the UK pension age by almost a decade upon his coronation, public and media speculation quickly turned to whether – and when – King Charles may abdicate his long-awaited throne in favour of his Millennial son, Prince William. Very little coverage was given to what King Charles intends to do during his own reign, positioning him almost as a placeholder for Price William.
While, admittedly, an exceptional family, nonetheless this example illustrates the broader dynamic of longer life expectancies and extended leadership where succession is delayed and the intervening generation’s role may end up being compressed in comparison.
However, this framing underestimates Gen X’s significance, with many being both actively engaged in wealth creation and preservation as well as holding substantial roles as decision-makers, business owners, investors, and even trustees of family wealth.
On the assumption that average life expectancy remains between 70 and 80 globally, private client service providers can reasonably expect to be working alongside Generation X for at least another two decades. So why, when we discuss NextGen wealth, is Gen X so often excluded from the conversation?
To ignore this generation, and their ideologies, in favour of a “skip ahead” approach risks alienating a group that his already highly engaged and in need of advisory support.
Ideology
Often, when NextGen wealth is discussed, topic inevitably arises of how the next generation is more tech savvy, more environmentally and socially conscious, and drifting further and further from ‘traditional’ values. These conversations, however, are almost exclusively focussed on Millienials and Gen Z. The reality is that the true ‘NextGen’ of wealth inheritors, Gen X, bring a distinct ideology of their own, one that meaningfully shapes their approach to wealth and decision making, and may not necessarily align with those expected of younger inheritors.
Gen X are sometimes referred to as the “latchkey generation” – a term coined to describe children letting themselves into an empty home after school, reflecting the decline of the stay-at-home parent, and single-parent households. They grew up amid significant economic, social and geo-political challenges, change and uncertainty, and had to adapt to significant technological advances without the benefit of being taught about such technologies in school (in stark contrast to Millennials and Gen Z).
Often balancing care responsibilities for both parents and children, Gen X is likely to view succession planning and long-term security as central objectives, with stability forming a core focus of their wealth strategies – a priority which is unlikely to be front of mind for younger generations.
As such, many Gen X clients may remain loyal to tried-and-tested wealth structures such as trusts and foundations. They continue to value privacy and continuity, which may conflict with the younger generations’ appetite for publicity (for example, usually being highly comfortable sharing many aspects of their lives on social media). While Gen X may appreciate digital innovations for convenience, they often still expect a high-touch, personalised service and deep relationships with their service providers. This conflicts with Millennials and Gen Z, with a study finding that 50% of younger generations feel uncomfortable making business phone calls, preferring email or instant messaging over more personal communication.
The risk of marginalisation
If Gen X clients have a perception – whether or not this matches the reality – that their service providers are treating them as a transitional generational, they may feel that they, and their needs, are being sidelined. Seeing as they are likely to be the primary decision-makers when selecting service providers for inherited wealth, ensuring Gen X does not feel marginalised is crucial for private client professionals. Overlooking them risks eroding their loyalty. The 2025 EY Global Wealth Research Report highlighted this vulnerability, revealing that one-third of respondents were likely to change their primary wealth provider within the next three years, while 45% planned to reallocate between a quarter and half of their portfolios to another provider in the same period.
Additionally, ignoring the voice of Gen X risks effectively silencing a translator between Baby Boomers and Millennials/Gen Z – a key role when it comes to balancing tradition and progressive perspectives.
What can service providers do?
- To ensure that Gen X is not overlooked, service providers should consider:
- Tailoring messaging and services that speak directly to Gen X priorities.
- Balancing digital tools with personal services.
- Positioning Gen X as partners, not passers-by.
- Demonstrating emotional intelligence by acknowledging the pressures Gen X face in balancing both the needs of parents and children while managing their own careers and wealth.
- Equipping Gen X clients with knowledge and strategies for effective intergenerational conversations, while ensuring their voices are also heard.
Conclusion
Conversations about NextGen wealth cannot be one-dimensional. While it is important to have the foresight to meet the needs and expectations of Millennial and Gen Z beneficiaries, overlooking Gen Xers risks strategic blind spots for private client service providers.
By recognising both the current, and future contributions of Gen X, service providers can avoid the pitfalls of marginalising a generation that still has a significant role to play.
This article was first published in TL4 Private Client Magazine – NextGen Wealth
