Technological developments and changing customer preferences are placing demands upon the classic way that private banking clients and wealth management are advised by banks. This article analyzes how the traditional advisory model, whereby the client adviser and the customer interact in the form of a personal dialogue, could be altered by means of virtual advisory models. Based on survey results by wealth management clients in Switzerland, Germany, and Austria, current preferences are analyzed in terms of advice characteristics, and future potential as well as obstacles to the virtual consultation are discussed. A hybrid advisory model offered by established wealth managers appears to be the most promising advisory model for the main customer segments in wealth management.