Next-gen clients can be just as diverse as any other private-banking clients, with similar ranges of age, investment goals and overall desire to be involved in the family wealth.
Engagement and education are some of the most important offerings for any bank in this business, and the best services for next-gen often fall out of the scope for traditional banking services.
With a global, collective $18.3 trillion of generational wealth transfer anticipated by 2030, engaging with high and ultra-high net-worth clients couldn’t be more important for the banks – and for those looking to secure their succession planning and an easy transfer of wealth.
Euromoney’s best private bank for next-gen in Africa, Standard Bank Wealth and Investment, understands this well.
Headquartered in South Africa, the parent bank has a presence in many economies across sub-Saharan Africa and select international financial centres. It saw a 120% increase in assets under management from 2021 to 2022 and deposits grew from R6.3