The wealth management industry sees trillions of dollars being transferred each year. Targeting the right wealth management trends can help you accumulate wealth, generate sustainable income streams, and get ahead of the competition.

Here at Business2Community, we want to use our expertise in offer trending insights so you know what’s going on in the wealth management industry. In this comprehensive guide, you’ll find a list of hot trends sourced from reliable studies, surveys, and publications and reports that will revolutionize the wealth management game for you.

  • Crypto services are in demand with 68% of high-net-worth individuals demanding it.
  • 83% of wealth managers believe AI can improve client relationships.
  • Robo-financial advisors handle $2.5 trillion of assets under management.
  • 37% of RIAs will reach retirement age in the next decade.
  • By 2045, $84 trillion in generational wealth transfer will be transferred.

Statista estimated the assets under management in the wealth management industry to be $122.22 trillion in 2023. The value is set to exceed $155.17 trillion by 2027, making a compound annual growth rate (CAGR) of 6.14%.

Statista AuM

The growing value of assets means wealth managers have more opportunities. From utilizing the latest technology to learning about the new-era ethical standards, keeping yourself informed about industry trends allows you to become more successful.

Whether you are in the retail banking sector or planning your own investments, here are the top trends to know about in 2024.

1. Digital Assets are Growing in Importance – and Regulation

Ever since Bitcoin launched in 2009, digital assets, especially cryptocurrencies, have transformed the wealth management sector.

Statista valued the digital asset market to be worth $56.4 billion in 2023. The number is expected to reach $102.7 billion in 2027 – a CAGR of 16.15%. Although there was a noticeable drop in 2022 due to COVID-19, the industry has rebounded quickly and showed promising growth rates.

Statista digital assets

Fintech solutions firm Broadridge surveyed over 250 financial institutions in 2021 for its Digital Asset Revolution: Preparing for the Next Generation of Financial Markets Report. The report revealed that 77% of crypto holders in the US were under 45.

Furthermore, the high-net-worth (68%) and very-high-net-worth (53%) wealth groups showed the biggest interest in crypto services.

Broadridge crypto share

For service providers, a total of 57% of traditional wealth management firms who were already active in crypto investing planned to offer relevant services to their clients within 12 months.

Broadridge service providers

Firms listed the reasons for offering crypto services to be:

  • Increasing revenue opportunities (70%)
  • Digital convenience (74%)
  • Keeping up with current innovations (65%)

Despite its growing popularity, cryptocurrencies bring some major concerns for firms. 60% of respondents stated their decision to opt out of including this asset class in their investment plans was due to regulatory concerns.

Broadridge cryptocurrencies

In 2021, the White House laid out comprehensive plans to regulate the cryptocurrency industry to combat cybersecurity concerns and monitor digital asset flows.

In 2023, the European Union also enforced the Markets in Crypto Assets Regulation (MiCA), which set governance rules for institutions offering crypto services.

As the world moves towards tightening digital asset regulations, investors and wealth managers need to pay attention to any upcoming policies to deliver the most up-to-date packages to clients.

2. The Biggest Generational Wealth Transfer in History is Happening

The exponential economic growth in the last century gave rise to many wealthy families. Now, as the Baby Boomer generation is reaching retirement and some even the last chapter of their lives, the wealth industry is seeing the biggest wealth transfer in history.

In 2022, Cerulli anticipated a record high of $84 trillion in wealth transfer in the next two decades to heirs. Another $11.9 trillion is going to be donated to charities. Baby Boomers have been enlisting professional help from wealth managers to strategically give and divide their assets, ensuring their heirs’ lifetime access to family trusts and funds.

Family meetings and communication (81%) were thought to be the most powerful tool in minimizing disputes and uniting families during the succession planning process. Relationship managers needed to take the initiative to mediate any possible disputes to deliver an overall better client experience.

3. The Young Generation Doesn’t Like Taking Advice

With the growth in the generational wealth transfer sector, wealth management firms are beginning to see the differences in attitudes between generations. Younger generations no longer want their wealth managers to be constantly providing investment advice by their side.

The Valuegraphics Project surveyed 1,850 high- and ultra-high-net-worth individuals who were set to inherit wealth from $10 million to $100 million to compile The Inheritors Report in 2021.

The report aimed to understand the values that mattered to these wealthy individuals and how they shaped the wealth management industry.

The study found that 27% of respondents considered themselves masters of the universe. They believed they were smarter than the financial advisors their family worked with. The young ultra-rich wanted very quick investment advice, and only on their terms.

The new generation did not prefer regular wealth management services and leaned toward wealth managers who knew to step aside and intervene when asked. A lot of them did not intend to follow their family’s financial advisors’ input either.

Valuegraphics Project inheritors share

Young clients enjoy a hands-off approach where they are free to explore asset distributions and investment types on their own. Considering the target group, traditional wealth managers can customize packages for clients and only offer expert opinions when necessary.

