Power-generating windmill turbines are seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman
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It is set to be one of the biggest intergenerational wealth transfers in history.With an estimated $4tn expected to be passed down within a generation in the UK and North America alone, according to a wealth transfer report earlier this year by Royal Bank of Canada, private banks are in a race to retain the millennial children of wealthy families and improve their offerings to entice those in their 20s and 30s to sign up.Investable assets required to access UBS's SmartWealth, compared with a £2m minimum for the private bankMichael Maslinski, a partner at Stonehage Fleming, the family office, says managing intergenerational wealth transfer is a "very big problem" for private banks.Many private banks, including Citi, UBS, Pictet and Credit Suisse, run so-called next generation days, where the children of clients are invited to learn about investing and the challenges of inheriting wealth, as well as getting the opportunity to network with their peers. Such events help retain the next generation, private bankers say.
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