Fewer New Investors and a Decline Among Young People

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The latest edition of the Investor Survey by the FINRA Investor Education Foundation, part of the National Financial Capability Study (NFCS) 2024, confirms a structural shift in the behavior of U.S. retail investors. Following the surge in market participation during the pandemic, the flow of new entrants has dropped sharply, while social media—and especially finfluencers—are playing a central role in the decision-making of younger investors.

Fewer New Investors and a Decline Among Young People

The report shows that the investment boom is fading: only 8% of respondents began investing in the two years prior to 2024, a sharp decline from 21% in 2021. Participation among those under 35 also fell significantly—from 32% to 26%, reversing much of the progress made during the COVID era.

According to FINRA, this suggests that a significant share of those who entered the market between 2019 and 2021 later withdrew, changing the average investor’s age profile. The decline is also observed—though to a lesser degree—among men and people of color.

Dominant Asset Types

Individual stocks remain the most common vehicle (80%), followed by mutual funds (57%) and ETFs (31%). Individual bond ownership reaches 33%.

In terms of risk appetite, the report indicates greater overall caution: only 8% say they are willing to take substantial risks, down from 12% in 2021. However, among those under 35, the willingness to take risks remains significantly higher, along with greater use of complex products:

  • 43% of young investors trade options

  • 22% use margin

  • 9% have invested in meme stocks or other viral assets

Meanwhile, cryptocurrency exposure remains steady at 27%, but fewer investors intend to increase their position or buy for the first time (26% vs. 33% in 2021). Perceived risk has increased: 66% now consider crypto to be “very or extremely risky.”

Meme stocks (or memecoins) remain relevant, but mostly among younger investors: 29% of those under 35 have purchased them, compared to only 2% of those over 55.

Finfluencers and YouTube: Now a Structural Channel

One of FINRA’s most notable findings is the consolidation of the digital ecosystem as a key source of financial information:

  • YouTube is the most used platform for investment purposes (30% overall and over 60% among young people)

  • 26% of all investors follow finfluencer recommendations—rising to 61% among those under 35

The influence of these actors is growing especially among new investors and ethnic minority communities, presenting challenges for regulators and financial advisors.

Financial Literacy and Fraud Risk: Warning Signs

FINRA highlights a persistent issue: low financial literacy levels. On average, investors answered only 5.3 out of 11 questions correctly in the test included in the survey.

The survey also reveals significant fraud vulnerabilities:

  • 37% are concerned about losing money to scams

  • 50% would invest—or do not rule out investing—in a classic fraudulent offer: a “guaranteed 25% annual return with no risk”

FINRA stresses that even investors who consider themselves highly informed often fail to identify clear signs of fraud, showing a confidence bias.

Implications for the Industry

For asset managers, advisors, and platforms, the report leaves three key messages:

  1. Retail growth is no longer linear. The decline in youth participation demands sustainable acquisition strategies and more ongoing education.

  2. Youth risk-taking persists, though with nuances. Products like options, margin, and crypto remain more popular among younger and newer investors.

  3. The battle for trust is happening on social media. The structural influence of YouTube and finfluencers requires a stronger educational presence on these platforms and improved communication on risk and fraud awareness.

The 18 Sectors That Will Drive Growth Over the Next 15 Years

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Analysts at the McKinsey Global Institute have just published an ambitious report that looks to the future and identifies, with a horizon to 2040, the 18 main sectors of the global economy that will show high dynamism and growth.

The research estimates that these 18 sectors could generate between $29 trillion and $48 trillion in revenue, and between $2 trillion and $6 trillion in profit, by the year 2040.

Understanding the Future by Analyzing the Past

To understand the future, the consultancy analyzed what happened between 2005 and 2020 with the main sectors of the economy. Twelve segments experienced growth well above average—in particular, a compound annual growth rate in revenue of 10% and in market capitalization of 6%, while industries outside the ranking grew by just 4% and 6%, respectively.

The report develops a kind of “magic formula” for creating economic sectors with “special potential”—that is, a set of three common factors that tend to generate these dynamic arenas:

  1. A step-change in business model or technology

  2. Layered investment (i.e., major investments that reinforce each other and create compounding effects)

  3. A large or growing addressable market

This Is the List of the Winning Sectors

  • Software and Artificial Intelligence Services
    AI—in all its variants: generative, predictive, automation—is creating a new digital fabric for businesses and consumers. The sector will include AI platforms, specialized services, foundation models, and productivity tools.

