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Jack Sharry: Hello everyone, welcome to this week’s edition of WealthTech on Deck. Today, we’ll explore the future of wealth management by looking 10 years ahead to identify smart decisions to be made now. I’m very pleased to welcome Vlad Golyk to the podcast. Vlad is a Partner at McKinsey & Company, where he leads McKinsey’s North America Wealth Management practice. In his role, Vlad has been deeply involved in McKinsey’s research in the wealth management space for many years. His work covers wealth managers of all models, asset managers, and fintechs, focusing on growth, transformation, and operating model evolution. Vlad has published extensively on the future of wealth management and is a frequent speaker on where the industry is headed and why the next decade will look very different from the last. He is the co-author and lead contributor to two recently released reports: The Looming Advisor Shortage in US Wealth Management and US Wealth Management in 2035: A Transformative Decade Begins. Vlad, welcome to WealthTech on Deck. Great to have you here.
Vlad Golyk: Jack, thank you for having me. Glad to be here.
Jack Sharry: Let’s start at a high level. I’ve been framing recent conversations around a handful of themes—growth, productivity, AI, and the advisory business model itself. I’m sure you’re hearing the same. How would you prioritize the critical issues leaders are grappling with right now?
Vlad Golyk: I’d actually reframe this slightly because I think one of the biggest mistakes many firms are making is treating those as separate agenda items. Growth, productivity, the advisor model, talent, and AI—they’re really one integrated conversation. There are multiple forces reshaping the industry simultaneously. You have the largest wealth transfer underway. You have convergence across business models—traditional distinctions between wirehouses, independent broker-dealers, RIAs, and banking are breaking down. You also have eroding trust in traditional institutions, particularly among younger investors. On top of that, there’s a looming advisor shortage. The average advisor age is increasing, the pipeline of new entrants isn’t keeping pace, and firms are competing for a shrinking talent pool. Then layered across all of this is AI. AI is the accelerant—it’s changing advisor capacity, reshaping productivity economics, and redefining service models. It’s also influencing client expectations and determining which firms capture the next generation of growth. So if I had to prioritize, the most urgent issue is how quickly AI is changing client and advisor expectations—and whether firms’ roadmaps are keeping up.
Jack Sharry: That’s a great way to frame it. Let’s talk specifically about the advisor shortage. What are the most important implications, and how should firms think about growth when advisor time is the real constraint?
Vlad Golyk: The scale of the challenge is significant. Industry research suggests a shortage of roughly 100,000 advisors over the next decade—about a third of the current workforce. At the same time, demand for advice continues to grow. That means advisor time is the binding constraint—not capital, not product, not brand. Firms need to shift from hiring-led growth to productivity-led growth. We see three main levers. First is centralized lead generation—taking prospecting off the advisor’s plate. Second is teaming and specialization, which increases productivity per advisor. Third—and most impactful—is AI. AI can handle analytical and operational work—meeting prep, research, planning, compliance—freeing advisors to focus on higher-value interactions like behavioral coaching and complex decision-making.
Jack Sharry: That brings us to your new investor research. What are you learning about how clients are already using AI?
Vlad Golyk: One of the most important insights is that this is not a future-state issue—it’s happening now. Nearly 80% of investors are already using AI in their financial lives, and more than half are doing so weekly. About 40% are using AI for investment decision-making, and over half are using it to prepare for conversations with their advisors. That’s a significant shift. The information asymmetry that historically defined this industry is collapsing. Clients are more informed, more prepared, and more proactive than ever before. At the same time, clients still want humans in the loop. They want AI as a guidance layer today—but that comfort level is evolving quickly.
Jack Sharry: That’s fascinating. So how does all of this translate into the future operating model?
Vlad Golyk: I think it becomes a two-part model. First, a blended model where AI handles analytical work and humans handle emotional and complex decisions. That’s what clients want today. Second, an emerging AI-native model for the next generation—particularly younger investors who may never engage with a traditional advisor. Firms that only build for the blended model risk losing relevance over time. The winners will build for both.
Jack Sharry: How does that get monetized? Where does the revenue come from?
Vlad Golyk: Core AI capabilities will likely become table stakes, embedded in advisory relationships. But there’s also a major opportunity to create new AI-driven offerings—particularly for self-directed clients. For example, an AI-native guidance layer could be offered at a lower price point—10 to 20 basis points or a subscription fee—providing personalized insights without a full advisory relationship. That creates a new revenue stream and expands the addressable market.
Jack Sharry: So, what does the winning firm of the future look like?
Vlad Golyk: I see four archetypes gaining share. First, large integrated platforms that leverage scale. Second, boutique firms serving ultra-high-net-worth clients with highly customized service. Third, independent advisor platforms attracting entrepreneurial talent. And fourth, new AI-native digital offerings targeting the next generation. The industry will take on a barbell shape—scale on one end, specialization on the other, with the middle getting squeezed.
Jack Sharry: That’s a powerful framework. This has been one of the most insightful conversations I’ve had on this topic. Before we wrap up, what do you do outside of work?
Vlad Golyk: I enjoy traveling with my wife and our dog—we’ve been exploring California and the Southwest since moving here a few years ago. I also enjoy reading about history and geopolitics. And my wife and I run a nonprofit called Vovchik, supporting animals affected by the war in Ukraine. We help local volunteers care for displaced pets, providing food, medical support, and evacuation assistance.
Jack Sharry: That’s incredible work. Vlad, thank you again. This has been a fantastic conversation. For our listeners, thank you for tuning in. If you’ve enjoyed the podcast, please rate, review, subscribe, and share WealthTech on Deck. You can find all episodes at wealthtechondeck.com, along with curated industry content. Vlad, thanks again. Really appreciate your time.
Vlad Golyk: Thank you for having me.
