The millennial generation provides a huge opportunity for those wealth managers able to win their custom, but traditional firms face serious competition from new challengers who are putting digital engagement at the heart of the client experience.

Sustainable investing is a growing trend and some wealth managers have realised embracing it is a way to make themselves stand out

Only a handful of private banks have truly embraced the realities of the tech revolution, although their chief investment officers have long been targeting the themes which underpin the evolution of a digital society

It is predicated that the fiduciary rule in the US will mean mass affluent clients miss out on financial advice, just as they did in the UK following the Retail Distribution Review. Wealth managers must respond by filling this advice gap with technology-led solutions such as robo-advice

Private banks may talk a good game about how they are transforming themselves, but most are really only repackaging existing services. A much more significant change is required, in areas such as ESG investing and in the digital arena, if they are to engage with a new generation of clients

Crypto currencies are surging in popularity and wealth managers must decide whether to act now to take advantage of the opportunities or to play it safe and wait to see how things develop

Clients may take care to keep their online bank accounts safe, but are much more relaxed when it comes to social media. Wealth managers must ensure not only that their online platforms are secure, but educate their customers how to protect themselves online

Mark Haefele, global CIO at UBS Wealth Management and Nigel Green, founder and CEO of deVere Group, argue whether cryptocurrencies are in a bubble or the next big thing