Why a Bank for the Super Rich Is Taking Aim at the Younger Merely Rich

Just the good old ultra rich won’t do anymore. UBS Group AG is going after young clients who are still accumulating wealth.

The biggest Swiss bank’s deal to buy U.S. robo adviser Wealthfront for $1.4 billion signals how old-guard institutions that have traditionally catered to the world’s moneyed elite are recognizing the importance of attracting younger clients, whose vision of banking differs drastically from their elders.