How does your customer age pyramid look?
The most important thing, in my view, is to have access not only to the economic beneficiary, but also to his or her entourage: advisers and family. This is very often done as part of estate planning. Children not only need to know the bank statements, they also need to know the people behind the bank.
Statistics show that, when the main client disappears, the heirs very often change banks within two or three years, either because they want to do something else or because they feel their parents have been badly advised. If you don’t get in touch with them until then, it’s often already too late.
[The next gen] wants more autonomy and needs less regular interaction.
What does your approach involve?
“It’s not just about putting a senior relationship manager in front of the customer, accompanied by a younger adviser, but also about adapting the relationship to the expectations of different generations. We have found that the older generation is more interested in personal contact, while the younger generation is more interested in clear, accessible information on fees, reporting, portfolio performance and transactions. They want more autonomy and need less regular interaction.
We therefore seek to be present at key moments, particularly during periods of high market volatility, when questions multiply: what are we doing with the portfolio, have we taken protective measures, why are we acting—or not—in this or that direction? It is during these phases that interaction takes on its full importance.
Should we, in some way, approach next-gen clients as opposed to their parents?
“I see many transmissions going very well, with parents who are themselves open to this approach. When there’s this willingness on both sides, there’s no fundamental opposition and the transition happens naturally. But that presupposes having built up a relationship with the next gen over several years, not just a few months.
[A bank] can attract this clientele, provided it also expresses itself via appropriate channels, particularly digital ones.
Can we capture the next gen completely independently?
“It is possible, but it requires either a strong reputation in a specific area of expertise, or distribution channels that correspond to it. For example, a bank might stand out for its recognised added value in ESG, private equity or private debt. In this case, it can attract this clientele, provided that it also expresses itself via appropriate channels, particularly digital ones.
Does a young person who uses Revolut or N26 and has never set foot in a bank need a private banker?
“The new generation is very comfortable with digital tools, but I’ve never met a truly wealthy member of the next gen who decided to entrust their entire wealth to a neobank without an advisory relationship. Digital technology is excellent for reducing information asymmetry, improving transparency and streamlining transactions. But structuring decisions, such as succession, require advice.
Over-60s hold half of Luxembourg’s private banking assets. (Infography: Paperjam; source: ABBL-KPMG-CSSF, Private Banking Report 2025)
Where is the limit of wealth client empowerment?
“Autonomy has its place above all in the transactional field. Everything that can be usefully digitised must be. Customers need to be able to carry out simple onboarding, track the charges levied, understand the decisions taken on their portfolio, measure their impact on performance and compare with a benchmark. In the past, customers found out about their performance when they made an appointment. Today, the customer arrives already knowing the figures, allowing a more in-depth discussion on the choices made and their rationality.
In the same way, certain simple steps can be handled autonomously: updating documents, executing certain orders, detailed portfolio consultation.
When there is a lot of turbulence or questions, customers are looking for an established relationship.
The limit appears as soon as we enter the terrain of trust, in periods of market stress or when important structuring decisions have to be taken. When there is a lot of turbulence, questions about the solidity of financial players or projects requiring financing, customers are looking for an established relationship. It’s better to be known to your banker when you need credit to finance a project than to arrive with no track record looking only for the best offer at the time.
How should the role of the wealth advisor change in relation to the next gen?
“The role of the adviser is first to understand what the money is used for. Will there be a short-term need for cash? Is it to be used for retirement savings, for an acquisition project or for a transfer? Depending on the objective, the investment strategy and structuring will be very different. Next, the adviser needs to refine his understanding of the client’s aspirations, and this is particularly true for the next gen.
ESG is often mentioned in this connection…
“It’s a reality, even if it’s not always the first subject discussed at meetings. Within the group, the ESG strategy is very present, with a large proportion of new products classified as Article 8 or Article 9 SFDR [regulation on the publication of sustainability information in financial services]. Younger generations are not indifferent to the way their money is invested. But they also pay attention to performance. If ESG investments were to underperform over the long term, it is likely that this criterion alone would not be enough.
The challenge for traditional banks is to demonstrate their added value.
Is the new generation prepared to pay the same commissions as their parents or grandparents?
“The challenge for traditional banks is to clearly demonstrate their added value. The next generation has no problem with paying in principle, but they want to understand what they are paying for. They are used to a pay-as-you-go logic: I consume a service, I perceive its usefulness, and I pay for it. The banking model is not yet fully structured in this way, with fee-for-service billing for each piece of advice given.
On everything to do with pure execution, margins will remain under pressure, as it is the digital players who largely dictate prices. The situation is different, however, when it comes to management and advice. If the bank demonstrates real added value, the customer is prepared to pay, and even to entrust more assets.
For example?
“Take services such as wealth structuring. Banks have accumulated a great deal of experience in these areas and can often offer solutions at a lower cost than external specialists, which is sufficient for many customers. Wealthy families are also prepared to pay for wealth consolidation services. Banks sometimes play a role akin to that of a family office for customers whose wealth does not justify the creation of a dedicated structure.”
A career rooted in Luxembourg
Luxembourg-born Marc Flammang has been active in the local banking sector for over 30 years. With a background in asset management, he co-founded Compagnie de Banque Privée in 2006 before joining the Intesa Sanpaolo group. Since January 2024, he has been CEO of Luxembourg-based Intesa Sanpaolo Wealth Management, which focuses on individualised advice and cross-border expertise.
A figure to remember: 11%. The under 43s accounted for 11% of private banking client assets in Luxembourg in 2024, according to the Private Banking Report 2025, produced by KPMG with ABBL and the CSSF. A figure that highlights the emergence of a young generation of technology entrepreneurs.
This article was written for the Wealth Management supplement of Paperjam magazine for the month of March 2026, published on 25 February. The content is produced exclusively for the magazine. It is published on the site to contribute to Paperjam’s comprehensive archive. Click this link to subscribe to the magazine.
Is your company a member of Club Paperjam? You can request a subscription in your name. Let us know via club@paperjam.lu.
