Equitable PEAK 35™ Study: Millennials Seek Trusted Financial Advice as They Build and Inherit Wealth
Only a quarter of millennials feel confident making smart decisions as their financial lives get more complex
Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today published a new study, "PEAK 35TM: Guiding a New Generation of Wealth," exploring how millennials are both building and inheriting wealth. The white paper equips financial advisors with key insights to better serve this generation, as millennials reshape expectations for growing, protecting and stewarding wealth.
The U.S. economic landscape is undergoing a profound shift as two major demographics reach pivotal financial milestones. Much attention has focused on the more than 4 million baby boomers turning 65 each year, often referred to as "Peak 65." Meanwhile, an equal number of millennials are turning 35, marking the rise of "Peak 35." Millennials are a driving force in the American economy as the largest generation in the workforce. As they transition from early‑career earnings to wealth‑building, many are also poised to inherit assets as part of the Great Wealth Transfer — an unprecedented shift of $30 to $140 trillion from baby boomers to younger generations by 2045.i
Equitable's study reveals that nearly seven in 10 millennials expect or are fairly confident they will inherit assets from their families. Most anticipate a range of asset types: 71% expect cash, 51% foresee receiving personal valuables such as jewelry, 46% anticipate real estate, and 41% expect financial assets like stocks, bonds and retirement accounts.
"Millennials stand at a critical financial crossroads as they move into their prime earning years and begin to inherit wealth from their aging baby boomer parents," said Gerald Grant III, CFP® and financial advisor with Equitable Advisors, who is part of a multigenerational family practice. "This historic transfer of wealth is about more than passing down assets, it's about passing down values. Engaging the entire family in honest — and sometimes uncomfortable — conversations lays the foundation for truly lasting relationships. Once trust and transparency are established, a holistic financial plan that reflects the family's goals can take shape and put everyone on the same path forward."
As millennials redefine expectations around advice, planning and engagement, Equitable's study uncovered the following key insights to help financial advisors future‑proof their practices and serve this next generation of clients as the "Peak 35" phenomenon unfolds.
- Complexity rattles confidence: While nearly eight in 10 millennials feel confident making smart financial decisions today, that confidence drops sharply to just 27% when their financial situation becomes more complex. As millennials prepare to inherit cash, real estate, investments and businesses from their aging parents, this shift in assets presents a clear opportunity for advisors to offer expert guidance and holistic financial planning.
- Human touch with digital support: As digital natives, millennials are the first generation to widely use digital financial tools. However, as their financial lives grow more complex, their reliance on AI‑driven and DIY investment platforms is shifting. Many now seek personalized financial guidance as they build and inherit wealth. Notably, nearly seven in 10 millennials would prioritize working with a financial advisor over a solely digital experience. Specifically, 27% prefer working just with a financial advisor, while 41% of millennials prefer a hybrid approach that balances technology and tailored advice.
- Trust is the bridge to keep clients across generations: The study reveals that 68% of millennials have already discussed future inheritance planning with their parents, and two-thirds of those families work with a financial advisor — underscoring that financial planning often begins at home. That influence runs deep: 87% of millennials say their family's relationship with a financial advisor is a key factor in deciding whether to continue working with that advisor themselves. But loyalty has limits: four in 10 millennials would switch financial advisors if they do not feel seen or supported, or if the advisor lacks experience with clients in a similar situation.
- Purpose meets advice grounded in values and expertise: The current shift in wealth is more than a financial decision for most millennials — it's emotional and cultural. The study revealed that an overwhelming 93% of millennials believe it's important for their financial advisor to align with their personal values and goals. Moreover, nearly three-quarters of those already working with a financial advisor plan to seek one who specializes in inheritance and wealth transfer.
"It's clear millennials value trusted advice as their financial lives grow more complex. However, financial planning is about more than numbers on a page for this generation. It's about building a personalized roadmap for the future, grounded in purpose and shaped by their values and family dynamics, so they can look ahead with confidence," said Nick Lane, President of Equitable. "Financial advisors who understand this mindset will be best positioned to connect with millennial clients, future‑proof their practices and support them through every life stage."
About the study:
Equitable's "PEAK 35TM: Guiding a New Generation of Wealth" study was conducted by an independent, global survey panel provider. The survey included 500 U.S. adults born between 1981 and 1996 and was fielded online between June 26 and July 7, 2025. The survey sample closely reflects the demographic makeup of the U.S. adult population, with respondent distributions aligned to U.S. Census benchmarks by region, race and gender. Results were then weighted by household income to reflect typical financial advisory clients. Where applicable, data is segmented by gender and by the presence of a financial advisor to surface relevant differences in attitudes and behaviors. Survey participation was anonymous.
About Equitable:
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America's leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves more than 4 million clients across the country. Please visit equitable.com for more information.
i Cerulli Associates, U.S. intergenerational wealth transfer estimates, 2023.
Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), to which reference to the 1859 founding specifically and exclusively refers. Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN), a broker-dealer / Equitable Advisors, LLC, an SEC-registered investment advisor. All companies are affiliated. "Advisor" is used to generally describe insurance / annuity, investment sales, and advisory professionals who may be licensed as insurance agents, registered with broker-dealers, and registered as investment advisory representatives of registered investment advisors, respectively. GE-8770828.1 (02/26)
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