The wealth management business model faces mounting pressure as firms enter the new year, according to Oliver Wyman's annual industry outlook, as reported by ThinkAdvisor. The consultancy describes a sector undergoing structural change as technology, client expectations, and distribution channels reshape how advice gets delivered and monetized.
Oliver Wyman explains that technology now functions as a strategic partner rather than a back-office utility. Artificial intelligence increasingly augments advice, tokenization begins to reprice cash, and consolidated data platforms—often described as unified "client brains"—determine which clients firms serve, how they serve them, and at what price.
Against that backdrop, ThinkAdvisor highlighted five of the ten trends shaping wealth management in 2026.
Segmenting Service for Upper-Affluent Clients
Upper-affluent and core high-net-worth clients now drive both volume and margins. Firms increasingly tier service models, offering digital-first, execution-focused experiences to affluent clients while reserving deeper planning and personal advisor engagement for wealthier segments. AI enhances advisor workflows and client experience, effectively expanding advisor capacity without eroding service quality.
Scaling Private Markets
Private markets remain underallocated but continue to gain traction as access broadens. While yield and diversification drive demand, outcome dispersion and suitability challenges complicate delivery. Successful firms will build structured exposure frameworks by client segment, equip advisors with suitability engines and model portfolios, and address liquidity constraints through clearly defined structures and credit support.
Embedded Wealth Across Ecosystems
Wealth distribution increasingly occurs outside traditional branches and standalone apps. Clients often first engage through workplace plans, banking apps, or third-party platforms. Winning firms will deploy modular products, APIs, and advisory journeys that integrate into partner ecosystems while maintaining control over suitability and economics.
Data-Driven Organic Growth
Oliver Wyman notes that growth strategies cannot rely solely on market appreciation or mergers. Advisors still spend most of their time on administrative work rather than revenue generation. Leading firms deploy AI tools, straight-through onboarding, and advisor copilots to create selling time and drive net new assets. Compensation structures increasingly reward durable, high-quality inflows rather than raw activity.
Inorganic Growth
Banks and bank-owned wealth managers continue to use acquisitions to reshape geographic footprints and gain access to independent and digital distribution. Private equity-owned platforms approaching exit add to deal flow, creating opportunities to acquire scale or reposition subscale assets. Digital acquisitions expand reach to younger, self-directed investors, while independent-channel deals secure access to faster-growing affluent and high-net-worth segments.
Together, Oliver Wyman's outlook and ThinkAdvisor's trend analysis underscore a wealth management industry at an inflection point, where firms must modernize technology, recalibrate service models, and pursue growth with greater precision to remain competitive in 2026 and beyond.
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