Why do most heirs fire their parents' bankers and lawyers after inheriting?

Studies suggest about 80 percent of heirs fire their parents' bankers, CFOs, financial planners, and lawyers within the first two years of inheriting. The reason is rarely about competence. It is about trust. The advisors built decades of relationship with the parents and almost no relationship with the kids. When the kids inherit, they want their own people. People who understand the way they think, ask different questions, and don't carry baggage from the founder generation. Kris Kluver, in The Dysfunctional Family Office, calls this an opportunity that most advisors mistake for a threat. The advisors who survive the handoff are the ones who started the relationship with the next generation early, not the ones who waited for the wealth to transfer.