Advice firms risk weakening long-term client relationships by failing to involve partners and beneficiaries in retirement and financial planning, research from Scottish Widows and NextWealth suggests.

The study found that 52% of advised individuals said only one partner regularly attended review meetings, while 26% said adult children were not involved in financial planning at all.

There was also evidence of limited involvement from beneficiaries. Some 21% of advisers said beneficiaries did not take part in annual review meetings, potentially leaving wider family members outside discussions over longer-term financial decisions.

PARTNERS OFTEN REMAIN OUTSIDE ADVICE PROCESS

The research suggested many adviser relationships continued to revolve around a single primary client, with 51% of respondents saying the relationship with their adviser was held in their name only.

Among couples, 37% said they tried to attend meetings together but that, in practice, only one person usually attended. A further 10% said they always went to meetings alone and updated their partner afterwards.

The findings also pointed to gaps in advisers’ understanding of clients’ partners. One in five advisers, 20%, said they were not confident they understood the goals of their clients’ partners, while only 3% of advice firms had a defined formal process for engaging them.

Overall satisfaction with advice remained high, with 86% of clients saying they would recommend their adviser to someone else. However, 19% said they did not feel recognised as an individual, while 48% said their adviser sometimes used terminology they did not understand.

Jenny Davidson, intermediary wealth director at Scottish Widows, said: “Research points to the fact that advice can no longer be a one-person conversation. Excluding partners and family members risks weaker outcomes today and broken client relationships tomorrow.

“There’s a lot at stake here. Women are set to be the major beneficiaries of an estimated £7 trillion transfer of wealth over the next 30 years. Meanwhile, changes bringing unused pensions into scope for Inheritance Tax from April 2027 will make conversations across generations even more important.

“Advice firms that adapt their approach and engage partners, beneficiaries and wider family members earlier will be better placed to understand their clients’ needs, deliver stronger outcomes and build relationships that endure as wealth passes between generations.”