The wealth transfer conversation is everywhere: $124 trillion moving from one generation to the next through 2048. The largest transfer of assets in history. With it comes the familiar warning - most heirs plan to switch advisors.

But here's what gets lost: if 70% of heirs are considering a change, that means 70% are in play for someone.

The question is how to become the bank they choose in the greatest client acquisition opportunity in a generation. The winners will be those embracing the augmented advisor model: using AI not to replace human relationships, but to make them more valuable.

What next-gen heirs expect from RMs and wealth advisors

The heirs who will control tomorrow's wealth aren't rejecting trusted advisors. They're rejecting friction. They want real-time portfolio access on their phone AND a trusted advisor for complex decisions. Banks that force clients to choose between high-touch human service OR digital self-service will lose to firms that deliver both.

Real-time portfolio transparency

Heirs want to see what's happening now, not in quarterly PDFs. They want to access portfolio performance, transaction history, and investment allocation from their phone, updated in real time.

Decision autonomy without gatekeepers

Heirs want to move when they need to move. Small transactions shouldn't require three emails and a phone call. Digital self-service that enables routine decisions for clients also frees advisors to focus on strategy.

Always-on responsiveness

Clients expect answers on any device when they need them. That doesn't mean advisors have to work 24/7; it means that the right information is accessible without waiting.

"[Clients] want to see what's going on. They're no longer comfortable with a trustee making old-school decisions. That's a democratization of wealth," explains Rom Atapattu, Co-founder and Group CEO of the Patronus Group, in an episode on the 'Banking Reinvented' podcast by Backbase.

Trustworthy digital experiences

For this generation, your digital experience isn't convenience - it's credibility. If you can't show real-time portfolio data on their phone, they question whether you can handle complex wealth structuring. A clunky app erodes trust before the relationship begins.

"If the app is not friendly and not usable, they will delete it," Atappatu warns. "You spend all this money going digital, but if the delivery is incorrect and not fit for purpose, people are not going to use it."

The firms that win deliver both: the depth of a trusted relationship and the speed of a modern digital experience.

The biggest reason RMs won't be able to acquire new client portfolios

Right now, while $124 trillion actively transfers, heirs decide which advisors to keep. This is when relationship building matters most.

But advisors can't build relationships when they're buried in admin work. Wealth management advisors spend less than 20% of their time actually meeting with clients. For every hour with a client, advisors spend two hours preparing.

"This is a moment where advisors should be spending most of their time with clients and prospects," observes Jule Bordat, Principal Wealth Expert & Go-to-Market Lead at Backbase. "But they are stuck on admin tasks, on non-value-adding work."

Every hour spent on paperwork is an hour not spent connecting with an heir evaluating whether to stay or leave.

And there's fragmentation. When a $20 million portfolio transfers, suddenly you're serving five heirs, each with different needs and communication styles.

"Somebody with a $10 or $20 million portfolio [is serving] five kids," Atappatu explains. "You're dealing with five different clients with five different needs."

The traditional "family banker" model doesn't scale across fragmented relationships using manual methods. You can't replicate that depth five times over without technology.

Fortunately, AI can help. According to recent surveys, 97% of financial advisors believe AI can help them grow their business, and 92% have already taken steps to implement it. We explore this in the sections below.

The augmented RM: AI handles prep, humans handle connection

There's a fear that technology will replace relationship managers and wealth advisors, eroding the human connection that defines wealth management.

That fear is misplaced, because technology deepens relationships when used right.

The augmented advisor model works like this: AI handles preparation so humans handle connection. Instead of hours gathering data and assembling briefs, advisors arrive informed. Instead of being buried in admin, they're freed to listen, advise, and build trust.

An augmented advisor arrives at every client interaction already informed. AI synthesizes call history, transaction patterns, portfolio composition, recent life events, and risk indicators into a brief the advisor reviews in minutes. Instead of spending 6-8 hours preparing for a meeting, the advisor spends 15 minutes. The time saved goes to connecting with clients, identifying opportunities, and building relationships.

