Natixis2025年财富管理行业调研报告变革前夕英文版218mb

The

Eveof

Disruption2025WEALTHINDUSTRY

SURVEY2025WEALTHINDUSTRY

SURVEYThe

Eveof

DisruptionAfter

a

year

in

which

the

balance

of

political

power

wasupendedbyelectionsinJapan,theEU,theUK,theUS,France,Germany,India,ItalyandSouthKorea,wealthmanagers

rank

geopolitical

conflict

as

the

number-oneeconomic

risk

in

the

next

12

months.But

along

with

wide-scale

political

change,

wealth

managersare

faced

with

economic

uncertainty,

rapid

technologicaladvancementsandawaveofindustryconsolidation,making

disruption

a

genuine

concern

in

2025.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

grewby20%globally.Asaresult,theadvisoryindustrywasresponsible

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

2029.1Results

from

the

2025

Natixis

Wealth

Industry

Survey–whichincluded520investmentprofessionalsrunninginvestmentplatformsandmanagingassetsatleadingwealthmanagersin20countries—suggestthedriveforgrowth

is

even

greater

this

year

as

firms

project

averageAUM

growth

of

13.7%

in

2025

alone.Markets

may

help,

as

they

havein2023

and

2024,butwealthmanagersknowdeliveringon

growthexpectationswillalsohingeontheirabilityto

winnewclientswithenhancedserviceofferings,andretainthembymeetingtheirreturn

expectations.Technologywillplayacriticalroleinthisarena–especially

as

rapid

development

of

generative

artificialintelligence(AI)providesnewefficiencies.Infact,77%ofwealthmanagersthinkAIwillallowtheirfirmtointegrate

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.Atthesametime,wealthmanagersneedtoconsiderhow

geopolitical

turbulence

and

persistent

inflation

willplayoutinthemacroenvironment.Asmuchas73%saytheyareoptimisticabouttheirmarketprospectsin

2025,

yet61%

are

also

worried

about

prospects

forstagflationin

Europe.$92,533.01United

States$11,617.59United

Kingdom$10,011.04

Canada$9,688.42 France$8,931.17

Germany$6,341.37$5,983.22$5,567.47$2,737.68$2,062.19JapanChinaSwitzerlandNetherlandsItalyTop10Wealth

ManagementMarkets

GloballySource:

Statista1

I

2025

WEALTH

INDUSTRY

SURVEYThe

pressure

is

real,

and

it’s

clearly

reflected

in

theoutlooktheseanalystsholdfortheir

businesses,themarketsandinvestmentstrategyin

2025:WealthManagementIndustry

Outlook:Overall,56%ofwealthmanagerssaytheirtopgrowthfactorisexpandingtheirserviceoffering.Growingtheclientbaseisanothercriticalconcern,and48%saytapping

new

client

segments

will

be

important

to

ensuringgrowth.Providinggreateraccesstoprivateassetsisalso

important

to

their

success

(48%).

As

is

integratingabroaderarrayofproductsincludingactiveETFs,thematicinvestments,andmodel

portfolios.Wealth

Management

Market

&

Macro

Outlook:Geopolitics

and

inflation

dominate

economic

concernsforwealthmanagerswithnewgeopoliticalconflictstopping

the

list

of

threats

in

2025.

With

prices

remainingstubbornlyhigh,74%worrythatTrumppolicieswillreigniteinflation.Mostforecastonlymoderateinterestratecutsahead.Morethanhalf(54%)expectcentralbank

policy

around

the

world

will

also

begin

to

divergefromthe

Fed.WealthManagementInvestment

Strategy:Giventhisenvironment,it’snosurprisethatmarketvolatility

ranks

astheir

top

portfolio

risk

for

2025.

Morethantwo-thirdssayuncertainmarketscallforactivemanagement,and63%thinkmarketswillfavoractiveinvestments

this

year.