  • Next-Generation E-Commerce
    E-commerce will continue to expand, particularly toward integrated models (superapps, social commerce, live shopping), ultra-fast supply chains, and AI-powered personalized digital experiences. The line between physical and digital stores will keep blurring.

  • Digital Content Streaming
    Entertainment will continue shifting to digital platforms with hybrid models (subscription + advertising). Competition will intensify as premium content, advanced analytics, and global distribution enable the emergence of new players and niche segmentation.

  • Digital Advertising
    With the rise of data, AI, and new formats (short video, contextual advertising, integrated commerce), digital advertising will keep growing. The progressive elimination of cookies and tighter regulations will drive new models based on first-party data and smarter segmentation.

  • Video Games
    Gaming is expanding as a cultural, technological, and social industry, fueled by subscription models, cloud gaming, persistent worlds, in-game economies, and immersive experiences.

  • Cybersecurity
    Digital complexity and risks are rising—especially with AI, IoT, and connected critical systems. This sector will grow through managed services, infrastructure protection, digital identity, advanced threat detection, and automated response.

  • Cloud-Based Enterprise Software
    Advanced SaaS solutions, modular platforms, AI-based applications, and tools enabling full business process integration in the cloud will continue to grow, improving efficiency and scalability.

  • Cloud Services and Infrastructure
    Includes hyperscalers, data centers, computing services, storage, networking, and edge computing. Expansion is driven by generative AI, industrial automation, autonomous vehicles, and applications requiring low latency and high computing power.

  • Semiconductors
    Chip demand will soar due to AI, electric vehicles, IoT, robotics, and defense. A new phase is opening with massive investments, geopolitical competition, next-generation miniaturization, and new materials. The supply chain will expand and be globally reconfigured.

  • Electric Vehicles (EVs)
    The EV market will keep growing with improvements in batteries, lower costs, new architectures, and economies of scale. Competition will rise between traditional automakers and new entrants, especially from China.

  • Shared Autonomous Vehicles
    Robotaxis and autonomous fleets will create a new urban mobility model, with per-kilometer costs far lower than current taxis. This area requires advances in sensors, AI, regulations, and HD mapping but promises to transform transportation and city infrastructure.

  • Advanced Batteries
    Includes solid-state technologies, new materials, improvements in energy density, and cost reductions. Battery development is key for electric vehicles, stationary storage, electronic devices, and more flexible energy grids.

  • Next-Generation Nuclear Energy (Compact Fission)
    Small modular reactors (SMRs) and safer, scalable fission technologies could provide clean, continuous power. Progress depends on regulation, industrial costs, and social acceptance, but several countries and companies are accelerating investments.

  • Industrial Biotechnology
    Based on using living organisms or biological processes to produce materials, chemicals, fuels, and food. The convergence of synthetic biology, automation, and computing enables faster design cycles and lower costs.

  • Consumer Biotechnology
    Includes personalized products and services based on genetics, the microbiome, metabolomics, and biomarkers. Growth is expected in advanced supplements, preventive interventions, personalized testing, and wellness solutions based on biological data science.

  • Treatments for Obesity and Related Conditions
    New pharmacological therapies (such as GLP-1 agonists) are transforming treatment for obesity and related metabolic diseases. This sector could become one of the largest pharmaceutical markets in history due to the global scale of the issue.

  • Modular Construction
    The industrialization of construction through prefabricated modules will reduce costs and construction time.

  • Space Development
    Falling launch costs and advances in reusable rockets enable new models: small satellites, communications, Earth observation, in-orbit manufacturing, and commercial missions. The entry of private players is revitalizing a traditionally state-led sector.

You can access the full report: The Next Big Arenas of Competition.

What Does the Fed’s Latest Cut Mean Looking Ahead to 2026?

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The U.S. Federal Reserve (Fed) held its final meeting of 2025 yesterday and announced a 25 basis point cut, in line with market expectations. Thus, the year ends with interest rates in the target range of 3.5% to 3.75%. In the opinion of international asset managers, the fact that the Fed continues to lean toward lower rates, even as the U.S. records stronger inflation and growth, highlights a disconnect in global monetary policy.

