"The Great Wealth Transfer is not simply a transfer of assets, it represents a meaningful shift in how clients define and engage with their wealth," said Katy Knox, President of Bank of America Private Bank. "As financial lives become increasingly complex, clients are looking for thoughtful, personalized strategies that bring together investing, credit, banking, and legacy planning in a more integrated and purposeful way."

Watch a video of Shim Sameer, Head of Products, Solutions and Platforms, Bank of America Private Bank, discuss the study findings.

Longevity moves to the center of financial planning
Longer lives are raising expectations for lasting wealth, but planning has yet to fully catch up.

• 92% say longevity is an important factor in financial planning, and 94% are already taking steps to optimize their health and increase longevity.
• 61% are now discussing longevity with their advisors.
• Yet long-term planning remains uneven: only 46% have the three essential documents (a will, living will or advance directive, and durable power of attorney).
• 55% of respondents have a trust, and 51% without a trust are likely to establish one, yet only 33% say they understand trusts quite well.
• Among younger married investors, planning is starting earlier: 32% of Gen Z and Millennials have a prenuptial agreement (with another 15% planning to), compared with 15% of Gen X and 4% of Boomers and Silents.

Transfer of family businesses accelerates and family involvement rises
Business ownership plays an increasingly central role in wealth transfer despite gaps in formal succession planning.

• Wealth transfer is underway as 23% wealthy business owner respondents report inheriting their business, compared to 11% in 2024 and 5% in 2022.
• Family involvement in business decisions rose to 27%, up from 7% in 2024, alongside increased participation in governance and future planning. Only 24% report no family involvement, down from 49% in 2024.
• 78% of wealthy business owners say succession planning is important to their wealth strategy, yet only 20% have a fully documented succession plan.
• Family conversations (25%) rank among the biggest estate planning challenges for family business owners.

UHNW investors prioritize private markets and strategic credit
Ultra‑high‑net‑worth (UHNW) investors with over $25 million in investable assets are increasingly focused on private markets, strategic use of credit, and intentional planning to preserve wealth across generations.

• 77% of UHNW respondents believe more money can be made in the private markets than in the public markets.
• UHNW investors cite real estate as the top opportunity for investment growth, up notably from 2024, followed by private equity.
• More than half of respondents with over $25 million use credit strategically or occasionally, compared to 16% of respondents with $3M–$10M.  
• UHNW respondents use credit to pursue opportunities (37% vs. 22% for $3M–$10M), support business operations (36% vs. 12%), bridge timing gaps between liquidity events (34% vs. 20%), and facilitate wealth transfer (22% vs. 9%).  
• 61% of UHNW respondents express concern about their children's motivation and are taking actions such as supporting business ventures (51%), incorporating provisions into trusts (41%) and not disclosing the full amount of family wealth to them (36%).

Younger investors are redefining diversification
Younger investors (Gen Z and Millennials, ages 21 to 45) are reshaping how wealth is built and diversified, as they embrace alternative investments and emerging technologies.

• 67% of younger investors believe traditional stocks and bonds can no longer deliver above-average returns.
• Younger investors allocate nearly half as much to stocks as older generations, while allocating more to alternatives (15%) and crypto (13%) than older investors.
• Crypto ranks as the #1 "wealth‑creation opportunity" for young wealthy: 29% rank it #1; 58% currently own crypto (up from 49% in 2024) and 92% either own or are interested.  
• 88% of younger investors say they're likely to allocate more to alternatives in the next few years, compared with just 15% of Boomers and Silents.
• 47% of young investors use AI to research companies or markets, and 87% are comfortable with advisors using AI to help manage portfolios, yet 65% still prefer to receive investment advice from a human advisor.
• 42% of younger respondents own art; among those who do not, 75% are interested in own art and 94% own collectables.

Read more about the 2026 Bank of America Private Bank Study of Wealthy Americans.

Frequently asked questions

Question: How does Bank of America Private Bank help clients navigate today's more complex wealth landscape?
Answer: Bank of America Private Bank delivers integrated wealth management built for complexity by bringing together solutions spanning wealth strategy, trust and estate planning, investment management, banking, specialty lending, and philanthropy. Advisors, support by award-winning digital platforms, work across disciplines, to help clients manage growth, liquidity, longevity, and legacy as their priorities evolve.

Question: How does Bank of America Private Bank support long‑term planning across generations?
Answer: Bank of America Private Bank helps families plan for longevity and wealth transfer through trust and estate planning, business succession strategies, and family education. Advisors facilitate conversations across generations to align financial plans with family values, helping clients preserve wealth, prepare heirs, and plan for extended lifespans.

Question: How is Bank of America Private Bank supporting investors as interest in alternatives grows?
Answer: The Private Bank offers access to a broad range of alternative investment strategies, including private equity, real estate, and select opportunistic investments, alongside traditional portfolios. Advisors help clients evaluate where alternatives fit within an individual client's overall asset allocation, balancing risk tolerance, liquidity needs, and long‑term objectives.

Question: How does Bank of America Private Bank help clients use credit strategically as part of their wealth plan?
Answer: Advisors work with clients to use credit strategically, whether to manage liquidity, finance major lifestyle purchases, support business opportunities, or preserve investment positions, while aligning borrowing decisions with long‑term wealth goals.

Question: What role does technology and artificial intelligence play at Bank of America Private Bank?
Answer: Bank of America Private Bank uses AI to support advisor capacity, deepen client relationships, and help teams find information faster and more efficiently. In 2025, 93% of Private Bank clients were digitally active, reflecting strong adoption of our digital banking tools.