The largest generational wealth transfer in history is already underway, creating a significant opportunity for community and regional banks. Yet retaining these assets will depend on more than maintaining strong relationships with today’s clients. Banks must also build meaningful connections with their children, grandchildren and other future financial decision-makers before wealth changes hands.
In a new article for ABA Banking Journal, Capital Performance Group’s Mark Gibson explains why banks should approach the wealth transfer as a family relationship opportunity rather than simply an asset-retention challenge. Banks are well positioned to succeed because of their personal client relationships, broad range of financial services and ability to support affluent and mass-affluent families across multiple stages of life.
The article outlines practical strategies for developing multigenerational relationships, including engaging adult children, facilitating legacy-planning conversations, providing financial education and offering products and digital experiences that appeal to younger generations. By adopting a family-centric mindset and delivering value throughout the family’s financial journey, banks can strengthen relationships and position themselves to retain deposits, loans and investment assets for years to come.
Read the article on ABA Banking Journal. Learn more about our Marketing and Sales consulting services.