4. Young Investors are Engaging With Digital Tools

As older generations gradually leave the wealth management market, it is important to understand what new investors want. Being digital-savvy is one of the top trends in 2024. Young investors want innovative and interactive digital features in their client experience.

According to Equity Advisor Solutions’ 2020 White Paper, 65% of Millennials wanted gamification in the decision-making process while another 62% of investors sought social media presence in their investment tools.

Interactive features like quizzes and games could more effectively grab their attention, encouraging them to stay with their advisors.

Advanced digital services provide an unparalleled advantage to companies in order to appease the new generation. 63% of younger clients expressed the desire for a mobile platform that directly connects to their advisors and 67% wanted smart wealth management apps that automatically track their assets and gives advice.

Equity Advisor Solutions millennials survey

Younger generations want fun elements in the investment process. Investment firms and wealth managers need to study their target demographics to produce the most attractive features for their clients.

5. Investors are Adopting Artificial Intelligence to Make Investment Decisions

Technological advancements enable firms to make smarter and more reliable investment decisions based on in-depth analysis. Both clients and wealth managers rely on new technologies to build their business models.

According to PwC’s 2023 Global Asset and Wealth Management Survey, there was $2.5 trillion in assets under management of robo-financial advisors. The number is expected to double in the 5-year period to $5.9 trillion in 2027.

Generative AI has played a significant role in making investment decisions. Wealth managers are using it to predict upcoming trends and curate market-facing services.

PwC robo FA assets

A 2023 survey carried out by IT firm Accenture found that 90% of financial advisors believed AI could bring at least 20% more organic growth. Another 83% thought AI could better nurture client relationships by offering convincing metrics in new business models.

55% of respondents believed in AI’s ability to transform future wealth management services as the new technology takes on more responsibilities in customizing investment plans.

Accenture AI survey

Leading management firm Oliver Wyman published the Global Wealth and Asset Management 2023 Report, highlighting the role of generative AI in wealth management, with be being used for:

  • Client-facing tasks (40%)
  • Administrative duties (35%)
  • Investment management activities (35%)

AI tools are helping clients navigate through investment options, allowing financial advisors to work on higher-value-added tasks.

Oliver Wyman AI tasks

To stay ahead, wealth advisors can utilize AI to attract more clients. From explaining complex products to offering timely feedback, AI provides 24/7 care in managing assets to increase efficiency.

6. Online and Hybrid Wealth Management Services are Thriving

Since 2020 forced most asset firms to handle all their clients online, a lot of them have found the upside of remote work. In 2024, online services continue to thrive in helping clients invest and manage their assets.

A 2022 McKinsey research also pointed out that only around one-quarter of clients wanted in-person services for the usual investment activities like opening an account (29%), receiving advice (23%), transferring money (16%), and servicing accounts (16%). The rest preferred to continue using online channels after COVID-19.

The trend is particularly prominent among ultra-rich clients with over $2 million in assets. Over 40% of them wanted full digital services and only 15% stated their willingness to go back to in-person meetings.

McKinsey digital services

To balance the autonomy of self-management and the benefits of receiving professional advice, hybrid has become a popular option for investors.

Among all the client segments, the fast-growing one was hybrid. The percentage grew from 24% in 2018 to 33% in 2021. Affluent investors sought independence in their own investments while having experienced advisors to support them whenever needed.

McKinsey hybrid investments

To retain clients, a lot of firms are offering both direct brokerage and advisor-led offerings to meet the growing demand.

7. Sustainable Investing is Growing in the Wealth Management Industry

In 2024, investors are seeking sustainable investing. Environmental, social, and governance (ESG) issues are a big topic of interest. Within this group, personal environmentalists focus on how their investments affect themselves in the long run whereas, collective environmentalists think about how their decisions impact others in society.

In the Valuegraphics Project, the highest-ranking ESG values were:

  • Family (94%)
  • Belonging (87%)
  • Personal responsibility (83%)
  • Health (78%)

Most individuals expressed concerns about how their wealth would impact their family members in the future and how their assets could be passed down to future generations. This group of investors favored detail-minded wealth advisors that provide sustainable investment planning for the whole family.

Valuegraphics ESG values

According to KPMG’s 2020 Sustainable Investing Report, institutional investors (85%) were the biggest driving force behind ESG investing. The percentage far exceeded its second and third place, which were institutional consultants (39%) and internal stakeholders (30%).

Previously, these investors emphasized uncorrelated returns. In the last few years, they have gradually shifted their focus to achieving multiple business goals in their decision-making process. They wanted to perform financially while being socially and environmentally conscious, as well as implementing strict internal governance to uphold the company’s reputation.

KPMG ESG investing

To identify the ESG investment methods, financial firms have adopted the following techniques:

  • 52% use sustainability integration, encouraging wealth management firms to incorporate sustainable elements into their traditional investment process, smoothening the flow and improving public image.
  • 50% use negative screening, picking out stocks and material factors that do not align with the current environment and excluding them from the investment process – a detailed exclusion guide is needed.
  • 31% use shareholder engagement, getting a deeper and more rounded understanding of what company shareholders value and prioritize before making an investment.

