Growing up, my parents taught me that building wealth wasn’t about becoming rich; it was about becoming secure. I’ve never forgotten that lesson, and as a working mom, I’ve tried to help my son embrace the same mindset. For many parents and guardians, few goals are more important than sharing the resources their kids will need to live long, prosperous lives. And in the coming years, many adult children will take part in an unprecedented inheritance.

Today, we are on the precipice of the largest wealth transfer in history. Over the next two decades, an estimated $90 trillion will be passed from US adults to younger generations—with a hope that they’ll thrive.

But inherited wealth is not indefinite wealth. About 70 percent of affluent families lose their accumulated wealth by the second generation. The trend is similar for family businesses. Approximately 70 percent fail or are sold when passed to loved ones.

I’ve seen the hope families have for their loved ones—that one day they’ll enjoy a more prosperous future.

With statistics like these, it’s easy to see why so many parents and guardians worry their kids won’t be better off than they were. What’s the solution for sustainable financial security? The answer lies in communication. Durable wealth depends on transparent planning between generations.

At Northwestern Mutual, I oversee our company’s wealth management business, along with the strategy to ensure our long-term competitiveness. My team constantly has an eye on trends within our industry and beyond, assessing challenges and identifying opportunities to help our clients achieve greater financial security. I’ve seen firsthand the hope families have for their loved ones—hope that one day they’ll enjoy a more prosperous future. I’ve also seen time and again that financial resources alone aren’t enough to make those hopes a reality.

Intergenerational Wealth Planning Is a Game-Changer

The financial services industry has an opportunity—and frankly a responsibility—to facilitate a better future for families. Often, younger generations have little insight into how their parents earned their money, let alone how they managed to preserve it across decades. Put another way, money just isn’t something they discussed at the dinner table. That needs to change.

But these conversations shouldn’t start with account numbers and portfolio allocations. They should start with values and a vision for the future. Only within that framework can the path to generational prosperity be plotted.

These dialogues can provide clarity as family members share their dreams and describe their emotions. They can also be an outlet to ask questions in a more comfortable setting. Having a trusted advisor present can help ease the tension and facilitate open and honest communication.

The good news is these critical conversations are happening earlier, more often, and are increasingly intergenerational. According to Northwestern Mutual’s Planning & Progress Study, the average American says the right time to talk with kids about the family’s finances is age 17. However, there are significant differences across generations: Boomers+ say they had that first conversation at 22, while Gen Z had it at age 15.

This shift in timing is progress. Without an understanding of their family’s financial situation, the door to suboptimal decision-making is opened. During an emotionally charged situation like an unexpected accident or illness, the last thing anyone wants is to have to decipher a loved one’s financial realities and wishes. By knowing what options are available beforehand, people can make better choices.

With many millennials’ parents and guardians aging, another topic that warrants a calm, yet candid conversation surrounds their preferences for long-term care. About four in 10 (43 percent) US adults have had that discussion. But younger generations are more willing to—and to do so, again, earlier in life.

The Power of Intergenerational Planning

If our industry fosters these planning conversations, the greatest wealth transfer in history won’t just be defined by its size—but by its positive impact on families.

Financial services is one of many industries where intergenerational planning conversations will become more popular. More must follow. For example, will more young adults involve their parents or guardians in conversations about buying a car, buying a home, or seeking medical advice?

By finding ways to integrate intergenerational planning into our efforts, we can not only preserve seats at the table for the next generation but add them as well.