This award is always fiercely contested, and for good reason. Every private bank targets high-net-worth customers. Many of them are tomorrow’s ultra-wealthy customers; a handful will be tomorrow’s billionaires, monied enough to support their own multi-functional family office.
There’s another reason why HNWs are so attractive to wealth managers. As artificial intelligence gets more deeply embedded in financial institutions, it will become more cost- and time-efficient for these institutions to serve the ‘merely’ high-net-worth among us.
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