The news: Few family offices have crypto exposure, according to research by JPMorgan Private Bank. Nearly 90% have no exposure, while 17% expect to prioritize digital assets as a future investment theme. Far more (65%) planned to invest in AI. This is not just about crypto: 72% have no exposure to gold.

Zoom out: In December, PNC unveiled direct Bitcoin trading for its private banking clients through a partnership with Coinbase shortly after Kraken’s public launch of a private crypto bank. These headlines are the convergence of younger consumers’ interest in alternative assets, the growing share of Gen Zers and millennials among the global ultra-high net-worth population, and the historically exclusive nature of alternative assets.

Implications for banks: Private banking services are well adapted to the needs and risk tolerance of baby boomers and Gen Xers. Indeed, stocks and bonds, alongside some alternative assets like private equity, are mainstream for families that have tens or hundreds of millions of dollars to invest.

But the broad mainstreaming of crypto and younger consumers’ affinity for alternative assets mean it’s shifting from an untested bet to an asset with investment value. In the private banking world, this means advisors need to think beyond what older consumers would be comfortable with to what younger, affluent consumers want—and adapt their client service model to match.