2026 Outlook on Wealth Management Amid Disruption

This document is a report discussing the economic outlook for 2026, focusing on significant disruptive forces affecting wealth management. It outlines three primary factors: the rise of nationalism and state capitalism, advancements in artificial intelligence, and the democratization of private markets. The report anticipates sustained economic momentum, with low-income consumers facing challenges while higher-income consumers benefit from steady wage growth and supportive fiscal policies. It notes the potential for corporate spending, particularly in AI, to persist despite a possible moderation in the pace of investment. The report highlights the risks posed by widening economic disparities, elevated valuations, and geopolitical dynamics, advising investors to prepare for a non-linear path to success. It emphasizes the importance of diversifying portfolios and recognizing the attractiveness of fixed income assets. The document concludes with a commitment to guiding investors through the evolving landscape, focusing on opportunities and risk management.