长寿解锁——老龄化时代的退休
2AuthorsMORGAN STANLEYBetsy L. Graseck, CFA1EQUITY ANALYST+1 212 761 8473Betsy.Graseck@morganstanley.comMichael J. Cyprys, CFA, CPA1EQUITY ANALYST+1 212 761 7619Michael.Cyprys@morganstanley.comBruce Hamilton2EQUITY ANALYST+44 20 7425 7597Bruce.Hamilton@morganstanley.comGiulia Aurora Miotto, CFA2EQUITY ANALYST+44 20 7425 5344Giulia.Aurora.Miotto@morganstanley.comBob Jian Huang1EQUITY ANALYST+1 212 761 6136Bob.Huang@morganstanley.comAndrei Stadnik, FIAA3EQUITY ANALYST+61 2 9770 1684Andrei.Stadnik@morganstanley.comConnell J. Schmitz1RESEARCH ASSOCIATE+1 212 761 6252Connell.Schmitz@morganstanley.comMarina Massuti2EQUITY ANALYST+44 20 7677 3647Marina.Massuti@morganstanley.comAnnalei E. Davis1RESEARCH ASSOCIATE+1 212 761 1736Annalei.Davis@morganstanley.com1 Morgan Stanley & Co. LLC2 Morgan Stanley & Co. International plc+3 Morgan Stanley Australia Limited OLIVER WYMANJoshua ZwickPARTNER+1 917 846 9483Joshua.Zwick@oliverwyman.comKamil Kaczmarski, CFAPARTNER+ 49 69 9717 3573Kamil.Kaczmarski@oliverwyman.comJoão Miguel RodriguesPARTNER+49 30 3999 4558JoaoMiguel.Rodrigues@oliverwyman..comDennis ZhangPARTNER+1 860 208 6520Dennis.Zhang@oliverwyman.comBradley KellumPARTNER+1 646 364 8425Bradley.Kellum@oliverwyman.comBen PhillipsPARTNER+1 212 345 3210Ben.Phillips@oliverwyman.comLubasha HerediaPARTNER+1 917 455 7805Lubasha.Heredia@oliverwyman.comElie KhouryPRINCIPAL+1 657 757 1875Elie.Khoury@oliverwyman.comQuinn AlbertASSOCIATE+1 718 594 3691Quinn.Albert@oliverwyman.com+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of themember and may not be subject to FINRA restrictions on communications with a subject company, publicappearances and trading securities held by a research analyst account. Morgan Stanley ResearchMORGAN STANLEYNick Lord3EQUITY ANALYST+65 6834 6746Nick.Lord@morganstanley.comMia Nagasaka5EQUITY ANALYST+81 3 6836 8406Mia.Nagasaka@morganstanleymufg.comRichard Xu, CFA6EQUITY ANALYST+852 2848 6729Richard.Xu@morganstanley.comJoon Seok7EQUITY ANALYST+82 2 399 4934Joon.Seok@morganstanley.comNida Iqbal8EQUITY ANALYST+971 4 709 7103Nida.Iqbal@morganstanley.comStephanie Ma1RESEARCH ASSOCIATE+1 212 296-3552Stephanie.Ma@morganstanley.comJames F. Koehne, CFA1RESEARCH ASSOCIATE+1 212 761 2186James.Koehne@morganstanley.comDaniel Wilson-Omordia2EQUITY ANALYST+44 20 7677 3618Daniel.Wilson-Omordia@morganstanley.comTerence C. Flynn, Ph.D.1EQUITY ANALYST+1 212 761 2230Terence.Flynn@morganstanley.com1 Morgan Stanley & Co. LLC2 Morgan Stanley & Co. International plc+3 Morgan Stanley Australia Limited4 Morgan Stanley Asia (Singapore) Pte.+5 Morgan Stanley MUFG Securities Co., Ltd.6 Morgan Stanley Asia Limited7 Morgan Stanley & Co. International plc, Seoul Branch8 Morgan Stanley & Co International plc (DIFC Branch)Contributors OLIVER WYMANChristian Edelmann, CFAPARTNER+44 7788 364678Christian.Edelmann@oliverwyman.comHuw van SteenisPARTNER+44 7818 971882huw.vansteenis@oliverwyman.comFrederic Thomas-DupuisPARTNER+1 617 5132638Frederic.Thomas-Dupuis@oliverwyman.comKristin RicciPARTNER+1 978 8770372Kristin.Ricci@oliverwyman.comJasper YipPARTNER+852 59690568Jasper.Yip@@oliverwyman.comJose EibarPRINCIPAL+1 312 5601845Jose.Eibar@oliverwyman.comRichard Shepherd, CFASENIOR RESEARCH SPECIALIST+1 212 3450574Richard.Shepherd@oliverwyman.comKaren YeungSENIOR CONSULTANT+1 646 4539573Karen.Yeung@oliverwyman.comPhoebe LovejoyCONSULTANT+1 718 501 3172Phoebe.Lovejoy@oliverwyman.com 45Executive Summary6Messages for the C-Suite7Section 1. State of the Industry17Section 2. The 'Age of Aging'22Section 3. Longevity Opportunities for Asset and Wealth Managers: Moving from Silos to Ecosystems41Section 4. The Gen AI Revolution — One Year Later48DisclosuresContents Morgan Stanley ResearchExecutive SummaryCommentary on securities throughout this report solely reflects theviews of Morgan Stanley Research, not Oliver Wyman.One of the defining positive trends in the last century has been thesteady increase in life expectancy worldwide. But, for all the won-derful things this has given us, it has ushered in an “Age of Aging,”which has created a massive financial challenge for many countriesand individuals. Greater longevity has been compounded by fallingbirth rates across much of the developed world, straining public pen-sion systems that were built for another era, and consequently,driving policy regimes that have shifted the retirement burden fromthe state or corporation onto the individual. As a result, a large por-tion of the world’s citizens face a daunting challenge: how to ensurea desirable and dignified lifestyle post-retirement. For higher networth individuals, this challenge is nuanced but still sizable: how topreserve lifestyle for a longer post-retirement and ensure a smoothwealth transfer.This challenge didn’t suddenly arise. The pressure has been buildingfor decades. Nor have the key retirement industries — wealth, assetmanagement, and insurance — sat idly by. They have developed inno-vati