The wealth management business is confronted by two major issues: technology and demographics.

Technologically, the future of wealth management is poised to begin a series of changes that could make it unrecognizable vis-à-vis the early years of this century. Robo-advisers and hybrid models, automated investment platforms, blockchain and tokenization, advanced analytics and predictive modeling, and artificial intelligence all point to a chrome-plated technology race and a new digital-first way of doing business.

As summer displaces spring, so too does digital displace analog.

Demographically, escalating private wealth, the forthcoming generational shift from baby boomers to younger generations, and changing investor predilections pose both opportunities and challenges.

On the opportunity side, private wealth has nearly tripled from $80 trillion in 1999 to $226 trillion at the end of 2019, representing a 182 percent increase over those two decades.