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EXECUTIVE SUMMARY |
• The shift toward digital communication continues, with virtual reality emerging as a vital tool, but many HNWs still like to talk with advisers face to face • Private banks that are not using multiple channels to interact with clients will be left behind • Scale and trust remain vital factors: without both factors in place, a private bank is not going to survive long • Private banks are becoming adept at catering to the evolving philanthropic ideals and demands of clients • Young private banking talent is more entrepreneurial than ever, keen to take risks and to make a difference with their employer • Wealth in a digital world is still attracted to financial hubs with strong governance and transparency • Private banks and wealth advisers that explain hidden costs to clients and work to reduce them are more likely to benefit than those that do... |
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