A quiet shift is taking place across Asia’s ultra-wealthy families. As succession plans begin to take shape and decades of capital moves from one generation to the next, many heirs are pushing for something different. More than just access to wealth, they expect bigger a role in deciding how it is used

A quiet shift is taking place across Asia’s ultra-wealthy families. As succession plans begin to take shape and decades of capital moves from one generation to the next, many heirs are pushing for something different. More than just access to wealth, they expect bigger a role in deciding how it is used.

Earlier this year, an heir to one of Asia’s largest financial fortunes made the unusual move of launching a private credit firm in New York, backed by family capital. Rather than relying on traditional advisory structures, they assumed direct responsibility for investment strategy and governance. The move reflects a growing trend among next-generation leaders to move beyond inherited models and take a more active role in managing wealth.

This story is no longer an exception. It reflects a broader rethink of wealth across generations. Many families continue to work with wealth advisers, but they want greater control over where their capital goes and how it is managed.

At the same time, many next-generation investors feel unprepared to take on the responsibility of managing the family’s wealth, particularly when it comes to succession. The 2025 EY Global Wealth Research Report reflects this concern, with half of next-generation wealth holders saying they felt ill-equipped by the succession structures currently in place.

Furthermore, only 28 per cent felt their advisers had meaningfully engaged them during the transition process. The issue is not a rejection of professional advice, but a call for earlier and more inclusive dialogue as wealth passes from one generation to the next.

This shift is prompting many heirs to rethink their relationships with private banks. According to Capgemini’s World Wealth Report 2025, 81 per cent of heirs plan to change their wealth adviser within two years of succession, reflecting growing dissatisfaction with conventional models. With over US$83 trillion set to pass between generations by 2048, the pressure is mounting on private banks to refine how they engage the next wave of wealth holders.

Participation over preservation

Against this changing backdrop, the role of wealth managers is evolving. The traditional focus on preserving capital is no longer enough. Next-generation clients are looking for relationships that support purpose-driven investing, collaborative decision-making, and long-term planning that is aligned with their values.

In response, banks have begun introducing advisory teams that are dedicated to younger clients. They are also developing digital platforms that enable real-time collaboration and offer better visibility into portfolio performance and impact.

Co-investment opportunities are becoming more accessible, allowing heirs to take an active role in how wealth is deployed. Succession frameworks are also changing, with many institutions encouraging early involvement by the next generation to build confidence and continuity.

Wealth managers who fail to adapt to this new reality risk falling behind. As control of capital shifts to individuals who expect personalised advice, the consequences of inaction are becoming harder to ignore.

Redefining client relationships

Across Asia, institutions are adapting their client strategies to remain relevant to younger wealth holders. For instance, UBS has introduced a comprehensive approach for younger clients through its Next Generation programme. This initiative combines dedicated advisory services as well as global education and peer exchange programmes to help heirs better understand their roles as stewards of capital.

Citi has a similar offering through its Young Successor Programme, which is tailored for clients between the ages of 18 and 25. The programme brings together young participants from around the world for a week of talks by top Citi Wealth and financial industry leaders as well as visits to industry partners that cover themes such wealth management, environmental conservation, and fintech development.

Meanwhile, Julius Baer has taken an academic approach, launching Asia’s first Family Wealth Planning Certificate Programme in partnership with Cornell University. This course equips next-generation clients with essential skills for managing wealth across generations and preserving family legacies.

Together, these efforts signal an important change in how private banks view the next generation. Institutions are beginning to recognise the need to engage younger clients in meaningful conversations, offering them solutions that reflect their personal and financial priorities.

This transition is about more than wealth. It reflects a generational shift in how success is defined and how influence is exercised. The good news is that next- generation clients in Asia are not turning away from private banks; rather they are asking more from them. They want guidance, but also room to lead. They expect structure, but also the freedom to participate in how that structure evolves.

For wealth managers, this moment presents a clear opportunity. Those who invest in relationships built on trust, flexibility, and shared purpose will be best placed to serve the next generation—and the one after that.

This story first appeared in the September 2025 issue. Purchase it as a print or digital copy, or consider subscribing to us here