{
  "id": 9425951,
  "title": "Asean’s next generation of wealthy clients are moving away from parents’ banks: study",
  "url": "https://urgent.news/2026/09/23/aseans-next-generation-of-wealthy-clients-are-moving-away-from",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-23T22:00:00.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/aseans-next-generation-wealthy-clients-are-moving-away-parents-banks-study"
  },
  "original_language": "en",
  "account": "A new report reveals that younger generations in Southeast Asia are increasingly turning away from their parents' banks, instead prioritising investment performance, pricing and access to a broader range of banking products and platforms. The NextGen Private Banking Clients 2026 study, published by Swiss research and strategy platform WealthSummit, found that 71% of next-generation wealth holders have their primary banking relationship with a bank other than their parents'. Over 68% of this demographic maintain relationships with three or more banks. WealthSummit CEO Christoph Kunzle emphasized that banks must now earn the loyalty of younger clients, as the old practice of simply retaining clients because they served their parents is no longer effective. The study involved 1,049 \"NextGen\" clients in Southeast Asia, aged between 30 and 55, and defined them as those who will receive, control, or have recently received inherited wealth. To attract and retain these customers, private banks are advised to offer transparent fees, access to networks, serve across generations, employ artificial intelligence with human judgment, and provide seamless continuity across advisers. Banks should also adopt borderless banking, full asset access, and a total wealth view in their platforms. When clients are dissatisfied, they often close accounts and open new ones with different banks rather than simply reducing their balance at their current bank. Some 42% of respondents indicated they would consider independent asset managers as alternatives to private banks, while 39% would opt for family offices. Only 20% stated that a private bank remains their top choice. Dr. Kunzle noted that the multi-banking approach is common among younger clients, driven by a conscious approach to diversifying their portfolios. Some NextGen clients are also growing weary of private banks' overly salesy approach and prefer independent, personalized advice. Claude Baumann, chairman of WealthSummit, observed that Gen X, born between 1965 and 1979, is the dominant cohort shaping the future of wealth management in Singapore and Southeast Asia, challenging the industry's tendency to focus on Gen Z. Baumann emphasized that private banks should not limit their outreach to the children of existing clients and should instead collaborate more openly with fintech startups and expand their product offerings.",
  "summary": "Younger customers are prioritising investment performance, pricing and access to more products and platforms",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}