Financial institutions are gearing up to cater to the next generation of wealth clients as the “Great Wealth Transfer” happens in real time.  

An estimated $124 trillion is projected to be passed to younger family members and charities by 2048, according to a report from asset management firm Cerulli Associates.

When this transfer occurs, 81% of inheritors plan to fire their parents’ asset managers due to a lack of preferred digital channels and low availability of alternative asset classes, like crypto, according to a June report from consultancy Capgemini. 

“This isn’t just about preference; it’s about engagement and trust,” Heather Hunt-Ruddy, Central divisional leader of Wells Fargo Advisors, told Bank Automation News. “Add to that a generational shift in values, increased use of digital tools, and personalization matter, it’s clear why retention is a challenge.” 

Wells Fargo is invested in preparing for the Great Wealth Transfer, Hunt-Ruddy said.  

“We’ve invested in digital tools, hosted rising generation summits, and created educational campaigns aimed at helping the next generation of inheritors manage money well,” she said. 

AI expectation 

A major aspect of the digital revamp at the $1.7 trillion Wells Fargo is with its AI capabilities.  

“Younger clients are not just open to AI — they expect it,” Hunt-Ruddy said.  

The bank is exploring the use of AI within its operations to build deeper relationships with clients, she said. 

“As wealth shifts younger, firms that embrace AI will be better positioned to meet the expectations of digitally native clients who want both human expertise and tech-enabled solutions,” she added. 

Wells Fargo Advisors is also developing multigenerational adviser teams that include wealth managers of diverse ages to woo clients, Hunt-Ruddy said. 

“Younger advisers bring cultural fluency, digital savvy and shared values that resonate with next-gen clients, while seasoned advisers offer stability and deep expertise,” she said. “Together, they signal long-term commitment and trust across generations.” 

The San Francisco-based bank has a total of $2.2 billion in assets under management for its wealth advisory arm at the end of 2024, up 10% year over year, according to the bank’s earnings reports. 

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