After a year defined by noise, novelty and the blurring of genuine advice with online hype, 2026 marks a decisive turning point for wealth management. In this thought leadership piece, Gerry Mallon, Chief Executive Officer of True Potential, reflects on his first year in the sector and sets out the four new ages that will reshape advice in the year ahead.
Every year brings new challenges – and new opportunities – for our industry. 2026 will be no different. From where we stand now, it looks like 2026 will be an inflection point, a year that will usher in four distinct ‘ages’ across the wealth management sector.
I’d first like to reflect, however, on the year that has just passed. 2025 was a year defined by noise and novelty. It was a year where the boundaries between real financial advice and social media influencer hype continued to be blurred – a point in time during which unregulated ‘advice’ is easy to find. So called ‘Finfluencers’ now dominate customer social feeds, turning investing into entertainment, whilst technology – accelerated by the AI revolution – provides what looks like “financial advice” at their fingertips.
Against this backdrop, I stepped into the wealth management sector as CEO of True Potential after over 15 years in the retail banking sector. In retail banking post-2008, when trust in traditional organisations was at its lowest, neo-banks reshaped consumer expectations overnight. It took time for the sector to rebuild this trust. I have, therefore, learnt that if there has been one constant throughout the past decade it is this: the importance of trust. In wealth management, it is clear to me that your role, the role of advisers, has never been more critical to enabling that trust in our sector.
The age of AI – a tool, not a threat
Increasingly, our industry is being powered by AI. But what’s crucial is that AI is not here to replace you – it is here to empower you. Recent research by Unbiased* shows that 29% of financial advisers see AI and automation as a challenge, more than rising costs (16%) or client acquisition (13%). That concern is understandable.[1] Let’s be really clear – this is the opportunity of the century.
AI is coming of age in its use for financial advice, a position we strongly advocate. I was encouraged to learn that 43% of advice firms already use AI – primarily for personalisation, data analysis and compliance. Yet not all consumers are on this same journey, and don’t trust that AI can complement and help improve the vital human advice that they receive. Seven in ten still prefer advice from a human.[2] This is why AI is an ever-increasing enhancer, not a substitute for the role of a trusted advisor.
The year ahead will also see financial platforms increasingly using AI to develop “digital twins” of clients’ financial lives, the growth of concierge bots to engage clients and the less visible but arguably even more important back-office processes. These innovations promise efficiency gains in risk and compliance and when scaled, a faster client service which will truly transform our industry.
True Potential was founded on a simple idea: technology should complement advisers, not make them redundant. Indigo Smart Assistant®, our next-generation AI solution, is designed to elevate personalisation, automate routine tasks and deliver sharper insights. It helps you do just this – making it easier for advisers to give advice to many more clients (something which is much needed with the size of the current ‘advice gap’). Indigo Smart Assistant® frees advisers to spend time where it counts – on strategy, empathy and human guidance. Good advice requires the personal touch after all.
The age of cryptoassets
I remain personally sceptical about cryptoassets. The behaviour of specific assets in this class is highly volatile, lack transparency and have no intrinsic value when not fiat backed. One could argue that certain cryptoassets are nothing more than a Ponzi scheme which will unravel. I’ll admit, however, that in the past decade across the board they have moved from a fringe trend into mainstream conversation. In part this is due to the potential benefits the underlying technology could bring the sector. I am positive about the trend towards tokenisation and other digital assets like stablecoins, but the considerable downsides of fraud risk, volatility and lack of protections remain for the majority of cryptoassets.
This rise of cryptoassets is a shift we cannot ignore. Research by Avaloq shows only 27% of UK wealth managers feel equipped to advise on cryptoassets, compared to 47% globally and 63% in the US. Whilst I would not want to see a wholesale Trumpian embrace of cryptoassets in the UK, younger generations are already looking to cryptoassets and tokenised investments at scale. Recent Financial Conduct Authority research highlights that the reason many consumers (36%) now buy cryptoassets is to form a part of a wider investment portfolio – in past years the previous most popular reason given was as a gamble which could make or lose money.[3]
It is therefore imperative that the Government and regulators get the regulatory perimeter right so that we can provide clear and candid advice – what represents investment, and what represents pure speculation?
