According to Cerulli Associates, Generation X is poised to surpass baby boomers as the wealthiest generation. An estimated $39 trillion is expected to pass down by 2048. However, many financial advisors risk losing these assets if they fail to establish relationships with younger heirs before the transfer occurs.

According to Financial Planning, Cerulli's data shows that while 46 percent of high-net-worth advisors actively involve spouses in financial planning, only 57 percent have limited interactions with clients' children, and that number drops to 44 percent for grandchildren. Without proactive engagement, advisors may find themselves replaced when wealth shifts hands.

Financial Planning reports that advisors who successfully retain wealth through generations prioritize relationships beyond financial management. Raul Gastesi, partner at Gastesi, Lopez & Mestre, advises that parents should facilitate introductions between advisors and heirs.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and preserve and protect their practices during any transition.