As the financial services industry gears up for an estimated $124 trillion intergenerational wealth transfer over the next two decades, Bank of America Private Bank President Katy Knox is preparing the firm's wealth business to compete for the next generation of clients.
Gen X, millennials, and Gen Z are set to inherit roughly $106 trillion of those assets, according to research by
Since 2022, the private bank has tripled investment in technology, including its mobile platform, expanding digital planning tools and onboarding. Supported by Bank of America's nearly $13 billion annual technology spend, Knox spent the past year overseeing the development of Wealth Agent, an internal AI assistant designed to give teams faster access to client information. Ninety-four percent of private bank clients are now digitally engaged, the firm said, up more than 18% over the
Alongside technology upgrades, Knox said heirs increasingly expect broader advice, including on philanthropy, family governance and impact investing, alongside traditional portfolio management.
"We've expanded internal talent development programs and brought in external talent to provide fresh thinking, increased our focus on next-generation clients, and strengthened how we engage entire families," Knox said.
Meanwhile, the place of technology in the private banking business, particularly the question of integrating AI directly into the advisor workflow, has sparked healthy debate.
"In private banking, relationships and trust are everything, so there's always a discussion about how technology should complement, rather than replace, personal advice," Knox said. "I'm convinced [our investment in technology] was the right decision because we've seen firsthand that clients want both."
Amid these upgrades, the private bank reported growth across several major U.S. markets in 2025, recording double-digit expansion in client balances across Boston (up 43%), Los Angeles (up 42%), New York City (up 36%), and Greater Texas (up 23%). The division also added 145 client team members, including 55 advisors, to support the expansion, driving annual revenue up 8% from a year ago to $4.2 billion, the bank said.
Knox argues that attracting the next generation of advisors is as important as attracting the next generation of clients. Part of that effort has included expanding leadership development through initiatives such as the women's leadership council at the firm. Knox is well placed to dispatch this kind of guidance, having spent about four decades in financial services.
Maintaining the private bank's momentum will come down to combining "strong talent, advanced technology and comprehensive capabilities," Knox said. "At the end of the day, I measure success by the impact we have on the lives, families and institutions we serve."
