New STEP Barometer Spotlights Global Trends In Family Wealth

STEP, the professional body for trust and estate practitioners, has published its STEP Barometer 2026: Global trends in family wealth and succession planning. The report highlights the value of expertise in a complex world and reveals the key challenges, trends and priorities facing family wealth and succession advisors and their clients globally.

The STEP Barometer 2026 reports on findings from STEP research with more than 500 legal, financial and wealth practitioners around the world, and the views of more than 6,000 citizens from the UK, Singapore and Australia. It lifts the lid on the impact of AI and misinformation, the challenges of the great transfer of wealth from baby boomers to younger generations, the complexities associated with changing family dynamics, an ageing population and greater global mobility, and the uncertainties caused by geopolitical upheaval and a growing regulatory burden.

Emma Lovell, CEO of STEP, said: "The Barometer points to a sector stepping up to meet the shifting demands of increasingly complex and internationally mobile families at a time when trusted expert advice, guidance and open communication within families is needed now more than ever. It highlights how the role of practitioners is adapting to meet these changing demands – from offering traditional legal and tax advice towards providing more holistic, values-driven coaching and guidance, helping clients navigate key milestones throughout their lives."

You can read the full STEP Barometer 2026, which is sponsored by Utmost here

The findings below highlight the six key themes from the practitioner research:

1. Modern Families And Succession Planning: Family Friction And The Great Wealth Transfer

The Great Wealth Transfer of trillions of dollars among high-net-worth (HNW) families is happening. More than three quarters (77%) of practitioners agree they have seen evidence of this in the past 12 months. But succession planning is being hampered by conflicts within blended families, concerns about future care, and the older generations’ lack of confidence in younger people’s ability to handle inheritance wisely or to run the family business successfully.

Blended families are the leading cause of legal or planning challenges to business succession or inheritance, according to 71% of practitioners, with 41% seeing an increase in disputes within blended families in the past 12 months.

2. Mental Capacity And Financial Abuse: Silver Tsunami Brings A Tide Of Vulnerable Person Abuse

A growing ageing population, rising dementia rates and incidence of cognitive decline, and loss of capacity is impacting professional practice worldwide. While 74% of practitioners surveyed are confident they can spot the signs of financial abuse, 44% report that they have seen instances of actual or suspected vulnerable person financial abuse. The report reveals that adult children are the most common perpetrators of this abuse, according to 67% of practitioners, although some highlight that this abuse can sometimes be unintentional.

The findings emphasise the urgent need for better safeguarding and greater public awareness – actions that STEP has long been calling for. The findings back this up, with 73% of practitioners agreeing there is a lack of public awareness, education or vigilance of financial abuse of the elderly and vulnerable.

3. Evolving Client Values: Changing Client Profiles Drive Shift Towards Values-Driven Planning

The personal values and beliefs of clients are now the primary motivator for philanthropic giving, according to over half of practitioners surveyed (56%) – far outstripping tax advantages in life (17%) or death (19%). These changing attitudes to wealth are influenced by new types of clients seeking advice, including more internationally mobile clients, women leading family wealth decisions, and younger high-net-worth individuals.

As clients become more open to conversations about responsible wealth stewardship, and motivations for wealth planning move beyond tax mitigation and asset protection,

more than a third of practitioners (36%) agree they have changed how they frame discussions about wealth and purpose.

4. Changing Technology And The Role Of AI: Human Touch Matters As AI Misinformation Starts To Bite

When asked about their main source of professional satisfaction, 32% of practitioners selected human connection with clients. While 60% of practitioners feel confident they can use AI responsibly without undermining ethical standards or client trust, most feel strongly that AI can never replace human interaction.

The impact of AI is also biting, with 15% of practitioners saying they have seen wills with errors drafted by AI. Practitioners also say they are increasingly having to correct client misunderstandings arising from AI-generated advice.

5. Regulatory Pressures And Global Mobility: Wealthy Families On The Move As Regulatory Burden Grows

Trust and estate planning practice is increasingly dominated by compliance. The majority of practitioners surveyed (85%) report seeing an increased regulatory and compliance burden on their practice in the past three years.

High-net-worth families are also becoming more internationally mobile – with 60% of practitioners saying they are seeing more internationally mobile clients. The rise in multi-jurisdictional families creates significant wealth planning challenges, according to 63% of practitioners. More than half (51%) of practitioners have observed an increase[1] in wealthy families, including business owners, relocating abroad for tax reasons.

6. Professional Standards And Consumer Protection: Counting The Cost Of Incompetent Advice And Misinformation

The report looks at the financial and emotional costs of poor advice from unqualified and rogue advisors, as well as the growing consumer risks from AI and false claims from online influencers. Nearly half of practitioners (47%) have encountered wills with errors drafted by unqualified will writers in the past year, leading to family disputes, significant tax bills, and litigation.

Misinformation is also on the rise, with 37% of practitioners confirming they have come across online ‘influencers’ making false claims and spreading misinformation about estate planning.

As Emma concludes: ‘While the headlines often focus on family conflict, inheritance disputes, AI risks and a wealth exodus, a much more nuanced story is in play. The STEP Barometer looks behind the scenes at the key themes, highlighting what expert and trusted practitioners are seeing and doing in reality as they support the most vulnerable people and families to navigate new and complex challenges."

"More open conversations are being encouraged, and the role of the advisor is changing as clients seek help, advice and support that goes far beyond technical legal and tax advice."