“Available data suggest that economic activity has expanded at a moderate pace. Employment growth has slowed this year, and the unemployment rate has slightly increased through September. The most recent indicators confirm this trend. Inflation has been rising since the beginning of the year and remains at elevated levels,” the Fed stated.

According to Gordon Shannon, portfolio manager at TwentyFour Asset Management (a boutique of Vontobel), this is an aggressive cut, as the FOMC has signaled a higher bar for monetary policy easing in 2026. “Investors are lowering their expectations for the number of rate cuts the Fed might implement. However, with the highest number of dissenters since 2019, even before the arrival of the new chair, the committee appears fractured,” Shannon notes.

From the FOMC’s Perspective

Experts from asset management firms agree that the monetary institution faces a delicate balancing act: curbing inflation while supporting the labor market so that households feel economically secure. During the meeting, Powell warned that there is no risk-free path and pointed out that a reasonable reference is that tariff-driven inflation effects—essentially a one-time shift in price levels—are likely to ease, highlighting notable progress this year in non-tariff-related inflation.

Additionally, the Fed emphasized that future measures will depend on the data, shifting to a firm meeting-by-meeting approach. As highlighted by Daniel Siluk, portfolio manager and Head of Global Short Duration and Liquidity at Janus Henderson, Powell reinforced this stance during his press conference, stating that the Committee views today’s cut as a “prudent adjustment” and not the beginning of a new cycle.

“The Summary of Economic Projections (SEP) echoed that hawkish tone. Growth forecasts for 2026 and 2027 were revised slightly upward, inflation slightly downward for 2026, and unemployment remained stable over the medium term—hardly a context conducive to aggressive easing. The median dot plot for official interest rates remained unchanged at 3.6% for 2025 and 3.4% for 2026, indicating just one cut per year. Long-term expectations remain anchored at 3.0%,” Siluk explains.

Looking Toward 2026

That covers the Fed’s reasoning—but what does this decision mean looking ahead to 2026? In the short term, Ray Sharma-Ong, Deputy Global Head of Multi-Asset Bespoke Solutions at Aberdeen Investments, believes the Fed’s decision justifies a relief rally in the markets. “Markets went into the FOMC meeting concerned about a possible discussion of a rate hike. Powell’s comment that a hike was ‘not the base case’ removed that risk for now. Additionally, markets will be relieved by the Fed’s decision to address tension in repo and funding markets through the purchase of $40 billion in bills via the OMO, which will serve as a temporary short-term liquidity measure,” explains Sharma-Ong.

Beyond this immediate relief, the Aberdeen Investments expert adds that Fed monetary policy is no longer a catalyst for markets. “The long-term neutral rate remained at 3%. Now that the federal funds rate sits between 3.5% and 3.75%, the Committee views monetary policy as within the effective neutral range. The bar for further cuts is very high, suggesting the monetary policy landscape is likely to remain static for some time,” he argues.

Looking ahead to next year, Tiffany Wilding and Allison Boxer, economists at PIMCO, maintain that the Fed enters 2026 in a wait-and-see mode, shifting from cuts to caution. With the interest rate in neutral territory, the Fed turns to data dependency and faces a delicate balancing act in 2026. “Barring an economic shock, we are unlikely to see another rate cut until the second half of next year. Our outlook is largely aligned with that of the Fed and current market pricing: we expect the Fed to keep rates steady in the 3.5% to 3.75% range for the remainder of Powell’s term as chair, which extends through May, before gradually resuming rate cuts later in the year under new Fed leadership,” the PIMCO economists argue.

Disagreements

One of the conclusions from this latest Fed meeting is that the decision taken did not have unanimous support from FOMC members, as Stephen Miran advocated for a 50 basis point cut, contrary to the majority. On the other hand, Jeffrey Schmid, Governor of the Kansas Fed, and Austan Goolsbee, Governor of the Chicago Fed, argued in favor of keeping rates unchanged.

“The Fed’s decision to cut rates came with three dissenting votes—the highest number since 2019. This highlights growing disagreement within the Fed in recent months regarding the next steps on interest rates, reinforcing a point we already made in October: the rate-setting committee now faces more complex decision-making dynamics,” notes Jean Boivin, Head of the BlackRock Investment Institute.

In this regard, for Max Stainton, Senior Global Macro Strategist at Fidelity International, the trajectory of interest rates in the market will increasingly be determined by speculation surrounding Donald Trump’s choice of the new Fed chair, rather than by the data.

