by Andrea Beltratti – Chairman, EFG Gamma Foundation
The transfer of wealth from one generation to the next is emerging as one of the most significant economic and social trends of our time. Over the coming decades, an estimated USD 120 trillion is expected to pass from Baby Boomers to younger generations, reshaping investment preferences, financial advice models and the role of wealth management institutions. These themes were at the heart of “The Great Wealth Transfer: How the Next Generation is redefining the rules of wealth”, the annual conference organised by the EFG Gamma Foundation, held on 29 May 2026 at the Istituto Svizzero in Rome and moderated by Class CNBC Managing Director Andrea Cabrini.
The event brought together leading academics and financial industry experts, including Cloé Jans (Member of the Management Team, GFS Bern), Professor Andrea Beltratti (Chairman of the EFG Gamma Foundation and Professor of Finance at Bocconi University), Andre Portelli (Head of Client and Investment Solutions, EFG International), Luigi Mennini (Deputy General Manager, Banca Finnat), Giovanni Sandri (CEO Italy and Head of Southern Europe, BlackRock), Melanie Beyeler (Global Head of Sustainable Investing, EFG International) and Giorgio Pradelli (CEO, EFG International).
Opening the event, Franco Polloni, Head of Switzerland and Italy Region at EFG International and Board Member of the EFG Gamma Foundation, highlighted the magnitude of the challenge that the wealth management industry is facing. Referring to the unprecedented scale of intergenerational wealth transfer expected over the next twenty years, he noted that financial institutions will need to rethink how they engage with future generations of clients, whose expectations, behaviours and values differ significantly from those of their parents.
Cloé Jans – Understanding the values of the Next Generations
In her keynote presentation, Cloé Jans explored the attitudes and values of Generation X, Millennials and Generation Z, emphasizing that the concept of the “next generation” encompasses very different groups shaped by distinct economic and social experiences.
Drawing on survey evidence from Switzerland and other developed economies, Jans highlighted a growing sense of uncertainty among younger generations regarding their future economic prospects. At the same time, she noted a rising interest in economic issues, financial literacy and public affairs. According to her research, younger individuals are increasingly aware of the importance of financial knowledge, even though average financial literacy levels remain lower than those observed among older generations.
Jans also illustrated how information sources differ significantly across age groups. While Baby Boomers continue to rely heavily on professional financial advisors, younger generations increasingly turn to family members, friends, social media platforms and digital channels. Sustainability, meanwhile, has become a core value rather than a niche interest for many younger investors.
A key message of her presentation was the importance of dialogue. Younger generations are willing to discuss financial matters more openly than previous generations and expect financial institutions to engage with them in a transparent and authentic way. In her view, wealth managers can play an important role not only as financial advisors but also as facilitators of conversations across generations.
Andrea Beltratti – Financial Education in the era of wealth transfer
Building on Jans’ presentation, Professor Andrea Beltratti focused on the role of financial education in helping individuals prepare for longer lives and greater personal responsibility in financial planning.
Drawing on his experience as an educator, Beltratti argued that financial literacy becomes particularly relevant when people begin to face real-life financial decisions. He stressed that many individuals underestimate the importance of saving and investing early in life, especially in countries such as Italy where future public pension replacement rates are expected to decline.
Beltratti introduced the concept of “intertemporal poverty”, arguing that traditional poverty measures focus exclusively on current consumption needs while neglecting the resources households need to save for retirement. According to his analysis, many individuals may appear financially secure today while facing significant challenges in maintaining adequate living standards later in life.
The discussion also addressed the role of behavioural finance. Beltratti highlighted the effectiveness of “nudges” and automatic enrollment mechanisms in encouraging long-term saving, pointing to international examples and recent policy initiatives aimed at increasing participation in retirement plans.
Looking ahead, he argued that financial institutions should increasingly view themselves as educators and guides, helping clients develop sound habits and make better decisions over time rather than focusing exclusively on products and portfolio construction, a point made in his recent book “Il tempo e il denaro”.
Wealth Management and the Next Generation
A panel discussion involving Andre Portelli, Luigi Mennini and Giovanni Sandri examined how wealth management is adapting to the preferences of younger generations.
Portelli observed that while investment objectives remain broadly similar across generations, the way younger clients interact with financial markets is changing rapidly. New technologies, artificial intelligence, digital platforms and private market investments are reshaping expectations regarding access to information and investment opportunities.
Mennini highlighted the importance of succession planning, particularly in Italy, where a significant share of wealth is concentrated in family-owned businesses. He noted that many families still fail to involve younger generations in wealth discussions, creating a gap that financial institutions have an opportunity and responsibility to address.
Sandri emphasized the growing importance of convenience and digital engagement. He pointed to the rapid expansion of digital wealth platforms and ETF-based savings plans, which are attracting first-time investors and encouraging long-term investment behaviour among younger clients. At the same time, he warned against confusing ease of access with investment quality, stressing the continued importance of professional advice and financial education.
Despite their different perspectives, all panelists agreed that future success in wealth management will depend on the ability to engage simultaneously with multiple generations and to understand their evolving expectations.
Melanie Beyeler – Sustainability and the transfer of expectations
The conference then turned to sustainable investing and its growing relevance among younger generations.
Melanie Beyeler argued that wealth transfer also involves a transfer of expectations. While younger investors remain focused on financial performance, they increasingly seek transparency regarding the broader impact of their investments and want to understand how financial returns relate to environmental and social outcomes.
Rather than viewing sustainability as a standalone investment category, Beyeler described it as a lens through which many structural trends can be analysed. She identified three major themes likely to shape investment opportunities over the coming decades: climate and energy security, technological transformation driven by artificial intelligence, and demographic change associated with ageing populations.
According to Beyeler, sustainable investing is entering a more mature phase. The conversation is moving beyond labels and slogans towards a deeper integration of sustainability considerations into long-term investment analysis and portfolio construction.
Giorgio Pradelli – Wealth on the move and wealth across generations
In his closing address, Giorgio Pradelli reflected on the strategic implications of the Great Wealth Transfer for the financial industry.
He described two major forces shaping the future of wealth management. The first is the growing international mobility of wealth, as increasing amounts of capital move across borders in search of diversification and security. The second is the intergenerational transfer of wealth itself, which he described as an even larger phenomenon.
Pradelli emphasized that wealth transfer is not simply a financial transaction but a process that requires careful planning, communication and education. He noted that many financial institutions overestimate the strength of their relationships with future heirs and underestimate the need to build trust with younger generations long before wealth changes hands.
For EFG International, he explained, understanding the needs and behaviours of future generations has become a central strategic priority. This includes investing in next-generation relationship managers, improving digital capabilities and strengthening expertise in financial planning, succession planning and sustainable investing.
Andrea Beltratti – Closing Remarks
Closing the conference, Andrea Beltratti reflected on the broader significance of the discussion. He noted that the Great Wealth Transfer extends beyond financial assets and also concerns the responsibilities that current generations pass on to future ones.
Drawing a parallel with sustainability, he remarked that societies do not simply inherit the world from previous generations but borrow it from those who will come after them. In this context, finance has an important role to play in helping individuals, families and institutions make decisions that support long-term prosperity and wellbeing.
The conference concluded with a shared recognition that the coming decades will require new approaches to financial education, wealth planning and intergenerational dialogue. As wealth, expectations and responsibilities move from one generation to the next, the ability to build trust and foster understanding across generations may become one of the most valuable services that financial institutions can provide.
