Despite younger generations representing the largest group of potential inheritors, less than half of beneficiaries have professional advice to navigate this transition.

CoreData’s latest findings from its Investor Sentiment Index found that Australians aged 18–29 years old are the most likely to receive an inheritance at 58 per cent.

This was followed by 40–49 year olds at 47 per cent, 30–39 year olds at 44 per cent, 50–59 year olds at 42 per cent, and those aged 60 and above at 33 per cent.

However, the research highlighted the significant opportunity for guidance from the financial advice profession, with more than half of inheritors not having an ongoing advice relationship to manage this incoming wealth.

“There is significant opportunity for advisers to connect with a younger cohort of inheritors. It’s a win-win situation: those who can support a smooth and meaningful wealth transition will not only build strong client relationships but also help shape lasting financial legacies,” CoreData stated.

Andrew Inwood, founder and principal of CoreData, said this is particularly critical as advisers who have an established relationship with inheritors retain over 60 per cent of the funds invested with them.