Answer:
Private banks, and other wealth management providers, are in a period of intense competition for clients. This competition is expected to grow even more fierce over the next several years. The battle is for both those clients who are new to wealth management as well as for clients of other firms offering wealth management services. As a firm seeks to win clients from other firms, other firms will attempt to win its clients. As a firm attempts to win clients new to the market, it will depend to some degree on the recommendations of its existing clients. As a firm tries to increase its profitability, it will drive towards increased wallet share from its existing clients. Client retention is a centerpiece as both a challenge to, and a key ingredient in this competition.
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