Wealth management: ideas for managers to implement in 2026

Trends and considerations for wealth managers in a changing market

The global wealth management market, valued at ~$2 trillion (revenues), is undergoing a radical redefinition. The industry is being reshaped by powerful forces, including the precision of AI-driven personalisation, the convenience of fintech “super apps” and the monumental impact of the Great Wealth Transfer. This analysis is not just a guide to new opportunities; it is a playbook for survival and dominance in a market where complacency is a death sentence.

Wealth management market

The primary battleground for market share in 2026 will be defined by a firm’s mastery of client segmentation. Firms clinging to monolithic service models will be outmanoeuvred by competitors architected for precise client segmentation. Managers must segment their offerings to meet the distinct priorities of each client tier, from digital-first robo-advisors for emerging clients to bespoke family office services for the ultra-wealthy.

Spectrum & service playbook

Wealth Tier	Typical Assets (USD)	Client Priorities (indicative)
Emerging Affluent	< $100k-$250k	Goal-based saving, low-cost entry, mobile tools
Mass Affluent	$100k-$1M	Tax-efficient SIPPs, protection bundles, trading
High Net Worth (HNW)	$1M-$10M	Estate planning, alternatives, ESG
Ultra-High Net Worth (UHNW)	> $10M+	Governance, co-investments, philanthropy

Understanding regional dynamics is critical for capturing growth. While mature markets like North America hold the largest share of assets, high-growth regions in Asia present the most significant opportunities for scaling services, particularly for mass and emerging affluent clients.

Global Wealth Comparison by Region (2024)

Region	Total Personal Wealth (USD Billion)	Growth Rate (2024, USD)	Share of Global Wealth	Wealth per Adult (Weighted Avg, USD)
Americas	$185,040	11.35%	39.3%	$311,846
APAC (Asia-Pacific)	$168,712	2.85%	35.9%	$66,808
EMEA (Europe, Middle East, Africa)	$116,756	0.44%	24.8%	$167,696

Source: UBS Global Wealth Report 2025

Please note that if you use the median average, the picture looks quite different.

AI-powered personalisation

Artificial intelligence is rewiring the core operating system of wealth management, enabling advisors to deliver personalised service at scale. AI can automate routine tasks like portfolio tweaks, tax optimisation, and ESG alignment, freeing human advisors to focus on complex, high-value relationship building and strategic guidance. For example, St. James’s Place (SJP) uses its Bluedoor platform for backend administrative efficiency and leverages a partnership with Flagstone to automatically optimise client cash yields across different bank accounts. This blend of technology and human oversight allows managers to enhance client outcomes without sacrificing the essential element of personal trust.

Fintech apps

The rise of fintech (wealthtech) apps presents both a threat and an opportunity for traditional firms. They represent a response to traditional system failings, leveraging emerging AI and blockchain to enhance accessibility. Within this landscape, Wealthtech reinvents wealth management through autonomous algorithm-driven robo-advisers offering lower fees and online investing. These platforms appeal to younger generations, who seek personalised, tech-enabled solutions over face-to-face advice. Innovation extends to crypto assets. Additionally, APIs and open banking enable traditional firms to digitalise legacy back-end operations.

Fueled by the AI-powered personalisation, these platforms bundle investments, retirement (SIPPs), insurance protection, and taxation into a single digital experience. Disruptors like FNZ and Finary are gaining market share, propelled by significant capital injections. Rather than trying to build competing technology from scratch, incumbent firms should consider strategic collaborations. An effective way to retain emerging and mass affluent clients who demand digital-first solutions.

Gold and crypto

Alternative assets are now a core component of a modern, diversified portfolio, especially for next-generation clients. A prudent strategy often includes a 5-10% allocation to gold ETFs for stability and inflation hedging, complemented by an allocation to regulated crypto vehicles for high-growth potential. This combination appeals directly to the risk-reward profile of younger inheritors. Looking ahead to 2026, the trend of tokenisation is set to unlock new opportunities, including compliant DeFi products that will further reshape asset allocation.

The Great Wealth Transfer

An estimated $124 trillion is set to change hands over the next 20-25 years as wealth transfers to Millennials and Gen Z. This demographic shift is the primary driver behind the portfolio evolution outlined previously. The demand for a crypto allocation is not a fringe interest; it is a core expectation of the industry’s next multi-trillion-dollar client base. To successfully engage and convert this demographic, firms must move beyond traditional service models. Educational webinars, transparent ESG reporting, and accessible robo-hybrid models are essential tools for capturing this pipeline, particularly in high-growth markets like ASEAN and India, where this transfer will be most pronounced.

ESG, regulation and talent

Beyond client-facing trends, three powerful macro forces—ESG integration, regulatory tightening, and a critical talent gap—are converging to reshape the foundational economics of wealth management. ESG (Environmental, Social, and Governance) investing has become mainstream, with criteria now integrated into many portfolios. Simultaneously, regulatory pressures continue to intensify around Anti-Money Laundering (AML), data privacy (GDPR) and cybersecurity, requiring significant investment in compliance. Finally, a persistent talent shortage is forcing firms to aggressively upskill their advisors in AI and blockchain to remain competitive. These interconnected forces collectively raise the cost of doing business and demand new, resilient operating models.

Wealth migration

Post-Brexit tax reforms and Italy’s €200k flat tax for new wealthy residents (extendable to family) have triggered significant HNW migration from London to Milan. Large numbers of UK UHNW people relocated to Italy in 2024 and 2025, with Milan emerging as Europe’s new private wealth hub. According to BSCM, Milan’s advantages include:

The regime that is proving to be the standard for HNWIs is a flat tax of €200k (initially was 100k) for eligible residents who are fiscally domiciled in Italy and generate their income from abroad
Under the expatriate workers scheme, new tax residents in Italy can benefit from a 50% reduction in their taxable income for a period of five years
The Italian IHT rate is between 4-8% applied above various thresholds, but the flat tax regime exempts foreign assets
Capital gains are taxable at a flat 26%
Estate duty in Italy is 4%

In addition, Milan has lifestyle appeal: fashion, culture, proximity to Alps/Lakes and a supporting financial infrastructure with institutions that offer increasingly sophisticated wealth management services and have a growing English-speaking advisor base.

Manager Strategy: establish Milan outposts or partner with local firms to capture relocating London HNW/mass affluent. Offer cross-border financial solutions.

Final thoughts

In the new era of wealth management, clients are increasingly in the driver’s seat.

For larger wealth management firms, a good approach is tiered offerings: implement low-cost robo-advisors to build a pipeline of emerging clients; leverage sophisticated hybrid models to profitably serve the mass-affluent and lower HNW segments; and reserve bespoke, high-touch services for your core HNW and UHNW clients. This approach allows firms to efficiently capture the full client spectrum.

Boutique firms should instead focus on a wealth tier and provide either great value for money, leveraging technology, or a level of personalisation that the larger firms may not be able to offer.

Agility will be the key to unlocking value for both managers and clients in 2026 and beyond. Firms that adapt swiftly will thrive, while clients who embrace the new tools will be best positioned to grow and preserve their wealth.

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