Many new millionaires have been created in recent years by the immense growth of corporations such as Microsoft and Intel and by the surging stock market. Others are inheriting their wealth at an unprecedented rate. Economists estimate that as much as $20 trillion will be passed between generations over the next two decades.

That should be good news for private banking, but it has been a major headache instead. The newly wealthy are so much more aggressive and savvy than the preceding generation that many are managing their wealth themselves.

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