STEP unveils report on family wealth

STEP, the professional body for trust and estate practitioners, has released its STEP Barometer 2026: Global trends in family wealth and succession planning. This comprehensive report assesses the complexities faced by family wealth and succession advisors in today’s dynamic landscape, highlighting key challenges and emerging trends informed by the insights of over 500 practitioners and 6,000 citizens from the UK, Singapore, and Australia. The report underscores the significant impact of artificial intelligence, misinformation, and the ongoing Great Wealth Transfer from baby boomers to their heirs, as well as challenges posed by changing family dynamics, demographic shifts, and increasing global mobility.

Emma Lovell, CEO of STEP, stated that "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." Lovell emphasised that practitioners are evolving from traditional advisors to holistic, values-driven coaches, vital in assisting clients through major life events.

The report outlines six key themes emerging from the research. Firstly, modern families face challenges influenced by the Great Wealth Transfer, with blended families often creating complications in succession planning. Secondly, the ageing population has raised concerns regarding financial abuse, with a need for increased public awareness and enhanced safeguarding measures. Thirdly, shifting client values are prioritising philanthropic motivations over tax advantages, prompting practitioners to adapt their discussions around wealth planning.

Additionally, technology poses both opportunities and risks, as many practitioners acknowledge the importance of personal relationships amidst the rise of AI and misinformation. Regulatory pressures are also discussed, as families experience greater compliance demands while becoming more globally mobile. Lastly, the report highlights the detrimental effects of unqualified advice and misinformation, underlining the necessity for higher professional standards.

In conclusion, Lovell remarked, "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 reveals the reality practitioners face, showing a committed effort to support families in navigating a rapidly evolving and complex world where expert guidance remains crucial. For further insights, readers can access the full STEP Barometer 2026 online