Private

markets

continue

to

factorintoportfolioplanswithprivateequity,privatedebt,infrastructureandrealestatenowaccountingfor77%ofallalternativeallocations

globally.Whenitcomesdowntoit,wealthmanagersrecognizethattheyaresurroundedbypotentialdisruptions.Withstrategies

in

place

for

the

business,

for

the

market,

andmostimportantly,clientportfolios,theyalsorecognizethatexecutionwilldetermineiftheycanliveuptotheAUMgrowthgoalstheyneedtohitin2025.Successstartsbyensuringtheyarepositionedtoaddressthekeybusinesschallengesfacingwealth

managers.Whoparticipatedinthesurvey:The2025Natixis

Investment

Managers

Wealth

Industry

Surveywas

conducted

in

December

2024

and

January

2025and

included

520

individuals

responsible

for

runninginvestmentplatformsandmanagingclient

assets.Firmsincludedinthesurveyrepresentedacrosssection

of

organizations,

such

as

private

banks,

wire-houses,

independent

financial

advisors,

wealth

advisoryplatforms,andregisteredinvestment

advisors.Participant

Breakdown:520Respondents|

20

Countries50

APAC

|

200

Europe

|

25

LatAm

|

170

N

America

|

75

UK2025WEALTHINDUSTRY

SURVEY2

I

2025

WEALTH

INDUSTRY

SURVEYWEALTH

MANAGEMENTIndustry

OutlookWealth

manager’s

growth

estimates

for

2025

may

comeinatanaverageof13.7%globally,butthatnumbervarieswidelybyregion.ThoseinAsiaestimateAUMgrowthfortheirfirmsatjust8.3%thisyear,whichmay

be

one

part

a

reflection

of

lower

expectations

formarketreturnsandanotherpartconcernthatChina’sgrowthchallengescould

impacttheregionatlarge.WealthmanagersintheUSpostmoreaggressiveestimates,

forecasting

average

AUM

growth

of

17.6%,afigurethatlikelyreflectsboththeirexpectationsformarketappreciation,andapayofffromeffortstowinnewclientsandearnalargershareof

walletfromcurrentclients.LowerestimatesinEurope

(11.2%)mayreflectconcernsovertheimpactof

slowinggrowthandlingering

inflation.Factorscriticalto

wealthmanagers’AUM

growthNo

mattertheregion,expandingtheserviceofferingisakeyobjectiveforwealthmanagersin2025.Infact,

56%

of

those

surveyed

cite

this

as

an

importantgrowth

factor.In

terms

of

what

that

offering

will

looklike,firmsineachregionaretailoringtheircapabilitiesto

the

needs

and

tastes

of

their

client

base.3

I

2025

WEALTH

INDUSTRY

SURVEYIn

Asia,

wealth

managers

are

leveraging

technologyboth

to

offer

digital

wealth

management

platforms

andapply

advanced

analytics

to

personalize

client

experiences.In

Europe,

firms

are

implementing

a

more

holistic

familyoffice

service

model

integrating

financial

planning,

estateplanning,

and

multi-generational

wealth

protection

services.In

Latin

America,

fintech

also

factors

into

growthplans

across

the

region,

especially

solutions

that

helpaddress

the

needs

of

younger,

digital-savvy

investors.IntheUS,wealthmanagersfocusedonofferingmore

personalized

services

like

tax

management

withdirectindexingstrategiesandapplyingdatainsightstoenhancecustomerrelationship

management.IntheUK,analystssaytheirfirmsareexpandingservice

offerings

by

incorporating

digital

tools,

focusingon

personalized

financial

planning,

and

providing

greatertransparencyaround

fees.Growingthebaseisanotherconcern,andalmosthalf(48%)

say

itwill

be

important

to

tap

new

client

segmentsfor

growth.

The

challenge

is

all

the

more

pressing

as

theindustry

looks

at

an

aging

client

base

and

finds

ways

toreplenish

their

roster

with

younger

investors.

