2025财富管理行业新兴趋势研究报告：个性化、透明度与技术赋能

Personalization, transparency and technology TABLE OF CONTENTS 7 3 15 4 5 This is aninteractive page Powerful, transformative forces at work in the world today havethe potential to change our global economy, business landscapeand society. We can expect these trends to be long term in nature,with the potential to span decades, influencing multiple sectors andentire industries. Typically referred to as megatrends, examplesinclude technological advancements, demographic shifts, increasingurbanization, evolving consumer behaviors and the impacts of climatechange or resource scarcity. These forces can be expected to impact global financial markets andthe way investors interact with them. Financial advisers and wealth-management firms stand to benefit from understanding how thesetrends may impact the global investment opportunity set and whatthat could mean for their clients. Four megatrends forging global change We believe four megatrends — transformative technologies, environment and resources, health and health care, and society and lifestyle —are likely to be critical influences on the future of investing. Each has its own set of downstream impacts. Health andhealth care Environment andresources Transformativetechnologies Society andlifestyle Transformative technologies Society and lifestyle Technological advancements — artificial intelligence (AI), blockchain and the Internet of Things (IoT) — aresweeping across most industries, transforming how businesses operate and interact with their customers.Technology is also influencing consumers, who increasingly expect and demand almost every experienceto be personalized, from shopping and entertainment recommendations to banking services, includinginvestment and wealth management. In addition to the aging populations of developed countries, an expanding middle class in China, India andother emerging markets is boosting demand for consumer goods, financial services and real estate.1,2This new source of demand has the potential to affect trade patterns and investment flows. As businessesrespond, investors may find new investment opportunities that support their long-term financial goals. Over the next 20 years, the Silent Generation and aging Baby Boomers are expected to pass to their heirsthe largest intergenerational transfer of wealth in history.3 Dubbed the “Great Wealth Transfer,” it shouldput significant assets in the hands of younger investors, who typically have a different set of needs andpreferences than the average (older) individual investor of today. Many newly launched tech companies begin life as small venture-backed start-ups, fueling the private-equity markets. Technology has even altered the capital markets through the rise of new asset classes suchas digital assets. Environment and resources These four secular forces are impacting not only the business landscape, but also the needs andpreferences of individual investors. In our view, they are combining to influence the practice of wealthmanagement, giving birth to three broad trends with the power to transform the industry: personalization,transparency and technology. Climate change and sustainability are becoming a critical focus of governments, businesses andcommunities and, as such, important considerations for investors from the standpoint of seekingopportunities and managing risks. One area of emphasis is the transition to a low-carbon economy, whichhas driven demand for renewable energy, energy-efficient technologies and sustainable practices. Health and health care Advances in technology along with demographic shifts are having profound impacts on health and healthcare. An aging population in developed countries is leading to higher demand for health-care services.Concurrently, improvements in medical technology that help people live longer are feeding the phenomenonof older for longer and supporting the demand and supply of services and products for this populationsegment. Many of these improvements are expected to disrupt the life sciences, biotechnology andpharmaceutical industries. Some investors are seeking opportunities related to these changes. Interaction between trends - the flywheel effect As we examine the key trends of personalization, transparencyand technology in wealth management, it becomes clear theseforces do not operate in isolation. Instead, they form a powerful,interconnected system in which each trend supports and amplifiesthe others, creating a self-reinforcing cycle of innovation andtransformation in the industry. Personalization: The new imperative Personalization is perhaps the most fundamental of the threetrends and can be thought of as the starting point that gets theflywheel turning. In the past, personalization in wealth management was primarilya niche offering, reserved for a select group of high-net-worth(HNW) clients. While some firms saw it as a differentiator, it wasnot a widespread industry focus due to the high costs and la