At the end of 2022, U.S. wealth managers oversaw $38.5 trillion in client assets, marking a 12% drop from 2021—the first decline since 2018. While each market segment’s share remained stable, all struggled amid broader asset devaluation. The most successful firms advanced advisor productivity through automation and “next best action” tools. Independents and custodians attracted experienced advisors by offering private-equity-backed platforms. Holistic financial advice is gaining traction, with advisors increasingly helping clients with risk management, cash deposits, alternatives, and liquidity beyond just investment products.

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