Faced

with

theGreat

Wealth

Transfer,

34%

see

it

as

a

threat

to

their

busi-ness,

while

34%

say

it’san

opportunity

to

win

new

assets.Manyarelookingtotechforsolutionsthatallowthemtobetterpersonalizeservices,streamlinesegmentationefforts,

and

address

the

preferences

of

a

new

generationofclients.Overall,44%ofwealthmanagers

sayharnessingnewtechnologieswillbean

importantfactorintheir

success.16.2%17.6%11.2%9.8%8.3%Average

Expectations

for

AUM

GrowthNorth

AmericaUKEuropeLatin

AmericaAPACWhereartificialintelligencefits

inwealthmanagers’growth

plansAfter

witnessing

the

rapid

development

of

generative

AImodels

over

just

a

few

short

years,

firms

are

looking

atnewtechnologyinthreekeyareas:MostimportanttodayistappingintotheinvestmentpotentialofAI;deployingAItoenhancetheirinternalinvestmentprocessisanotherimmediateopportunity;andmanyarealreadytestingAItoseehowitcan

enhancebusinessoperationsandclient

servicing.Theinvestmentpotentialof

AIIn

terms

of

opportunity,

79%

of

wealth

managers

say

AIhasthepotentialtoaccelerateearningsgrowthforthenext

10

years.

Their

estimate

may

not

be

far

off:

Recentresearchshowsthatastheworldhasrealizedthepotentialofthetechnology,themarketsizeforAIgrewfrom$93billionin2020to$243billionin2025.By2030,

the

AI

market

is

expected

to

reach

$826

billion.2AddtoittheeffectitcouldhaveforcompaniesthatleverageAI,and64%sayartificialintelligencerep-resentsinvestmentatascaleneverseenbefore.

InhopestofocustheAIopportunity,58%

areactivelyseekingthematicinvestmentsfocusedonAI.Butevenastheyworktohelpclientscapitalize,78%

ofwealthmanagersaresuretoremindinvestorsthatAI

poses

as

many

risks

as

opportunities.AI

finds

a

place

in

the

investment

processAI

technology

is

winning

over

investment

teams,

and

58%saytheirfirmhasalreadyimplementedAItoolsintheirinvestmentprocess.Thehighestconcentrationofearlyadopters

are

found

at

wealth

management

firms

inGermany

(72%),

France

(69%)

and

Switzerland

(64%).AhigherlevelofadoptioninFranceislikelylinkedtoanational

policy

put

in

place

in

2018

to

make

France

an

AIsuperpower.

As

a

result,

investment

in

AI

represents

30%of

national

venture

capital

investment,

which

ranks

aheadof

the

US

(28%),

the

UK

(25%)

and

China

(17%).3WealthmanagersenvisionAIsupportingbothsidesoftherisk/returnequation.Almostsevenin10(69%)sayAI

will

enhance

the

investing

process

by

helping

them

touncoverhiddenopportunities.Another62%sayAIisbecoming

an

essential

tool

for

evaluating

market

risks.The

potential

is

so

great

that

58%

say

firms

that

do

notintegrateAIwillbecome

obsolete.It

is

clear

gatekeepers

and

analysts

know

they

need

tomaintain

an

investment

edge,

especially

when

45%

seerelativeperformanceaseitheramajor(13%)orminor(32%)businessthreat.WhiletheyarestillintheearlystagesofadoptingAI,36%seeitasanopportunitytogeneratebetterinvestmentoutcomesfor

clients.WEALTH

MANAGEMENT

INDUSTRY

OUTLOOKInvestmentpersonnelatwealthmanagershaveanoverwhelminglypositiveviewonthepotentialfor

