变革前夕

of Disruption 2025 WEALTH INDUSTRY SURVEY Results from the 2025 Natixis Wealth Industry Survey–which included 520 investment professionals runninginvestment platforms and managing assets at leadingwealth managers in 20 countries—suggest the drive forgrowth is even greater this year as firms project averageAUM growth of 13.7% in 2025 alone. The Eveof Disruption After a year in which the balance of political power wasupended by elections in Japan, the EU, the UK, the US,France, Germany, India, Italy and South Korea, wealthmanagers rank geopolitical conflict as the number-oneeconomic risk in the next 12 months. Markets may help, as they have in 2023 and 2024,but wealth managers know delivering on growthexpectations will also hinge on their ability to winnew clients with enhanced service offerings, andretain them by meeting their return expectations. But along with wide-scale political change, wealth managersare faced with economic uncertainty, rapid technologicaladvancements and a wave of industry consolidation,making disruption a genuine concern in 2025. Technology will play a critical role in this arena –especially as rapid development of generative artificialintelligence (AI) provides new efficiencies. In fact, 77%of wealth managers think AI will allow their firm tointegrate a wider range of services for clients. But techcan be a double-edged sword, as 52% also worrythat AI is helping to make robo-advice a meaningfulcompetitive threat. Increased client demand for broader services and access tomore sophisticated investments raise the stakes even further.And while wealth managers position for potential tectonicshifts in their business in the long term, firms will still needto achieve aggressive short-term goals for AUM growth. High expectations for AUM growth in 2025The growth engine has run strong for wealth managersover the past five years as assets under management grewby 20% globally. As a result, the advisory industry wasresponsible for the stewardship of an estimated $159 trillionglobally in 2024. Assets are estimated to grow another 10%by the end of the decade to reach $178 trillion in 2029.1 At the same time, wealth managers need to considerhow geopolitical turbulence and persistent inflation willplay out in the macro environment. As much as 73%say they are optimistic about their market prospectsin 2025, yet 61% are also worried about prospects forstagflation in Europe. 2025 WEALTH INDUSTRY SURVEY The pressure is real, and it’s clearly reflected in theoutlook these analysts hold for their businesses,the markets and investment strategy in 2025: •Wealth Management Investment Strategy:Given this environment, it’s no surprise that marketvolatility ranks as their top portfolio risk for 2025. Morethan two-thirds say uncertain markets call for activemanagement, and 63% think markets will favor activeinvestments this year. Private markets continue to factorinto portfolio plans with private equity, private debt,infrastructure and real estate now accounting for 77%of all alternative allocations globally. Who participated in the survey:The 2025Natixis Investment Managers Wealth Industry Surveywas conducted in December 2024 and January 2025and included 520 individuals responsible for runninginvestment platforms and managing client assets. •Wealth Management Industry Outlook:Overall, 56% of wealth managers say their top growthfactor is expanding their service offering. Growing theclient base is another critical concern, and 48% saytapping new client segments will be important to ensuringgrowth. Providing greater access to private assets isalso important to their success (48%). As is integratinga broader array of products including active ETFs,thematic investments, and model portfolios. Firms included in the survey represented a crosssection of organizations, such as private banks, wire-houses, independent financial advisors, wealth advisoryplatforms, and registered investment advisors.. •Wealth Management Market &Macro Outlook:Geopolitics and inflation dominate economic concernsfor wealth managers with new geopolitical conflictstopping the list of threats in 2025. With prices remainingstubbornly high, 74% worry that Trump policies willreignite inflation. Most forecast only moderate interestrate cuts ahead. More than half (54%) expect centralbank policy around the world will also begin to divergefrom the Fed. When it comes down to it, wealth managers recognizethat they are surrounded by potential disruptions. Withstrategies in place for the business, for the market, andmost importantly, client portfolios, they also recognizethat execution will determine if they can live up to theAUM growth goals they need to hit in 2025. Successstarts by ensuring they are positioned to address thekey business challenges facing wealth managers. Participant Breakdown: 520Respondents|20Countries50APAC|200Europe|25LatAm|170N America|75UK WEALTH MANAGEMENT Many are looking to tech for solutions that allow themtobet