The text discusses how EY can help wealth managers and private banks transform and grow their business. It emphasizes the importance of understanding the needs of female inheritors and younger beneficiaries, as well as equipping the front office to address their complex needs. It suggests that firms should focus on building compelling, legacy-focused propositions centered around the needs of donors and inheritors. The text also highlights the importance of changing the narrative around inheritance, understanding the differences between donors and inheritors, empowering the front line, and executing with care and patience. It concludes by mentioning that developing a bespoke business and operating model for intergenerational wealth transfers can greatly impact wealth managers’ ability to capture assets and ensure future growth.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Change the inheritance narrative | Shifting mindset | Peace of mind for clients | Desire to generate positive client experience |
| Understand female and younger inheritors | Tailored approach | More inclusive and diverse wealth management | Recognition of underserved client segments |
| Empower the front line | Enhanced skills and tools | Proactive engagement with clients | Focus on building confidence and trust |
| Execute with care and patience | Long-term client value | Building trust and consensus | Gradual client engagement and education |