AI.Asked

which

movie

robot

best

serves

as

the

face

of

artificialintelligence,

they

chose

the

bots

that

support

humanity.Despite

the

optimism,

some

nagging

suspicions

remain.Among

the

520

individuals

surveyed,

30%

worry

thatAI

could

bring

about

the

end

of

civilization

as

we

know

it.39%C3PO,STAR

WARS:AI

will

be

a

loyal

andcapableassistantfor

mankind.25%OPTIMUS

PRIME,TRANSFORMERS:Good

versions

of

AI

willsavehumanityfrombad

versions

of

AI.20%

HAL9000,2001

ASPACEODESSEY:AIwillbecomesofocusedon

achieving

its

goals

that

itwillseektoachievethemno

matter

what

the

cost.10%

WALL-E:AIwillbecome

empathetic

and

careenoughtosave

humanity.6%

CYBERDYNESYSTEMSMODEL

1010,THE

TERMINATOR:AI

will

seek

to

destroy

humanity.The

AI

Screen

Test,

Take

II:4

I

2025

WEALTH

INDUSTRY

SURVEYPutting

AI

to

work

in

the

businessBeyondtheinvestmentopportunitiesandportfoliomanagementapplications,wealthmanagers

alsoanticipatethatAIwillimpacttheservicesideof

thebusiness.Overall,77%sayAIwillhelpmeet

theirgrowthgoalofintegratingawiderarrayof

services.Astheylooktoserviceabiggerandbroader

clientbase,54%believeAIwillimprovetheirabilityto

scaleuptheircapabilities,while46%thinkthetechnologywill

set

them

up

to

better

personalize

client

experiences.Many

also

see

AI

as

a

tool

for

helping

them

set

a

coursefor

the

business

and

42%

of

wealth

managers

believe

AIwillenhancetheirstrategicdecisionmaking.Another38%thinkAIwillhelpincreaseprofitability.Thiscouldbecriticalatatimewhen59%seefeecompression

asamajor(20%)oratleastminor(39%)threat.Whenitcomesdowntoit,only8%ofthosesurveyedthinktheirfirm

will

derive

no

benefit

from

the

implementation

of

AI.PracticalapplicationsofAIinwealth

managementWhile

firms

see

potential,

AI

implementation

is

still

in

itsnascency.ThefirststepsinapplyingAIformanyfirmsincludeofficeproductivity(86%),investmentresearch(83%)

and

performance

and

risk

analytics

(83%).

But

evenin

these

fundamental

areas,

few

have

fully

integrated

AIintothe

process.FirmsappeartobetakingasimilarapproachtoAI

inotherareas:79%areapplyingAItodevelop

clientmaterials,thoughonly7%havefullyintegratedthesecapabilitiesintheprocess.Wealthmanagersare

alsodeployingAIforinvestmentoperations(73%)andcustomerservice(73%).Overall,12%reporttheyhavefullyintegratedAIforchatbotsandsimilarcapabilitiesintotheservicemodel.Another64%areapplyingAItowardclientacquisition,butasinmanyotherareasofthebusiness,

they’restillearlyintheprocess.Managingtheinvestment

offeringTechnologymayhavethepotentialtoreshapetheindustry,

but

firms

face

the

more

immediate

challengesofmeetingclientinvestmentpreferencesandreturnexpectations.Wealthmanagersarenowtappingabroaderpalletofvehiclesandassetclassestofulfillclientneeds.Mostnotablythey’vefocusedonprivateinvestments.Wealthmanagers’appetiteforprivateassets

unabatedPrivateassetscontinuetobeafocusinbusiness

plansforwealthmanagersin2025,asnearlyhalf(48%)saymeetingclientdemandforunlistedassetswillbe

acriticalfactorintheirgrowth

plans.But

wealth

managers

are

split

in

how

access

to

a

limitedpool

of

private

assets

will

actually

impact

their

business:Overone-quarter(26%)sayaccess,orlackthereof,isathreattotheirbusiness.Another37%sayaccessposes

no

threats.