KPMG ESG organizations

However, since ESG is a relatively new concept that emerged in the last decade, firms have been more uncertain of its benefits. 71% of hedge fund managers and 75% of institutional investors said they were unsure if the outcomes of sustainable investing were positive or negative.

Despite the uncertainty, the majority of people who have seen satisfactory results were those who started in ESG-oriented investments early on.

KPMG ESG results

As public interest grows in sustainable investing, there will be more significant market growth in the ESG sector.

8. Wealth Managers are Still Battling With Inflation Uncertainty

Along with slowing economic growth, the pandemic brought out pre-existing vulnerabilities in the global market that wealth managers are still battling with.

The International Monetary Fund (IMF) conducted an investor survey in the third quarter of 2022 to understand price pressures. The majority of investors around the world expected higher inflation rates in the future.

UK investors were the least hopeful about inflation rates dropping, as more than 60% believed the future inflation rates would be greater than 3%. This was likely due to the UK’s economic down turn during the 2021/2022 period.

IMF price pressures

To combat the sky-high inflation rates, central banks introduced higher interest rates to ease the fluctuation and uncertainty. The Bank of England, which is the UK’s central bank, increased its interest rates from 0.25% in early 2020 gradually to 5.5% in October 2023.

US interest rate

Rising interest rates pose difficulties for people in the short run as costs of living become higher. Expectations at the end of 2023 were to see the Fed interest rate down to 3.4-3.9% by the end of 2025, reducing inflationary pressures.

As the market is beginning to see an end to the volatility of current events, interests rates and inflation are expected to stabilize. Private equity firms and wealth managers need to stay ahead of the curve for macroeconomic trends and ensure portfolios are balanced in the face of uncertainty.

9. Wealth Management Firms are Desperate for New Talent

Being a financial advisor can be a dream job for many. But in 2024, the industry is lacking quality new candidates to join the field. With the absence of new blood, wealth management firms are adopting new tactics to bring in talent.

In 2022, Cerulli estimated that 37% of registered investment advisors (RIAs) would reach retirement age in the next 10 years. Assets held by these RIAs constituted 40% of the total market share, equivalent to $10.4 trillion.

The findings resonated with an Octopus Investments survey in 2021, which showed how immobile the RIA industry was. 68% of financial advisors had been in the field between 21 to 40 years while only 3% had less than 10 years of experience.

Octopus RIA experience

With senior advisors quickly exiting the field, the shifting demographics have brought the following recruitment challenges to companies:

  • Finding quality candidates (67%)
  • High costs of onboarding new recruits (33%)
  • The lack of career paths for students (33%)

Octopus RIA challenges

To combat the loss of talent, wealth management firms have identified key solutions:

  • Investing in financial education in schools (64%)
  • Promoting financial advisor roles (62%)
  • Joint training and recruitment programs with universities (49%)

Octopus RIA solutions

Since the wealth management sector is an aging industry desperate for younger generations, junior members and university students are more likely to get a job in the next few years as competition eases.

In a dynamic industry, it’s important to stay ahead of the game in terms of what your clients want and how regulation and government policy are changing. Along with our industry trends, we present you ways you can stay engaged in the wealth management industry and spot emerging trends as they happen.

Company Reports and Surveys

Leading consultation firms like PwC, Broadridge, and McKinsey regularly publish industry reports on the latest trends. From the digitalization of asset classes to the most-used technology in gamification, international companies offer insights into various niches and trends.

Subscribing to their newsletters is an excellent way to stay on top of the trends. By studying their reports and surveys, you will have more in-depth knowledge of what investors are looking for and how you can package your services to be client-facing.

Broadridge survey

Financial News Sources

There are a range of news sources focused on markets, investing, and wealth management. Publications like The Economist and Financial Times as well as news channels such as CNBC and Bloomberg offer insights and breaking news.


Podcasts often provide a more relaxed approach to delivering the hottest trends in the wealth management industry.

Financial Planning is a podcast powered by the financial news agency under the same name. In each episode, podcasters discuss emerging trends in the wealth management field and how advisors can utilize them to their advantage.

The Future of Wealth Management

As the global economy expands, the demand for wealth management services will keep increasing in the future. Technologies and attitudes of new generations will keep shaping the investment world.

To brace yourself for the future, here are some top trends you can expect:

  • Clients will be more interested in ESG-oriented investment advice.
  • More advisors will offer omni-digital channels to contact investors.
  • The total value of assets under the management of robo-advisors will continue to increase.
  • There will be more comprehensive regulations regarding digital assets like cryptocurrencies.
  • Companies will offer more benefits and fund schools to nurture future wealth managers.


What are the current trends in wealth management?

What is the future of wealth management?