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An estimated USD 120 trillion of assets will pass from Baby Boomers to younger generations in the coming decades. This unprecedented intergenerational transfer of wealth is expected to reshape investment preferences, financial advisory models and the role of wealth management institutions. The EFG Gamma Foundation’s annual conference on 29 May 2026 was therefore dedicated to the theme “The Great Wealth Transfer: How the Next Generation is redefining the rules of wealth”. The event at the Istituto Svizzero in Rome brought together leading academics and financial experts to explore this important topic from different angles, with discussions being moderated by Class CNBC Managing Director Andrea Cabrini.

Opening the event, Franco Polloni, Head of Switzerland & Italy Region at EFG and a Member of the Board of the EFG Gamma Foundation, highlighted the challenges facing wealth managers in connection with this shift and underscored the need for them to rethink how they engage with the Next Gen, whose expectations, behaviour and values differ significantly from those of their parents.

Understanding the values of the Next Generation

Cloé Jans from GFS Bern discussed the attitudes and values of Gen X, Millennials and Gen Z, highlighting distinct differences between the cohorts that form the Next Gen. Citing her research, she pointed to their growing sense of uncertainty about their future economic prospects and highlighted their lower levels of financial literacy compared to previous generations, while noting that the Next Gen recognise the need to close this knowledge gap. She added that they often turn to family members, friends, social media and digital channels as a source of financial information and are open to dialogue on financial matters. When it comes to their choice of financial advisor, they tend to focus on aspects like transparency and authenticity.

Financial education in the era of the Great Wealth Transfer

Professor Andrea Beltratti from Bocconi University, who chairs the EFG Gamma Foundation, spoke about the role of financial education in helping individuals prepare for longer lives and the importance of taking personal responsibility for financial planning. He emphasised that financial literacy is key when people begin to face real-life financial decisions, adding that many underestimate the need to start saving and investing early in life. In this context, he warned that many individuals who appear financially secure today could face significant challenges in maintaining adequate living standards later in life and he discussed measures to encourage long-term saving and prevent pension poverty. Professor Beltratti also touched on the role of financial advisors as educators, guiding clients towards smarter financial decision-making.

Wealth management and the Next Generation

A panel discussion with Andre Portelli, Head of Client and Investment Solutions at EFG, Luigi Mennini, Deputy General Manager at Banca Finnat, and Giovanni Sandri, CEO Italy and Head of Southern Europe at BlackRock, examined how the wealth management industry is adapting to the preferences of the Next Gen.

Portelli observed that while investment objectives remain broadly similar across generations, the way younger clients interact with financial markets is changing as new technologies, AI, digital platforms and private market investments reshape expectations around access to data and investment opportunities. Meanwhile, 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 emphasised the growing importance of digital engagement for the Next Gen. He said that digital wealth platforms and ETF-based savings plans are attracting first-time investors and encouraging younger clients to think about long-term investments but he warned against confusing ease of access with investment quality. All four panellists agreed that the future success of wealth managers will depend on the ability to engage simultaneously with multiple generations and understand their evolving expectations.

Sustainability and the transfer of expectations

Melanie Beyeler, Global Head of Sustainable Investing at EFG, looked at how the transfer of wealth also involves a transfer of expectations and she highlighted the growing relevance of sustainable investing among the Next Gen. She explained that while younger investors continue to focus on financial performance, they are increasingly seeking transparency about the broader impact of their investments and want to understand how financial returns relate to environmental and social outcomes.

Beyeler described sustainability not as a standalone investment category but as a lens through which many structural trends can be analysed – particularly climate and energy security, AI-driven technological transformation and the ageing population. As sustainable investing enters a more mature phase, she added that the conversation is moving towards a deeper integration of sustainability considerations into long-term investment analysis and portfolio construction.

Wealth on the move

Giorgio Pradelli, CEO of EFG International, shared his thoughts on the strategic implications of the Great Wealth Transfer for wealth managers. He explained that the industry is being shaped by two major forces – the growing movement of capital across borders as wealth holders seek diversification and security, and the intergenerational transfer of wealth on an unprecedented scale. He emphasised that the transfer of wealth is not simply a financial transaction but a process that requires careful planning, communication and education. Pradelli added that many financial institutions overestimate the strength of their relationships with future heirs and underestimate the need to build trust with them long before family wealth changes hands. According to the CEO of EFG, understanding the needs and behaviours of the Next Gen has become a central strategic priority, which is why EFG is investing in Next Gen CROs, improving its digital capabilities and strengthening expertise in financial planning, succession planning and sustainable investing.

Fostering trust and understanding across generations

Closing the conference, Professor Beltratti reflected on the broader significance of the discussions – pointing out that the intergenerational transfer is not just about the movement of assets but also about passing on responsibilities to the Next Gen.

Drawing a parallel with sustainability, he remarked that societies do not simply “inherit” the world from previous generations but must also act as custodians and protect it for 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. In particular, the ability to build trust and foster understanding across generations may become one of the most valuable services that financial institutions can provide as the Next Gen redefines the rules of wealth.