Banks Eat From Hands of the Filthy Rich

Then cash began flooding in from new technologies, emerging markets and nouveau investment vehicles themselves. The Astors, Rockefellers and Vanderbilts -- the old money of The Great Gatsby's East Egg -- still exist, but the rich-client rolodex now includes the Larry Pages and Sergey Brins of the world. The Google(GOOG Quote) founders sit alongside other corporate stars and Wall Street titans who made their riches through innovation, leveraged buyouts, hedge funds, commodities, emerging markets, derivatives, mortgage-backed securities and other exotic investment vehicles, on Gatsby's fictional West Egg, home to the nouveau rich.

"The top thing is to gain the investor's confidence that you can handle his money, her money in a sensible way," says Marston. "But I would think that one of the strongest points of an advisor would be that they're not going to keep everything in-house but consider the best investment managers, wherever they are."

Still, with the collapse of the housing market, the decline of several well-known hedge funds and the downcast economic state all pegged to an over-exuberance about risk, investors have taken cover in safer assets. It's unclear how banks will lure in new, cosmopolitan wealth: Promises of safety and stability or promises of high risk and high returns?

Banks that choose the first option will have to determine whether West Egg investors will accept such an East Egg strategy. Banks that promise high returns instead must figure out how to deliver them in today's risk-averse market.

Formulating Success

Many banks will be forced to take a multi-tiered approach. Wealthy clients are split across the board with what they want, depending on not just their income bracket, but their age, personality, lifestyle and values, Marston says.