Are Financial Advisors Missing Out on Canada’s $1 Trillion Wealth Transfer?

Canada’s Financial Advisors Face Exclusion Amid Historic Wealth Shift, Survey Finds

A recent national study conducted by Leger reveals that a significant portion of Canadians are making major financial decisions—such as inheritance or windfall management—without the help of a professional advisor.

The study, Financial Compass: The Great $1 Trillion Wealth Transfer, surveyed over 5,000 Canadians in July 2025. It found that only 27% of those planning to give or inherit wealth said they would seek professional advice. In contrast, 20% said they wouldn’t consult anyone at all. Alarmingly, 48% of Canadians said they don’t currently have a financial advisor, and 42% lack a financial strategy altogether.

“When asked where they turn for information, many Canadians pointed to online sources or friends and family,” said Susan Sanei-Stamp, SVP of Financial Services at Leger. “Advisors might not even be in the consideration set.”

This trend poses a long-term risk to advisors’ client bases, particularly in light of the ongoing intergenerational wealth transfer. Between $120 billion and $150 billion is expected to shift hands over the next two years.

The survey shows 45% of Canadians have already received some form of asset transfer. One-third of Gen Z and Millennials expect to inherit wealth in the future. Despite this, many remain unprepared, with 35% expecting to inherit, but 61% expecting to give—creating a significant awareness gap.

Interestingly, the mass-affluent segment (those with up to $500,000 in investable assets) poses the highest churn risk. While 60% of them currently have advisors, 68% are considering leaving or switching firms, according to Leger’s email confirmation.

Canadians Want Values-Based Advice, Not Just Transactions

While many Canadians aren’t seeking traditional advice, they are expressing a desire for more meaningful relationships. The survey found 80% want their personal values reflected in any financial advice they receive. That number rises among those giving or receiving inheritances. Also, 55% prioritize investing in socially responsible companies.

There’s still room for human advisors: 53% prefer making financial decisions in person, and only 28% would consider AI-generated advice. “These are emotional, legacy-defining moments,” said Sanei-Stamp. “They require more than just numbers.”

AiF Insight: The wealth advisory industry is facing a paradigm shift. Advisors must rethink how to engage younger and values-driven clients—or risk missing the largest wealth transfer in Canadian history.