Only one in three financial advisers have discussed intergenerational wealth plans with their main client’s children, according to a new report.

Whilst most (96%) of advisers said intergenerational planning is important to their business, just 62% have an intergenerational business strategy, according to a new report from HSBC Life.

Just 30% of advisers surveyed had discussed plans with client’s children, although 35% said they have met them.

Advisers had more success engaging with clients’ partners, with 58% having met them and 54% having included them in Financial Planning.

Advisers need to improve their intergenerational business if they are the thrive, according to HSBC.

Mark Lambert, head of onshore bond distribution at HSBC Life (UK), said: “Advisers may have worked their whole career to build up their client bank and their clients’ wealth but if they don’t put into place strategies to build a trusting relationship with inheritors there is a very real risk that this wealth will go elsewhere.

“While many advisers do have a relationship with a client’s spouse it can be less common for them to also know their children. This makes it even more important to encourage financial conversations with clients, spouses, and beneficiaries. Encouraging ongoing conversations is the key to retaining future clients.”

HSBC surveyed 200 advisers from across the UK in July.