NextGen Wealth Sets New Rules: Banks Must Earn Their Place

Gen X is driving the next wave of wealth in Singapore and Southeast Asia, with heirs breaking from their parents’ banks and choosing their own financial partners, WealthSummit’s inaugural NextGen Private Banking Clients Study 2026 reveals.

SINGAPORE, 24 September 2026 – A new study suggests that the next generation of wealth may not be as young as commonly assumed, with Gen X (born between 1965 and 1979) emerging as the dominant cohort shaping the next phase of wealth management in Singapore and Southeast Asia.

According to WealthSummit’s NextGen^[1] Private Banking Study 2026 conducted in association with Singapore’s crypto exchange Independent Reserve, 61% of respondents were Gen X, compared with 31% from Gen Y (born between 1980 and 1994) and 8% from Gen Z (born between 1995 and 2010). Conducted in August 2026, the study examined how respondents approach their banking relationships, investment preferences, use of technology, mobility and views on the future of wealth management.

The findings suggest that the transition of wealth and financial decision-making between generations is already well underway, with Generation X leading the charge for the stewardship, succession and long-term management of wealth in this region.

1. NextGen Wealth Breaks with the Family Bank

As wealth and decision-making pass between generations, banking relationships are not necessarily moving in the same vein. The findings point to a group that is making its own choices about where and how its wealth is managed, rather than automatically continuing the banking relationships established by previous generations.

• More than seven in 10 respondents (71%) said their main banking relationship is different from their parents’, compared with 27% who remain with the same institution.
• NextGen wealth holders are also spreading their relationships across multiple institutions.
• More than two-thirds (68%) have three or more banking relationships, including 35% who bank with at least four institutions.

“NextGen wealth is already here, and Gen X is leading the way. These wealth holders are rewriting the rules: choosing their own banks, spreading their wealth across several institutions and demanding that advisers prove their worth. Banks and independent wealth managers can no longer count on keeping the next generation simply because they served their parents – they have to earn these clients’ loyalty,” says WealthSummit CEO Chris Kunzle.

2. Despite AI’s Rise, Human Relationships Still Shape Investment Decisions

While NextGen wealth holders are making more independent banking choices, relationships still play an important role in their investment decisions.

• Relationship managers at private banks remain the most cited source of investment advice, selected by 40% of respondents, closely followed by independent asset managers at 37%.
• Family offices and family members were cited by 25% and 24%, respectively.

However, the findings also make clear that these relationships must deliver tangible results.

• Just 10% of respondents consider private banks to be “very competent” in managing wealth for NextGen clients, while 43% consider them “somewhat competent”.
• Another 19% said their assessment depends on the relationship manager and team. Investment expertise and performance top the list of services respondents expect from a NextGen private bank, cited by 56%.
• This is followed by transparent and fair fees at 51% and digital services and apps at 50%.

The findings suggest that as financial decision-making shifts across generations, private banks will need to build relationships with the next generation of wealth owners in their own right.

3. AI Handles the Everyday – Human Advisers Guide the Big Decisions

NextGen wealth holders are also drawing a clear line between where they are comfortable relying on AI and where they still want human advice.

• More than three-quarters (77%) would rely primarily on AI for everyday banking and payments.
• Meanwhile, 70% would turn to AI for investment monitoring and 56% for researching investment ideas and market developments.

For more complex decisions, the preference shifts towards human advisers.

• 63% would primarily rely on an advisor to understand their overall financial situation
• 80% prefer human advisory for tax and legal matters, and
• 89% for long-term financial and wealth planning.

“For private banks, wealth succession means more than keeping assets when they pass from one generation to the next. It means earning the trust of new wealth holders, understanding their ambitions and proving that the bank can help them manage and grow their wealth on their own terms,” Kunzle adds.

4. Crypto Claims Its Place in NextGen Portfolios

Crypto is coming of age among NextGen wealth holders. Interest now extends well beyond the youngest investors, with demand for crypto access nearly matching that for gold and precious metals.

• 23% of Gen X want access to crypto offerings, against just 16% of Gen Z.
• More than one in five respondents (22%) expect their private bank to provide access to crypto, on-chain finance and decentralised finance (DeFi).
• At just two percentage points behind gold and precious metals (24%), demand for crypto access is approaching that of a long-established store of value.
• Private markets remain the most sought-after at 70%, followed by exclusive club deals at 51% and hedge funds at 33%.

Crypto-native providers are also among the alternatives that respondents would consider for managing their wealth.

• Some 16% would consider crypto banks and platforms.
• This compares with 42% for independent asset managers, 39% for family offices and 33% for online and neo-banks.

“Crypto is taking on a broader role in how NextGen ultra-high-net-worth investors allocate and manage capital. It is increasingly sitting alongside other asset classes as part of their portfolio, while also extending its utility beyond simply buying and holding. Digital assets are creating new ways to move capital, access global markets and respond to investment opportunities as they emerge,” Mark Wong, Head of Trading at Independent Reserve Group, says.

“The research shows the continued influence of relationship managers in investment decisions. As private banks respond to growing client demand for digital assets, reliable execution becomes critical. This is where a trusted digital-asset native partner can help, giving private banks access to the liquidity and execution of a counterparty built specifically for these markets. The private bank remains at the forefront of the client relationship, able to serve clients in digital assets with the same confidence they expect across other asset classes.”

Download the full report here.

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About WealthSummit

FIN21’s WealthSummit turns research into strategic insight for the wealth management industry. Switzerland’s leading research and strategy platform, with a presence in Singapore, combines quantitative studies with high-profile conferences, bringing together board members, C-level executives and industry thought leaders across Europe and Asia.

Its flagship publication, the Wealth Management Study, is widely recognised as the industry’s most authoritative data-driven reference, informing discussions in Swiss and international boardrooms. Further studies explore the forces reshaping wealth management – from independent wealth managers and NextGen private banking clients to global mobility and the competitiveness of financial centres.

Contacts:

Chris Kunzle, Founder & CEO: christoph.kunzle@fin21.ch

Claude Baumann, Chairman: claude.baumann@fin21.ch

About Independent Reserve

Founded in 2013, Independent Reserve is one of the longest-established and most trusted cryptocurrency financial services firms in the Asia-Pacific region. Independent Reserve’s commitment to doing things the right way has earned its reputation as the trusted partner for those looking to participate in the digital asset economy.

As the first cryptocurrency exchange licensed by the Monetary Authority of Singapore (MAS), Independent Reserve upholds the highest standards of governance, risk management, and security. Through a comprehensive range of crypto financial services, including spot trading, OTC, and payment solutions, Independent Reserve serves individuals, businesses, and institutions across the region. Beyond its core business, Independent Reserve is committed to helping build strong support systems within the communities it serves, empowering individuals with special needs to lead more independent lives and championing athletes in pursuing their aspirations.

Contacts:

Independent Reserve: media@independentreserve.com

Eleven Pte Ltd: media@eleven.com.sg

[1] For the purposes of the NextGen Private Banking Study 2026, NextGen respondents are future wealth holders across Generations X, Y and Z, including heirs, entrepreneurs and family business successors who are assuming greater responsibility for family or self-created wealth.