The wealth management business model is under pressure as the new year begins, OliverWyman writes in its annual outlook on what’s next in the industry.
Technology has become a strategic partner, not just a support function, as artificial intelligence reshapes advice, tokenization begins to reprice cash and data consolidates into unified “client brains” that determine who will be served, how and at what price.
At the same time, the economic center of gravity is shifting toward upper-affluent and core high-net-worth clients, who expect ultra-simple digital journeys, high-conviction human advice and seamless access to private markets and ecosystems beyond the bank’s own channels.
Wealth management firms that can juggle multiple balls at once have the advantage. They must be able to redesign the front line around AI-augmented last-mile humans, build the data and infrastructure spine to personalize at scale and industrialize growth through data-driven engines and disciplined pricing.
There’s more. Firms need to free up capacity and cost via simplification, automation and sharper choices on where to play. They must adapt balance sheets and product shelves to curated, scaled private markets, tokenized cash and embedded distribution. Their inorganic plays must buy growth while reducing complexity.
And not least, firms need to be proactive in preparing for market upheaval, including having robust playbooks for managing a sudden 20% decline in weekly demand rather than relying on last-minute improvisation.
See the accompanying gallery for five of the 10 trends that OliverWyman has identified for 2026.
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