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The next decade will be one of great change for the private banking industry. Wealth will narrow at the top end, as it settles into the hands of a select group of the super-rich.
Further down the pyramid, it will broaden to serve more high net-worth (HNW) families, super-affluents and mass-affluents – in multiple markets.
Providers will fight for the right to serve a prized client, driven by a raft of factors, from the industry’s capital un-intensive model to its elevated valuations, higher fees and better return on equity.
Once a handy add-on to the financial model, private banking will increasingly drive income and activity in investment banking, not the other way round.
As competition intensifies, falling barriers to entry...
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