UniCredit wealth boss redefines retirement

Once seen as the end of the journey, retirement is starting to look more like a pivot point. As people live longer, healthier lives, wealth planning must adapt, not only to preserve capital, but also to reflect new goals, roles and expectations.

In Italy, one of the world’s oldest and longest-living societies, this change is especially visible. Business owners in their seventies or eighties often remain at the helm, while their children, and even grandchildren, wait in the wings.

This transformation is not only demographic but cultural, believes Renato Miraglia, head of wealth management and private banking, Italy, at UniCredit, which manages €170bn ($197bn) in assets for private clients.

“Traditionally, retirement was seen as the beginning of decline, but in reality, it marks a second youth, a second life,” says Mr Miraglia, a long-serving UniCredit executive with deep experience in wealth management, including earlier roles at Pioneer Investments, the bank’s former asset manager.

As life expectancy rises, so does the tension between preserving wealth for future generations and maintaining liquidity to support evolving needs.

This changing definition of ageing also has broad implications — for risk appetite, succession planning, healthcare needs and how families communicate across generations. In this context, according to the Italian bank, wealth becomes more than capital, reflecting continuity, strategy and responsibility.

With about a quarter of Italians aged 65 or older, UniCredit’s client base reflects — and in some ways exacerbates — the country’s demographic reality, with clients over 75 making up nearly 25 per cent.

“The average client age may be about 50, but it’s the long tail that matters,” says Milan-based Mr Miraglia. “Longevity has made it normal for founders to remain in charge at 75 or 80, and to postpone generational transfer.”

This delay, he adds, has shifted the advisory focus. “We used to talk about generational succession; now we talk about generational involvement. You need to start working with children and grandchildren much earlier.”

Bridging the governance gap

Longer lives are changing how wealth is structured, preserved and passed on. The traditional lifecycle — accumulation, retirement, drawdown — no longer fits, especially for affluent clients.

“Exiting the stockmarket at 60 or 65 is the wrong choice,” says Mr Miraglia. “For wealthy clients, decumulation was never the goal; they think in terms of transmitting assets, not consuming them.”

But longevity also brings complexity. Many clients underestimate the financial burden of long-term care.

Rather than insure, they rely on personal assets. “They assume their wealth is sufficient, so they avoid health policies,” says Mr Miraglia. “There’s a real advisory role here, raising awareness and helping clients think about the purpose of their wealth beyond retirement.”

For many, that purpose includes travel, philanthropy, wellbeing and an active lifestyle. “Longevity is a positive concept,” he adds. “It’s not about decline or nursing homes, but about opportunity — to keep living well and contributing.”

Older generations, he notes, still have an important role to play in sustaining their country’s social and economic fabric — whether through civic engagement, training or business mentorship.

These values are increasingly reflected in longevity-focused funds targeting sectors like health, leisure and technology.

Messy mindsets

This shift is especially relevant in family businesses, a cornerstone of Italian economic life. A growing part of advisory work, notes Mr Miraglia, involves helping families separate personal wealth from business assets. “Much of that wealth is still embedded in operating companies, which creates real complications when it comes to succession planning or potential exits.”

To address this, more clients are turning to holding structures and family agreements, especially where heirs have no interest in taking over the business. “We’ve seen deals fall through due to unclear voting rights, too many family shareholders, no formal structure. What external entity would take a minority stake in such a messy governance?”

Mindset is part of the challenge. “Some founders assume they’ll have time to sort things later. But longevity often delays decisions, and that creates risk.” For families without heirs, alternatives like trusts or philanthropy are becoming key. “When continuity within the family isn’t an option, giving wealth a new purpose can provide meaning.”

A long-running project organised by UniCredit, Milan’s Bocconi University and the Italian Family Firms Association (AIdAF) tracks governance trends — and ongoing gaps. “There’s still an age and gender imbalance on boards. In many cases, there’s not even a board, just a sole director,” notes Mr Miraglia. “We’re improving but still catching up with international standards.”

Internationalisation and industrial transformation are recurring needs. “Many of these companies need scale or new partners — whether families, funds or club deals — to stay competitive over the next 10 to 20 years.”

Poorly maintained properties

Real estate remains a dominant but often under-managed asset class, accounting for around 60 per cent of client holdings. “Some clients own dozens of properties. They may look income-generating on paper, but they’re poorly maintained and inefficient. Without a strategy, that burden just passes to the next generation.”

