How banks can win affluent clients in the great wealth transfer

This period in a new client relationship is crucial for banks to establish trust and set the tone for future interactions. During this time, affluent clients assess whether the bank understands their needs and provides effective communication through a mix of human and digital engagement. Banks should prioritize responsiveness with dedicated onboarding support and proactive check-ins, while also facilitating digital ease with intuitive tools for document uploads and secure communication. Personalization is key, requiring a deep understanding of client goals and preferences, along with seamless coordination among bankers to enhance the onboarding experience and eliminate any friction.

Routine servicing is a critical yet often overlooked aspect of consumer engagement —particularly for the affluent who expect consistent and reliable support for everyday inquiries like loan requests and account changes. Banks must respond to these requests with speed and clarity while actively seeking feedback to improve service delivery. Digital accessibility is essential, as affluent clients prefer frictionless access through mobile apps, chatbots and interactive voice response systems, complemented by in-person support when necessary. To stand out, banks should equip bankers with the knowledge and skills to address a wide range of questions without redirecting, thereby creating a seamless “one-stop-shop” experience that reinforces trust and positions the bank as a full-service advisor.

How a bank addresses problems can significantly impact client trust — either strengthening it for years or causing lasting damage. The stakes are high — a 2023 FBI report found the average victim of elder fraud over the age of 60 typically lost $33,915.^iv Effective problem resolution can boost consumer satisfaction dramatically, raising satisfaction 246 points on a 1,000-point scale.^v Modern banks must utilize data and digital tools to monitor for significant events and early warning signs, allowing bankers to proactively address issues before they escalate. A dedicated resolution desk should manage high-value cases from start to finish, facilitating timely responses and updates. This premium service should also extend to the children of affluent clients, proactively resolving issues they would otherwise need to handle themselves — reinforcing the value of the relationship across generations. Additionally, premium loyalty tiers can offer enhanced protections, such as private fraud hotlines and expedited reimbursements, reinforcing client trust and satisfaction through effective crisis management.

Points alone are not enough. Programs should feel curated and personal, reinforcing a sense of partnership rather than purchase. One US Global Systemically Important Banks’ preferred rewards program is an example of continual use rather than one‑time sign‑ups, reporting a 99% annual retention rate in Q4 2024,^vi far above the industry customer retention rate of 75%.^vii

VIP events, priority servicing and unique lifestyle experiences can create a sense of belonging to an elite community. The 2025 EY NextWave Consumer Banking Insights survey found that while 83% of high-net-worth consumers and 61% of mass-affluent consumers report being in the top two loyalty tiers of their financial provider, their engagement depends on perceived exclusivity. They expect programs that reward breadth of relationship — not just spending — and that reinforce status through access, recognition and unique benefits.

A multi-product program rewards loyalty and promotes engagement with the bank’s ecosystem, requiring internal alignment to boost retention and product penetration. One approach is to create a virtual currency usable across bank products, allowing clients to earn points in various ways that are redeemable for more than just cash-back or travel. These points can reduce loan interest rates, enhance saving rates, unlock VIP status and book priority appointments.

Loyalty programs that acknowledge critical milestones — such as purchasing a second home or receiving an inheritance — can strengthen emotional connections and enhance engagement. Banks should consider offering loyalty boosts, unique rewards or VIP services at these inflection points, such as elevating clients to higher tiers with additional benefits. It is essential for bankers and advisors to stay informed about loyalty activities and actively communicate the advantages of these programs.

Loyalty programs should be seamlessly integrated into digital banking channels and supported by effective marketing and onboarding. Programs that are difficult to navigate can be more detrimental than having no program at all. Providing access to exclusive clubs, lounges and VIP events enhances the experience for affluent clients, fostering a sense of belonging and recognition. To truly resonate with these clients, loyalty programs should transition from generic point systems to strategic relationship platforms that prioritize elevated experiences and value recognition in every interaction.

