There is a large, growing, and mostly untapped market in personalized, one-stop, wealth management for affluent households. The market resembles traditional private banking, but the customer group is vastly larger, more diverse, and more technology-oriented.

The converging needs of new-wealth households and the old-wealth clients that private banks traditionally serve have created this market, which is at least 10 times the size of old-style private banking and has the potential to be similarly profitable. U.S. households with assets above $1 million (excluding home equity) have doubled since 1990, and experts expect at least 10% annual growth in this category for the next five to 10 years as baby boomers continue to accumulate wealth.

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