Surveys: The great wealth transfer will bring client defections for many advisors

Years of focus by financial advisors on retaining younger clients amid the so-called great wealth transfer have not yet borne fruit among that up-and-coming cohort, according to two surveys released by outside observers. One survey released Thursday by global market research and consulting firm The Harris Poll found that 43% of the heirs of high-net-worth Americans aged 55 or older plan to switch financial advisors after receiving an inheritance, even if they generally like the advisor.