US wealth management in 2035: A transformative decade begins

The US wealth management industry is entering a decade defined by the convergence of AI technology, demographic shifts, and evolving consumer trust.
Wealth management is expected to transition from traditional investment advice toward integrated "life management" that blends financial and personal goals.
Four dominant archetypes will likely define the future competitive landscape: mega-platforms, boutique specialists, independent advisor platforms, and AI-native digital managers.
Large-scale mega-platforms will leverage proprietary technology and retail banking leads to create integrated wealth ecosystems for all client segments.
A growing shortage of human advisor talent will likely drive specialized expertise upmarket, leaving a void for AI-first firms to serve mass-affluent investors.
Eroding faith in traditional intermediaries and governments may require firms to establish new sources of trust through hyper-personalization and transparency.
Strategic M&A and the embedding of agentic AI will be critical levers for firms seeking to scale their operations and deepen client distribution reach.