Most

confident

arethe

37%

whosayprivateassetsrepresentanopportunityto

growthebusiness.WEALTH

MANAGEMENT

INDUSTRY

OUTLOOKIt

will

improve

our

ability

to

scale

the

business5

I

2025

WEALTH

INDUSTRY

SURVEYIt

will

allow

us

to

better

personalize

services

for

clientsIt

will

enhance

strategic

decision

makingIt

will

help

increase

profitabilityIt

will

improve

investment

outcomesIt

won’t

deliver

any

significant

benefits

to

their

business42%54%46%38%36%8%How

AI

will

benefit

the

wealth

management

businessProductplans

callforexpandingaccesstoprivate

assetsOverall,

92%

plan

to

increase

(41%)

or

maintain

(51%)theirprivatecreditoffering.Withinflationeasingandcentralbanksreversingcourseoninterestratepolicy,68%sayfallingratesstrengthentheinvestmentcasefor

private

assets.

Beyond

more

attractive

yields,

privatecredithasalsodemonstratedalowerlevelofvolatilityand

lower

loss

rates

than

public

bond

markets.Similarly,

91%

plan

to

increase

(50%)

or

maintain

(41%)privateequityinvestmentsontheirplatforms.Whilebothinstitutionalandindividualinvestorshavefocusedon

private

equity

to

fill

a

range

of

portfolio

objectives

inrecentyears,enhancedreturnpotentialremainsfrontof

mind.

Few

among

those

surveyed

see

that

changing,as63%saythereisstillasignificantdeltainreturnsbetweenprivateandpublicmarkets.And69%

saydespitehighvaluations,theythinkprivateassets

aregoodvalueforthelong

term.Whilefirmsremainfocusedonexpandingprivateas-sets,wealthmanagersarealsoawareofthecompli-ance

pressures

they

can

present,

as

lockups,

minimumsand

asset

thresholds

complicate

the

picture.

This

addedscrutinyisjustasmallpartoftheregulatoryconcernsthatlead60%tolistregulatorycomplianceasamajor(17%)

or

minor

(43%)

business

threat.Newproductstructuresarehelpingtoeasethepres-sure.

As

the

democratization

of

private

assets

plays

out,firmsareworkingtoensuretheykeeppace,whichisonereason89%saytheywilladdto(29%)ormaintain(60%)

fundoffundofferings.Beyond

meeting

client

demands,

private

assets

factorsignificantlyinallocationplansforalternativeinvest-ments

in

2025

(see

portfolio

strategy

section).Activeinvestments,activeETFs

factorprominentlyinproduct

plansAfter

a

year

in

which

62%

say

the

active

investments

ontheirplatformsoutperformedpassive,it’s

notsurprising

that

90%

of

wealth

managers

say

they

willadd

to

(42%)

or

maintain

(48%)

their

offering

of

activeinvestments.Theseadditionsmaybewelltimedas63%

of

wealth

managers

say

markets

will

again

favoractivein

2025.Calls

to

up

active

investments

may

reflect

a

more

uncer-tain

macro/market

environment

as

68%

globally

and

76%inAsiasayactiveinvestmentsareequallyeffectiveinpreserving

assets

as

in

generating

alpha.

And

with

interestrates

in

flux,

73%

say

active

investments

are

essential

tonavigatingtoday’sfixedincome

environment.Evenstill,

passive

investments

continue

to

factor

intoproduct

plans

with

92%

planning

to

increase

(42%)

ormaintain

(49%)

index

funds

on

their

platform.

Fee

man-agementislikelyonekeyreasonforadditions,as59%sayfeecompressioniseitheramajor(20%)orminor(39%)

business

risk

over

the

next

five

years.Many

are

finding

that

active

ETFs

help

them

bridge

theadvantagesofbothapproachesbymarryingthelowerfeesofpassivewiththepotentialtooutperformthatcomeswithactive.Theapproachisgainingtractionwith

wealth

managers,

as

77%

globally

and

92%

in

Asiasay

the

ease

of

trading

active

ETFs

is

a

significantenhancement,comparedtotraditionalmutual

funds.Globally,96%ofwealthmanagersplantoincrease(49%)ormaintain(47%)theirofferingofactiveETFs.Askedwhichapplicationstheseinnovativestrategiesaresuitedto,38%citeexpensemanagement.Intermsofportfolioconstruction,33%lookatactiveETFsasafitfor

