Estate Planning is an “Expectation, not a Luxury”: Q&A with Trust & Will’s Cody Barbo 

The increasing demand for estate planning services within financial advising reflects a significant shift in client expectations, driven by a growing recognition of its importance across diverse demographics. This trend is fueled by an aging population, with many Americans—particularly baby boomers—nearing retirement and seeking to secure their legacies. Younger generations, like Millennials and Gen Z, are also showing surprising interest. 

Clients increasingly see estate planning as a natural extension of financial advising, not a separate legal task. For advisors, failing to adapt carries stark consequences. Those who don’t expand beyond traditional investment management could lose clients to competitors who offer holistic guidance, including trusts, tax strategies, and beneficiary planning.  

The market is evolving, and advisors who ignore this demand may see their practices stagnate as clients, especially younger ones inheriting trillions from boomers, seek comprehensive solutions aligned with their values and long-term goals. Adapting isn’t just an opportunity; it’s becoming a necessity to stay competitive. 

Trust & Will’s 2025 Financial Advisor Report, based on a nationwide survey of 10,000 U.S. adults, reveals a growing gap between what clients want and what most advisors currently offer. 

Cody Barbo, CEO & co-Founder, Trust & Will, recently shared insights on the company’s latest findings. He highlighted that 70% of surveyed clients expect financial advisors to offer estate planning—37% as a core service and 33% as a valuable add-on—underscoring a shift in client expectations. Additionally, he notes that 40% of respondents would switch advisors to access these services, signaling a competitive edge for those who adapt. 

CM: How has estate planning become a core part of financial advisory services, and what benefits do advisors gain by embracing it? 

CB: The data tells a clear story. Estate planning has become an expectation, not a luxury. According to our 2025 Financial Advisor Report, 70% of Americans believe financial advisors should offer estate planning, with 40% of clients saying they’d switch advisors to get it. Among high-income earners [those making between $500K and $999K] a staggering 82% would switch advisors if estate planning wasn’t part of the offering. 

This is no longer a niche request, it’s a wake-up call. Estate planning is emerging as a core pillar of holistic financial wellbeing. Clients don’t want fragmented advice across disconnected professionals. They want an integrated roadmap, and financial advisors are uniquely positioned to deliver that. 

Why? Because they already hold the trust. 43% of clients share sensitive family dynamics with their advisor, and 18% disclose everything — even the skeletons in the closet. This level of transparency opens the door for advisors to support multigenerational wealth transfer, legacy planning, and financial stability — not just investment growth. 

For advisors who embrace estate planning, the upside is real: 

Client retention improves by offering long-term value. 

New client acquisition accelerates. Especially with Millennials and Gen Z, where 63% and 54%, respectively, would change advisors to get these services. 

Differentiation becomes built-in. You’re not just managing portfolios; you’re protecting legacies. 

CM: What specific services do clients expect beyond basic advice? 

CB: Clients today want advisors who go beyond surface-level guidance. In fact, 41% expect hands-on help with tasks like beneficiary designations and tax strategies, and 35% want a full suite of estate planning services, including document drafting and collaboration with attorneys. 

This aligns with a broader shift: clients want ongoing, integrated, and intuitive support. They’re looking for advisors to: 

Educate them on the basics (37%) 

Provide proactive reminders to update their plan (33%) 

Coordinate directly with legal professionals (32%) 

In other words, they’re not asking for a checklist; they’re asking for a co-pilot. 

Supporting this, our recently published Estate Planning Report found that 49% of Americans are more financially anxious now than a year ago, and 83% believe estate planning is very important, yet most still haven’t completed one. Advisors who step into this emotional and logistical gap can make an outsized impact. 

We’ve seen this firsthand at Trust & Will. Our advisor platform gives professionals the tools to help clients not just create estate plans, but maintain them through life’s changes—like marriage, a new child, or relocating to a different state. From asset inventories to digital vaults, clients want a suite of solutions, and they want their advisor to guide the way. 

CM: How does this report fit into the larger trends in the financial advisory industry? 

CB: This report reflects a fundamental evolution in what it means to be a financial advisor. For decades, the role has centered on investment performance and retirement strategy. But today’s client is looking for something deeper… A holistic relationship that protects them now and into the future. 

What’s emerging is the advisor as an anchor; someone who helps navigate both the day-to-day and the once-in-a-lifetime. And as our report shows, estate planning is the lever that unlocks that deeper trust. 

Here’s what makes this moment so pivotal: 

We’re in the middle of a historic $84 trillion wealth transfer, and clients are increasingly multigenerational. 

Financial anxiety is rising, even among those earning $500K–$1M, who say inflation is delaying major life goals like retirement or homeownership. 

Clients are not just seeking strategy; they’re looking for security and clarity. 

Add to that the findings from our Estate Planning Report: 75% of people who didn’t complete their plan cited the process as intimidating, confusing, or inconvenient, and 80% say they’d revisit their estate plan more often if digital options like eWills were available. 

That’s where advisors come in. 

By offering estate planning services — or partnering with platforms like Trust & Will — financial advisors can simplify a historically overwhelming process and deepen their role as a trusted guide. Estate planning isn’t just a legal checkbox anymore, it’s central to the modern advisor-client relationship.