"Can AI replace the advisor? No," Atappatu says. "People are looking for human connection. What AI does is prepare and curate - it can look through call reports, transaction history, portfolio composition, and give a sensitized version of the client's situation. That process would take six to eight hours. An AI agent can synthesize it so the RM can have a very educated conversation."

The key is centralizing activities into a unified workspace with AI-driven insights and automated workflows. This approach enhances advisor productivity while preserving the relationship-first approach that defines private banking.

"The 'augmented RM' is the number one term we've coined at Backbase," explains Bordat. "You can do a lot more with a single RM, which means more assets under management per RM."

The human still decides, connects, and advises, prepared to offer white-glove service that is digitally enabled.

How can private banks shift to augmented relationship management?

Two-thirds of heirs will consider switching advisors. That's your opportunity.

The firms that capture this wealth combine what private banking has always done well - deep relationships, trusted advice, knowing clients as people - with what the next generation expects: digital transparency, real-time access, and advisors who show up prepared.

Step 1: unify your RM workspace

RMs can't deliver personalized service when they're toggling between ten systems. The foundation needs to be a unified platform where client data, interaction history, portfolio details, and planning tools live.

This isn't about replacing your core systems; it's about creating a layer that brings everything together so advisors can access what they need without the chaos.

When relationship managers can see a complete client picture in seconds instead of hours, they spend less time hunting for information and more time using it.

Modernize private banking services and deliver white-glove experiences with Backbase

Step 2: deploy AI for wealth advisors where it creates advisor capacity

Not all AI delivers equal value. Focus on use cases that directly free up advisor time to eliminate the hours of manual work that prevent advisors from exercising judgment. For example:

Automated meeting preparation synthesizes client history and recent activity into a brief advisors can scan in minutes, not hours.

‍Smart signals surface which clients need attention and why, such as portfolio risk alerts, life event triggers, opportunity identification.

‍Personalized communication tools maintain relationships at scale without feeling robotic or generic.

Start with these high-impact use cases that deliver immediate ROI and build confidence for broader adoption.

Embed AI-driven insights directly into advisor workflows with Backbase

Step 3: make digital experience your competitive advantage

Next-gen clients judge your capabilities by your digital presence. If your mobile app feels outdated or your client portal lacks real-time data, you're losing trust before the first conversation.

Build digital experiences that match heir expectations: mobile apps with real-time portfolio insights, direct advisor collaboration, and intuitive interfaces that build credibility with digital-first heirs.

Fortunately, you don't need to start from scratch to create state-of-the-art digital experiences that compete with the best websites or apps in the market. For example, Backbase works with wealth managers to deliver differentiated digital investing experiences. It handles the complexity so you can deliver bank-grade experiences without building everything from scratch.

How quickly can banks implement augmented advisor technology?

Implementation timelines vary. Unified advisor workspaces can go live in weeks, not years - especially when built on composable platforms that integrate with existing systems rather than replacing them. AI features like meeting prep assistants and smart signals can be deployed incrementally, starting with highest-value use cases and expanding based on advisor adoption and impact.

The time to act is now

Private banking was the original "beyond banking," anticipating needs, solving problems, knowing clients deeply. Next-gen wealth clients want the same thing. They just expect it at digital speed. That's exactly what the augmented advisor model delivers.

The wealth transfer isn't a threat. It's the greatest client acquisition opportunity in a generation. The question is whether your advisors will be equipped with the AI-driven tools they need to win new relationships - or watch those clients choose someone who is.

Ready to position your firm to win the great wealth transfer? Backbase works with private banks and wealth managers globally to build augmented advisor experiences - modernizing RM operations with AI while preserving the relationship-first approach that defines the industry. Explore our wealth management and private banking solutions or schedule a conversation with our team to see how the platform works.