Large institutions have long dominated the private banking ecosystem. Multi-national banks were also firms where clients concentrated their assets, lending, and reporting under one roof. The bank wasn’t just a service provider; it was the center of the financial relationship. For many families, that model worked well for decades, if not centuries.
But the industry is changing. Not abruptly, nor in a manner that overtakes human judgment or long-standing relationships, but in a way that redefines the relationship's context and its support. Private banking, in our opinion, is moving from institution-centric ecosystems to advisor-led platforms that coordinate multiple custodians, banks, and specialist providers around clients.
This change is not theoretical. Over the last 15 years, nearly $10 trillion in assets has flowed to RIAs. This shift is evident in advisor movement, client expectations, and the technology now available to integrate complex financial lives.
Historically, a single institution handled nearly everything: custody, credit, reporting, and the client relationship. All data and documentation sat inside that institution’s systems. Adding or changing banks created friction, oftentimes intentionally, so most families remained anchored to one firm.
Today, more advisors are choosing independence and bringing their clients with them. Meanwhile, families are seeking a more transparent and more unified view of their finances without compromising personal guidance. And the tools now available make it possible to build that unified view outside any single bank.
For U/HNW families, this shift brings three meaningful advantages.
A platform allows an advisor or family office to work with multiple banks and lending partners. If a family wants a specific loan structure or better cash management options, they can explore those without reworking their entire setup.
Modern wealth involves operating companies, trusts, alternative investments, real estate, and credit relationships. Families want to see everything in one place. Platforms that aggregate and standardize data across institutions make that possible.
When the underlying infrastructure is consistent, regardless of which bank or advisor is involved, families can avoid the resets that often occur with personnel changes, mergers, or evolving needs.
Advisors have their own reasons for embracing a platform-centered model.
It gives them a stable, independent foundation for their client relationships. When the core experience belongs to the advisor rather than a single institution, they gain the ability to evolve their banking and custodial partnerships with minimal disruption to clients.
It also provides operating leverage. Instead of stitching together separate systems for data, documents, payments, banking, and reporting, a platform can centralize those workflows. The result is more time spent advising, less time reconciling or chasing paperwork.
And perhaps most importantly, it enables advisors to offer a private-bank-grade experience while maintaining the independence and alignment clients increasingly value.
The term “platform” is overused, but the expectations are becoming clearer. By next year, credible private-bank platforms will need to deliver:
A unified, accurate view of the client’s full financial picture across entities, custodians, and asset types
The ability to work with multiple banks and custodians without re-architecting systems
Integrated credit and payments workflows that reflect how wealth is actually managed
Strong permissioning and collaboration tools for families, advisors, accountants, lawyers, and lenders
Built-in governance and auditability
An open architecture that allows firms to bring their own partners, tools, and data models
Practical, not theatrical, uses of AI that improve data quality and reduce administrative load
The benchmark is moving from portals to true operating systems.
Private banking will always rely on strong institutions. Balance sheets and deep expertise will remain essential. However, in our work over the last several years, it has become equally clear that clients and advisors want more flexibility and control over how those institutions fit into their broader financial picture.
Platforms like Sandbox make this possible. We enable advisors to sit at the center of the relationship, with banks, custodians, and other providers integrated around them. They give families a clearer, more durable foundation for managing wealth across generations. And they raise the bar for what a modern, client-centric experience should look like.
The shift isn’t about replacing the past. It’s about building on it with tools that reflect the complexity and collaboration of managing modern wealth.