Latest challenge for Asia's private bankers: Young, female, smarter clients

The private bankers who serve Asia’s very wealthy have a new challenge on their hands. It’s young, female and smarter than they are.

The old model of pushing IPOs or junk bonds to clients who spend more time golfing than behind a desk doesn’t cut it anymore. Venerable financial institutions including HSBC Holdings Plc and UBS Group AG are being forced to lift their game to serve customers who want sophisticated advice about everything from cross-border opportunities to impact investing.

A survey commissioned by RBC Wealth Management that canvassed 1,051 individuals globally with at least $1 million in assets found