Over the past 20 years, assets under management of financial firms have nearly quadrupled to more than $110 trillion, powered by the growth in equity values. Dean Frankle\u2014who leads BCG\u2019s asset and wealth management in Western Europe, South America, and Africa\u2014foresees a more textured and nuanced future for the industry. Alternative asset classes, such as toll roads and other infrastructure, could account for up to half of the industry\u2019s revenue. Passive investing will continue its growth as the emergence of personalized indexes takes hold. And climate and sustainability will increasingly shape investment decision-making.