Wealth management trends for 2026: Six questions driven by a wave of change

1. As the wealth gap widens, what will high-net-worth clients value most?

Wealthy clients will continue to expect services that go far beyond traditional investment management. These high-net-worth (HNW) households name financial planning, peace of mind, and achieving overall life goals as areas where their wealth managers can deliver the highest value.¹ Their desires for peace of mind include high sensitivity to cybersecurity threats and personal safety protections (see below) along with questioning how their substantial wealth can be structured to cascade for the benefit of multiple future generations.

The share of wealth held by families in the top 10% reached 69% in 2025. Households in this group are expected to continue their high savings rate based on the latest trends.² Meanwhile, many mass‑affluent and younger households may continue to experience constraints on their discretionary spending and ability to save.

2. How much will AI redefine the wealth manager’s role?

The speed of AI adoption could be staggering. A recent Fidelity survey of wealth management firms found that more than two-thirds of respondents are already using Gen AI within their firms, with half piloting solutions and the other half using it at scale.³ Right now, wealth management professionals are using AI to draft client communications, create marketing content, and conduct research, saving about 3 hours overall by using generative AI in their practice.⁴

AI may quickly redefine the requisite skills and talents wealth managers must possess. Over time AI tools, including generative and agent-based models, could boost productivity by 25%–40%, and may eventually assume many of the fundamental tasks now performed by wealth managers, including strategy, compliance, operations and sales assistance.⁵ Not that human accountability will go away. On the contrary, regulators and clients will continue to expect clear human supervision over any AI‑assisted actions.

As the human element in this new equation, wealth managers of the future will be expected to focus more than ever on the human aspects of the client relationship, employing techniques drawn from clinical psychology, behavioral science, sociology, and family dynamics.

3. In the pursuit of alpha, will the 60/40 portfolio lose its luster?

Reliance on the tried-and-true 60/40 formula for balanced portfolios may fade. In the case of equities, the number of publicly listed U.S. companies could drop further. Businesses could opt for staying private longer, pushing growth into private markets.⁶

The trend among the next generation of investors (Gen XYZ) is leaning increasingly toward less traditional investment strategies, favoring emerging products that include active ETFs, liquid alternatives, and cryptocurrencies.⁷ Alternatives are positioned for a potential boom. Numerous forecasts project that global alternatives AUM could reach $32T in five years—with private credit projected to more than double to an estimated $4.5T in the same span.

And, as asset classes get more complicated, there is a larger incentive for many investors to “let someone else do it.” Model portfolios could become more mainstream (Cerulli projects $2.9T by this year alone), and direct indexing assets and SMAs/UMAs might also see high growth.⁸

4. With the M&A frenzy spiraling, what competitive strategies will win?

M&A in the wealth management space has hit record levels over the past two years. In 2024 alone, purchased assets for RIA and broker-dealer M&A transactions totaled nearly $1T ($909.7B).⁹ The coming years may see deal counts reach historic highs. Private equity (PE) interest will continue to be attracted by the industry’s fragmentation, sticky clients, and recurring revenues. Average deal sizes are expected to remain consistent (as they have for the past decade), and strategic acquirers appear to be less sensitive to interest rate fluctuations.

For the largest firms, scale may result in higher national brand profiles, broader service offerings (tax, trust/estate, family office), and operational leverage. Mid‑sized non-PE-backed firms may feel extra pressure to expand their services or add partners.

5. What may be the top security concern among high value clients?

Cybersecurity is no longer relegated to back-office IT. As AI influence grows, expect your clients to increasingly demand transparency around how their data is used, stored, and protected. The consequences of failing to identify and mitigate cybercriminal attempts could be significant for both wealth managers and their clients.

Firms will increasingly be expected to provide secure digital hygiene and proactive protection. “Isolation” techniques may become even more widely applied by cybersecurity experts, separating systems, networks, and processes to protect sensitive data and defeat widespread hacking attempts.

And it’s worth noting that, for high-net-worth and ultra-high-net-worth clients, physical security—for themselves, their family members, and their assets—is a very real concern. Threats and kidnappings are no longer the stuff of network procedurals.

6. Could time surpass money as the ultimate investment dividend?

Recent research reveals that consumers are placing a higher value on time, experiences, and convenience. For example, Ford found that 52% of its workforce would accept a 20% pay cut in favor of prioritizing their quality of life.¹⁰

Among the next generation of investors, there is a strong desire to reach retirement faster and pursue passion projects earlier, even if it means making less money.¹¹ These households say they derive more value—and gain more trust—when more time is devoted to services that go beyond investment advice.¹²

Last, demographic trends confirm a move away from one particularly heavy demand on free time: family formation. Marriage rates are likely to remain far below mid-20th century norms.¹³ And younger adults are deferring or skipping parenthood. The top reason why? They “just don’t want to.”¹⁴

There is nothing quite as certain as change. Are you prepared?

The wealth management business is undergoing tremendous change, as firms merge, and business models converge. This is an ideal time to assess the marketplace, identify your current capabilities and potential opportunities, and set a course that leverages your—and your firm’s—strengths.

Looking ahead can help develop strategies that take advantage of recent technologies, innovative investment strategies, changing demographics, and evolving customer needs. Tomorrow will arrive quickly. Be ready to meet every tomorrow with all the knowledge—and tools—at your command.