Most high net-worth (HNW) individuals in the US plan to pass on their wealth to their children, but according to Bank of America Private Bank, fewer than half are confident that the next generation will make responsible decisions with their inheritance.
Many of that younger generation might agree: fewer than 20% of young HNW clients claim a high level of financial knowledge.
All of which means a private-banking franchise that is not already engaging with the next generation of its clients is dooming itself to irrelevance.
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