The UK is now entering a pivotal phase in regulating cryptoassets with the Government announcing legislation in December 2025. This move means cryptoassets will shift from an unregulated, perimeter-adjacent market to being a fully integrated regulatory framework covering custody, trading, financial promotions, market abuse and intermediation. This evolution will reshape expectations for platforms and advisers. It also underscores the importance of helping clients understand volatility and liquidity risks, especially in the absence of Financial Services Compensation Scheme (FSCS) and Financial Ombudsman Service (FOS) protections.
Although scepticism will always remain about specific cryptoasset classes, we have already walked too far down this road to turn around. Digital assets, more broadly, will undoubtedly reshape portfolios, but as with traditional assets consumer trust must always be the foundation. Across the industry, I will be advocating firmly for high standards based on a ‘same risk, same regulation’ approach.
The age of the empowered investor
The UK may be on the cusp of a retail investment revolution. As part of the Leeds Reforms, the Government announced a nationwide campaign to raise awareness of the role of investing in financial wellbeing and economic growth, that will be launched by the financial services sector in April 2026. This is being accompanied by ISA limit reforms announced at Budget 2025.
I welcome the campaign. The devil will be in the detail in how it persuades consumers, and I don’t believe reforms to ISA limits will encourage savers to immediately move from low-interest cash to Stocks & Shares ISAs. Research conducted by ISA providers, and presented to the Treasury Select Committee, suggests that a modest proportion of consumers (49%) would simply move their money into another cash savings account.[4] It is clear an investment culture takes time to develop. Nonetheless these reforms do have the potential to change the market in the long-term as consumers start to recognise the benefits investment brings.
Trusted advice will be key to achieving this generational culture shift and as more consumers enter the wealth market, they will care more than ever about what their money supports. Responsible investment is not optional. It’s becoming an expected part of any advice. Advisers who can combine performance with purpose will lead the way in the upcoming age of the empowered investor.
The age of private markets
The July 2025 Mansion House Accord signalled a major shift for UK markets: the voluntary commitment by UK pension providers to allocate 10% of default DC into private market assets by 2030.
Why does this matter? Private markets – private equity, private credit, infrastructure, real estate – offer diversification and the potential for higher returns over long horizons. Recent CFA analysis confirms that the addition of private assets to a standard 60/40 portfolio can improve risk-adjusted returns and deliver better outcomes.
However, for this to be successful there must be a high degree of transparency – especially with regards to underlying illiquidity, valuation cycles and cost structures. This is in conjunction with the digitalisation and tokenisation which is occurring across wholesale markets which potentially could make private assets more accessible. In the future advisers will have to guide clients through the growing complexity access to this world brings — and as ever balancing the opportunities with the risks.
The regulatory environment in 2026
Finally, regulation. In 2025, government and regulators launched a blitz of consultations focused on ensuring that the UK’s financial services sector remain a growth engine for the UK. I expect 2026 to be no different given there have already been actions announced on:
- Alternative Investment Fund Management Regulations – Spring
- Targeted Support Regime rollout – Spring
- LISA reforms – April
- Financial Services Skills Compact – Summer
- Review of Venture Capital Fund Regulations – Summer
This is a moment to lean in, not pull back. Regulation will evolve, but the goal is clear – a streamlined and proportionate regulatory rulebook will ensure that we can all serve our clients better and they benefit from greater choice in how they invest.
I truly believe that 2026 will be the year that the power of advice will get increased recognition. Thank you for your partnership. Here’s to making 2026 a year of progress, innovation and impact.
Gerry Mallon
Chief Executive Officer
True Potential
[3] Financial Conduct Authority: Research Note
[4] Treasury Committee: Cash Individual Savings Accounts