core

holdings,

while

31%

see

the

fund

structure

as

wellsuited

to

satellite

investments

around

a

passive

core,

mak-ing

the

structure

a

workhorse

for

portfolio

management.WEALTHMANAGEMENT

INDUSTRYOUTLOOK62%said

active

investmentson

theirplatformsoutperformedpassive.6

I

2025

WEALTH

INDUSTRY

SURVEYThematicinvestments

focustheopportunity

setAmong

all

the

applications

for

active

ETFs,

the

largestnumber

(46%)

see

the

product

structure

fitting

into

theirplans

to

offer

clients

a

broader

array

of

thematic

investments.In

2025,

91%

of

wealth

managers

report

their

firms

willeitheraddto(42%)ormaintain(49%)the

thematicinvestmentsavailableontheir

platforms.In

keeping

with

their

focus

on

the

investment

potential

of

theAI

revolution,

firms

are

most

likely

to

add

AI/Robotics

thematicstrategies

to

their

platform.

Those

in

North

America

(85%)and

the

UK

(70%)

show

the

greatest

interest

in

these

strategies.Another45%reportinterestinaddingsustainableinvestments

as

a

theme,

something

63%

in

France

plantodo.Thetechnologythemerunsthroughadditionalproductplansas45%arelookingtoaddinvestmentsfocused

on

cloud

infrastructure,

while

40%

will

up

biotechandhealthcareinnovationstrategies,and27%willaddtoinvestmentsasafety(thephysicalanddigitalprotectionofpeopleand

institutions).Separate

accounts,direct

indexing

and

tax

efficiencyAs

wealth

managers

look

to

deliver

a

more

personalizedexperienceforclients,manyseeseparatelymanagedaccounts

(SMA)

as

a

solution

for

customizing

portfolios.Overall,

92%

of

analysts

worldwide

say

their

firm

plansto

increase

(31%)

or

maintain

(61%)

the

offering

on

theirseparateaccount

platforms.Plannedadditionstothematic

strategiesSeparatelymanagedaccount(SMA)

strategiesfitwellwiththeneedsofhigher-net-worthclients,providingtheopportunityforcustomizationwithinstrategiesandgivingtheaccountholderownershipofboththeunderlying

securities

and

their

tax

basis.

That

ownershipcanenhancetaxefficiencyforinvestorsincertainjurisdictions,suchas

theUS.Tax

savings

may

factor

significantly

in

plans

for

expandingseparate

account

offerings,

as

92%

of

those

surveyedsay

they

will

also

increase

(31%)

or

maintain

(61%)

directindexingstrategies.DemandfortheseSMAsolutionsthatintegratetax-lossharvestingisgreatestintheUS,where49%ofthosesurveyedsaytheirfirmwilllooktoadd

more

direct

indexing

strategies

to

their

platforms.Modelportfolios

supportmove

to

expand

servicesAs

firms

look

to

expand

services,

manage

fees

andcontrol

risk

exposures,

many

are

turning

to

multi-assetmodelportfolios.Overall,84%worldwideoffermodelportfoliostoclients,a10%increaseoverthe74%thatofferedtheseproductsin

2020.Thatgrowthislikelytocontinuein2025as42%saymoving

clients

to

models

is

an

important

factor

in

theirgrowth.Infact,halfofthosesurveyedsaytheirfirmsplantomovemoreclientassetsintomodelsduring2025.Meanwhile,another38%saytheirfirmswilladdtotheirmodelportfolio

offerings.In

part,

the

move

to

expand

the

offering

is

to

help

clientsbetterprepareforwhatfirmsprojecttobemorevolatilemarketsin2025.Overall,74%saymodelshelpkeepclientsinvestedinuncertaintimes–includingthe69%whospecifythatmodelskeepclientsinvestedduringvolatile

times.

When

it

comes

down

to

it,

80%

say

modelsgive

clients

a

more

consistent

investment

experience.WEAL