Wealth transfer: how the next generation is reshaping private banking

Millennials expect more than access to investment solutions. They value transparency, clear explanations, and a more collaborative relationship with their private banker. Increasingly, in a fast-changing world, support with decision-making is as important as wealth management itself.

Wealth transfer is not only about passing on financial assets. It also involves preparing the next generation to assume future responsibilities. According to Lombard Odier research, relatively few families have a structured long-term plan in place to manage this transition successfully.

No. Digital tools make it easier to access information and monitor investments, but they do not replace human guidance. Younger generations expect both a seamless digital experience and a trusted advisor who can help them make informed decisions at key moments.

Millennials and Gen Z investors want to understand what they own, why they own it, and how each investment fits into their broader wealth strategy. This expectation extends to performance, risk, costs, and portfolio allocation adjustments over time. 

Sustainability is one of several themes that resonate strongly with younger investors. Beyond intentions, however, they are looking for tangible evidence and clear explanations about the real-world impacts of investment strategies. Transparency remains central to decision-making.

Private banking can help families prepare for wealth transfer by facilitating dialogue, supporting planning, and promoting financial education across generations. Its role is to help structure decisions and place wealth-related questions within a long-term perspective.