A demographic transition is reshaping the global wealth-management industry. Over the coming two decades, an unprecedented volume of assets will pass from the generation that accumulated it to heirs who came of age in a digital environment, and the institutions that intermediate that transfer - established private banks, digital-first challengers, and international financial centres alike - are adapting their models in anticipation. The shift is structural rather than cyclical, and it is changing not only who holds wealth but how that wealth expects to be served.
