The end of the financial year (EOFY) always brings that familiar sense of urgency, coupled with a dash of panic.
Superannuation top-ups, tax planning, and trust distributions are just some of the essential housekeeping tasks that individuals, families and business owners must address to meet their compliance obligations and extract the maximum benefit from all the available – and legitimate – strategies.
The deadlines, the documentation, and the detail create a clear set of objectives. But in the race to tick off the must-do tasks before 30 June, we often overlook an equally important responsibility, preparing for the future beyond EOFY. More specifically, preparing for the people who will one day take the reins of the wealth being
stewarded today.
Yet, for all the activity, EOFY rarely prompts the one conversation that arguably matters most: what will happen to this wealth when the hands that built it are no longer at the helm?
We are now in the early stages of Australia’s largest intergenerational wealth transfer. Over the next two decades, an estimated $3.9+ trillion will pass from one generation to the next. Families have, in many cases, worked hard to put the right structures in place, including Trusts, Wills, Enduring Powers of Attorney and investment vehicles.
But the reality we see far too often is that the human element has been forgotten. It is assumed that structure equals clarity, that legal documentation equals understanding, and that the presence of a plan means readiness.
We assume that just because the legal work is done, the family is prepared. That the presence of a Trust means it will be understood. And this is where EOFY, perhaps unexpectedly, offers a valuable opportunity.
As a natural checkpoint in the financial calendar, EOFY gives advisers and families a credible moment to pause and ask deeper questions, not just about what needs to be done before June 30, but what needs to be understood and planned for over the next 30 years. It is an organic moment that allows us to engage not just in compliance activity but in legacy thinking, to take stock of the bigger picture and ask whether the plans we have in place still reflect the people, values aspirations and objectives of today.
These are not conversations that come easily. Discussions around legacy, succession and responsibility can often be uncomfortable. But they are essential. EOFY, with its built-in deadline and financial focus, allows us to gently open the door to those more strategic discussions. It offers a structured context within which to bring adult children into planning conversations, review asset ownership and intentions, and begin to shift from viewing wealth as static capital to something that should evolve with clarity and care.
Involving the next generation is not just about education; it’s about aspirations, family values, and alignment. When the intentions behind financial structures are shared openly, the likelihood of miscommunication, resentment or legal conflict down the line is significantly reduced.
This has become especially important in the current environment. With elevated interest rates, cost-of-living pressures and market uncertainty, younger generations are facing financial challenges that look markedly different from those of their parents.
Property ownership is harder, student debt is higher, and financial independence arrives later. At the same time, family structures are more dynamic, with more blended households, global ties and shifting cultural expectations, all of which mean the assumptions underpinning earlier estate plans may no longer hold true. A strategy written even five years ago may now need updating to reflect new realities and relationships.
EOFY doesn’t solve this. But it provides a well-timed excuse to begin this process. A moment to ask: does our current plan reflect who we are now? Does everyone involved understand their value? Are we passing not just assets, but values and intent? Involving family members early, not necessarily in decision-making, but in awareness and discussion, ensures that wealth isn’t simply transferred, but also understood. It allows for a smoother transition when the time comes and helps younger generations develop the confidence and capability to manage the
responsibility that will one day be theirs.
The role for advisers
Advisers, too, must evolve. The value of advice is no longer defined solely by tax outcomes or investment performance. Increasingly, it’s measured by how well we help clients navigate complexity, connect generations and bring a sense of calm and purpose to what is often an emotional and uncertain transition. We must act not just
as financial managers, but as facilitators of long-term clarity. Our role is to help families articulate their aspirations and objectives, identify future stewards, and build structures that support both continuity and flexibility.
This doesn’t mean overwhelming clients with technical detail or forcing decisions before they’re ready. Rather, it’s about opening the space for ongoing, honest dialogue that is anchored not in fear of what may happen, but in confidence about what is being thoughtfully put in place.
It’s about identifying the right time and approach to introduce children to the family plan and working together to evolve that plan as circumstances change. Even small steps, taken consistently over time, can foster stronger relationships, deeper understanding and greater peace of mind.
EOFY, in that sense, can be more than a closing of the books on a financial year. It can be the quiet beginning of conversations that define how a family’s story continues, not just in terms of financial outcomes, but in the way they support one another, align their values and steward their legacy with intention.
In an environment where so many financial milestones feel impersonal or purely administrative, EOFY stands out as a moment where advisers can truly deliver strategic and human value. It allows us to bridge the gap between generations with care, build trust across age groups, and help clients leave more than just wealth, they can leave purpose, clarity, alignment and a legacy of thoughtful communication.
We often ask: what do we need to do before June 30? Perhaps a better question is: who do we need to involve, and what conversations are overdue? When EOFY is treated not just as an endpoint but as an inflection point, its value increases tenfold. The opportunity is there, for clients to reflect more deeply, for advisers to guide more
meaningfully and for families to grow more connected in the process.
If the objectives are not simply to preserve and protect wealth, but to transfer wealth with clarity and meaning, then EOFY is not just a deadline. It’s an invitation. And one we should accept with alacrity.
Peter Leggett is executive chairman and chief investment officer at Arrow Private Wealth.
