The Great Wealth Transfer is creating hot competition to attract millennials and Gen-Z expected to inherit more than $72 trillion over the next two decades.1 It’s estimated that 70-80% of those heirs will seek a new financial institution or advisor.2 That means banks and wealth management firms need to move fast to ensure they can meet the demands of digital natives.
It’s not just about having the latest capabilities in online and mobile banking. Younger generations expect personalized attention, especially for making decisions about how to manage and invest inherited wealth. Banks need to show that they know the client and their entire relationship through every interaction — and in reality, most banks (and branch bankers) are not equipped for that.
In a recent BAI podcast, Beyond the Arc CEO Steven Ramirez shared insights on what banking institutions can do to meet the new demands at scale.