As a consumer’s wealth grows, their financial needs become more complex, necessitating a shift from banker-led relationships to a hybrid model and eventually to investment advisor-led interactions. Initially, bankers should receive specialized training to serve as primary contacts, with organizations providing licensing and development programs to enhance their advisory capabilities. As client situations evolve, bankers and advisors must collaborate, and institutions can improve consultative skills by rotating bankers through cross-functional roles to better understand intricate client needs.

Less experienced bankers should focus on acquiring new clients with larger, simpler books, while seasoned bankers handle smaller, more complex relationships. This approach allows less-experienced bankers to build knowledge over time. An EY analysis found that a book size of 300 or fewer clients allowed seasoned bankers to effectively meet, respond to and build trust with affluent clients with active, complex needs. Additionally, dynamic book-sizing models can adjust based on client value and engagement. Leveraging AI and automation can further enhance bankers’ capacity to manage larger books by automating routine tasks, freeing time to concentrate on strategic relationship-building and personalized advisory services.

Bankers should be incentivized and compensated for providing high-touch support that often extends beyond standard hours to meet client expectations. Transitioning compensation from hourly rates to annual salaries — with performance metrics focused on client satisfaction, retention and long-term relationship growth — is essential. Moreover, eliminating internal competition and fostering collaboration across departments is crucial; banks can establish relationship squads — teams of advisors and service roles with shared metrics and collective accountability for outcomes — to encourage seamless service delivery.

Affluent consumers desire a centralized platform for managing their balances, goals and actions. One multinational banking and financial services corporation leverages an AI dashboard that aggregates real-time data from various accounts, resulting in users holding 59% more assets under management.^viii Similarly, US and Canadian banks can create cohesion by integrating core banking, card and brokerage feeds through a single API, providing clients and bankers with a comprehensive view.

The unified digital hub should offer flexible solutions that consumers can customize. Features like self-directed trading with fractional shares, automated tax-loss harvesting, on-demand home equity line of credit and real-time fraud alerts empower emerging affluent households to start small and scale complexity as their wealth grows — all without changing platforms.

Affluent households often seek financial products beyond traditional banking offerings, such as private equity funds or specialty insurance. For example, many banks are partnering with FinTech firms to integrate curated digital asset solutions — like cryptocurrency trading, tokenized investments and blockchain-based financial products—into their ecosystems. This integration allows clients to manage both traditional and alternative assets within a single platform, enhancing convenience and engagement.^ix In a recent EY-Parthenon survey of over 1,000 retail investors, respondents indicated a strong preference for engaging with traditional financial institutions for a wide range of digital asset products as opposed to interacting with crypto-native firms directly.^x

Banks should package their offerings to provide escalating value as clients’ net worth increases. A starter bundle could include checking and self-directed investing. Higher tiers starting at $250,000 could unlock rate discounts and automated portfolio rebalancing, while those reaching seven figures could receive concierge fraud desks and access to private equity. This tiered approach, built on a shared digital infrastructure, allows clients to see their progress and understand how actions like rolling over a 401(k) can elevate them to the next level.

Use checking, card and payroll data — enhanced with external indicators — to identify consumers likely to exceed $250,000 in assets within 24 months. Provide bankers with weekly lead lists and track conversion rates.

Form a cross-functional team to streamline onboarding and fraud resolution, aiming for digital account setup in under 24 hours and quick decision-making on disputes.

Implement a virtual currency in one region that rewards deposits, credit and investments — redeemable for discounts and exclusive services — while measuring product engagement and tier progression.

Integrate marketing signals into CRM systems to provide bankers with actionable data, helping clients advance to higher loyalty tiers. While banks often possess these insights, they frequently fail to connect them across all channels and deliver them to the advisors.

Create bundled offerings for emerging affluent clients, adding services as their wealth grows, and facilitate alignment in pricing and benefits across products.

Monitor key metrics such as lead conversion, wallet share increases and banker productivity, reporting monthly to leadership.

Share pilot results — including conversion rates and client feedback — within 90 days to generate internal momentum and highlight the value of exclusivity and seamless service.