Until recently, private banking clients typically fit a profile of older age, consolidated wealth, a fairly conservative attitude, strong trust in their personal advisor, and loyalty to the same firm over time.
Today, private banking faces a phenomenon that threatens to make its manuals—and even its very essence—obsolete: the arrival of a new generation of clients with a different way of seeing, and even using, money.
Nowadays, clients don’t always wear a suit, may hold more crypto than bonds, and likely made their fortune through astartup or inherited it.
The most disruptive aspect is not their youth, but their mindset, which changes the rules of the financial game, and private banking, with few exceptions, does not seem to be following the new script.
This shift represents a profound change in priorities and values. Clients want to invest in companies that make an impact, aligning purpose with profitability. For example, they ask aboutventure capitalfunds, startups, or initiatives that combine ethics and innovation. And they want it all communicated clearly and transparently. They don’t want to delegate—they want to be involved, learn, and have a say in the strategy. In this regard, studies indicate that 70% of millionaire clients under 40 prioritise ESG criteria in their investment decisions.
Are we ready for this shift in mentality?
Many bankers and financial institutions continue to apply approaches from 20 years ago. In many cases, advice is still focused on traditional products. Some institutions resist offering alternative assets, or treat sustainability as a marketingexercise rather than a structural conviction. The result is a growing number of young, high-net-worth clients looking elsewhere for what their bank does not provide.
This new generation seeks agility, vision, and also empathy. The challenge is not just about products, but about language.
Many institutions try to adapt by creating specialised divisions, digital platforms, and teams with younger profiles… But adapting the offering is pointless if the mindset doesn’t change. And so is digitisation without empathy. Trust, human relationships, and mutual understanding are essential.
The key lies in supporting clients through life’s critical processes. Clients no longer simply seek to preserve their wealth—they want to give it meaning, and that is where we must be.
We must view this change as a great opportunity to reinvent ourselves to connect with a generation that, if it feels heard and supported, can become the best client of all. The relationship is more important than ever. We are strategic partners in managing their wealth, offering a personalised, digital, and sustainable approach, because their trust and objectives are our priority.
All of this requires humility, vision, and courage. To be more relevant tomorrow, private banking will have to let go of much of what it was yesterday.