UniCredit offers services like real estate asset mapping, helping clients document holdings and plan ahead. “It’s about anticipating, not just reacting, so heirs aren’t left to deal with neglected or underperforming assets,” he says.

Yet even well-prepared families face obstacles. “The myth of the dominus who does everything himself is still there, though less than before,” says Mr Miraglia. “The goal is to actively involve the next generation early, putting them on boards, or making the daughter the CEO while the father becomes chairman.”

As demographic realities evolve, so too must the role of the banker. Today’s advisers are expected to navigate emotional dynamics, family governance, and intergenerational strategy, not just manage investment portfolios.

“This business is based on trust, and trust comes from solving clients’ problems, not just picking the right stock,” says Mr Miraglia.

UniCredit has responded by reshaping its adviser training. Through UniCredit University, it runs an eight-module programme designed to broaden the scope of the banker’s role. Alongside technical skills, such as portfolio construction and behavioural finance, the curriculum covers corporate finance, M&A, family governance, insurance, technological innovation, and soft skills such as communication and empathy.

“The banker must be master and commander on investments, but also understand all these other angles,” he says.

The generation game

Advisers must also be prepared to speak to multiple generations at once. “Historically, private banking was a one-to-one dialogue between banker and client. Now, it’s three generations together. We need to create an ecosystem of experts around them,” he says. These in-house specialists, from business and family advisory to governance experts, now support bankers across UniCredit’s 130 private banking offices throughout the country.

Still, he admits, the shift towards a more holistic, multi-generational advisory model remains a work in progress. “In the medium term, the real challenge is making it fully operational.”

This evolution in advisory strategy mirrors changes in investment behaviours. The classic 60-40 equity-bond portfolio is rare in Italy. Clients remain cautious: average equity allocations are around 30 per cent, says Mr Miraglia, higher than in the past, but still conservative. Younger investors may reach 40 to 45 per cent, while older clients tend to hold closer to 10 to 15 per cent.

Cultural preferences for capital preservation and visible income remain strong.

Demand is growing for high-quality, high-dividend stocks, often favoured over hyper-growth or speculative themes. But risk appetite is fragile or “asymmetric”, he notes. “When markets rise, clients engage. But the moment volatility hits, appetite vanishes. That’s a consistent behavioural trait.”

Advisers, he adds, play a critical role in providing conviction, perspective and long-term guidance. “A big part of our job is communication, helping clients stay invested through downturns.”

Rebalancing bonds

While fixed income remains a core allocation, it no longer suffices to meet long-term goals. UniCredit is gradually introducing private assets, particularly for wealthier clients with longer investment horizons.

“Private markets are a strategic priority for us, but still in the early stages,” explains Mr Miraglia. The bank works with partners such as Blackstone, BlackRock and Lexington, and has also launched its own club deal company.

There is also a growing opportunity to channel private wealth into Italy’s real economy. The challenge, says Mr Miraglia, is to build effective mechanisms that link private capital to businesses seeking growth. “That’s a key trend we need to pursue.”

Yet adoption remains cautious. “Even with evergreen funds, Italians prefer liquidity,” he says. “The Anglo-Saxon principle of allocating money to a purpose and not touching it is not yet part of our culture. Clients want flexibility, to help a child, buy a property, or support a family event.”

Technology is also changing the advisory model but not replacing it. Digital tools are not substitutes, but enablers, he says. Even younger clients still value personal contact, believes Mr Miraglia. “Technology must evolve for everyone, but we don’t impose it. We have 85-year-old clients who sign consultancy documents via the app, and 40-year-olds who prefer to come in person.”

The goal, he notes, is to free advisers from administrative tasks, allowing them to focus more on human connection.

Looking ahead, Mr Miraglia is optimistic about growth in the bank’s private and wealth segments, defined as clients with portfolios of €1m to €5m and above €5m, respectively. “These are key areas of focus,” he says. “We’re hiring more specialists, testing new types of contracts, and deepening the integration between wealth and corporate banking.”

The greatest potential, he says, lies among entrepreneurial families. “All these businesses eventually face a crossroads, whether to evolve or sell. That’s where we can have the biggest impact.”

Ultimately, managing wealth in the age of longevity requires a broader mindset. “Our role is to help families think in terms of generations, not years,” concludes Mr Miraglia. “Longevity is not just about living longer, it’s about living better, with purpose, and ensuring wealth continues to serve that purpose long after we are gone.”