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Private banks have 50-50 shot of retaining next gen wealth; must “resonate” with youth

While nearly half of today’s young high net worth individuals (HNWIs) remain open to building relationships with their parents’ private bankers, expectations surrounding private bankers’ roles no longer fit the traditional discretionary wealth management model. According to a report published by Merrill Lynch Private Banking and Investment Group, 72% of wealthy millennials describe themselves as “self-directed” investors who want to maintain independence…

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