“In our base case for 2026, we anticipate that the Trump Administration will appoint a dovish and non-traditional chair, whose main objective will be to further lower rates. This dynamic will likely distort the forward rate curve around the date the new chair takes office, in May 2026, with a new cutting cycle being priced in if this scenario materializes. Although the market has already begun to price in this possibility, there is still room for this to extend across both the short and long ends of the curve, with the arrival of a non-conventional dovish chair representing an underappreciated risk for the long end,” states Stainton.

AMCS Group Strengthens the Structure of Its US Offshore Sales Team

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The firm has appointed Álvaro Palenga as Head of US Offshore Advisory Sales, effective immediately, while Daniel Vivas, Associate Sales Director, will be relocated to Miami and will join the U.S. offshore team starting in early 2026, reporting to Palenga.

The new structure was designed to strengthen the company’s presence within the independent advisory channel and to more effectively coordinate its efforts in key regional markets in the Southwest and Northeast, according to a statement released by the group.

Alongside Palenga’s leadership appointment, he will take responsibility for the New York market, initially working alongside Chris Stapleton, Co-Founder and Managing Partner of AMCS. Palenga’s promotion follows a successful track record in driving the firm’s growth in the Florida market over recent years.

AMCS has observed that some of the largest teams from wirehouses and global banks increasingly operate from both New York and Miami. According to the firm, Álvaro Palenga will be instrumental in covering these multi-location teams to deepen AMCS’ presence in the New York market and sustain the firm’s momentum in this strategic segment.

As part of this initiative, Vivas will help drive growth in the independent advisory channel in Miami, while also assuming full coverage responsibility for the Southwest region.

Daniel Vivas initially joined AMCS in May 2024, based in Montevideo, focusing on Southern Cone sales. Over the course of his career, he has developed deep expertise in addressing the specific needs of the independent advisory segment, and his relocation to Miami will further enhance the firm’s ability to deliver quality support to advisors across the region, according to the statement.

In his expanded role, he will cover all clients, including wirehouses and global banks in the Southwest region, which includes the cities of Houston, San Antonio, McAllen (Texas), Tucson (Arizona), and San Diego (California).

“We are excited about these upcoming team enhancements. The addition of Dani Vivas to our U.S. offshore team demonstrates our commitment to increasing the market share of our partners in the independent advisory segment, which has been growing in both scale and relevance,” said Andres Munho, Co-Founder and Managing Partner of AMCS Group.

For his part, Chris Stapleton, Co-Founder and Managing Partner of the firm, added: “We are fortunate to have an excellent fund offering through AXA IM/BNP Paribas, Jupiter Asset Management, and Man Group, and we expect this new structure to continue driving the outstanding results achieved during 2025 into 2026 and beyond. I’m also excited to work alongside Álvaro to support the continued growth of our business in the Northeast.”

IPG Appoints Daniel de Ontañón as Director, Growth and Business Development

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Investment Placement Group (IPG) Appoints Daniel de Ontañón as Director, Growth and Business Development, According to a Post Shared by Him on LinkedIn

“I’m pleased to share that I’m starting a new position as Director, Growth and Business Development at Investment Placement Group!” wrote de Ontañón, who served until last November as Director of Wealth Management US at VectorGlobal WMG, the international arm of the Mexican firm Vector Casa de Bolsa.

Before working at VectorGlobal WMG, de Ontañón held the role of Managing Director at CIMA Strategic Solutions. Previously, he was CEO of Insigneo for three years, and before that, he worked for more than 11 years at Citi Private Bank, where his last position was Regional Investments, Head Americas. He also held positions at Banco Popular de Puerto Rico and UBS.

IPG’s new hire holds a Bachelor’s Degree in Business Administration from the University of Puerto Rico, Río Piedras, and holds FINRA Series 7, 9, 10, 23, 4, 65, and 3 licenses.

You said:
AMCS Group mejora la estructura de su equipo comercial US Offshore
Spanish to English Translator said:

AMCS Group Strengthens the Structure of Its US Offshore Sales Team

You said:
Ascensos y relocalizaciones para consolidar esfuerzos en mercados clave
Spanish to English Translator said:

Promotions and Relocations to Consolidate Efforts in Key Markets

You said:
The AMCS Group nombra Head of US Offshore Advisory Sales, con efecto inmediato, a Álvaro Palenga. Asumirá la responsabilidad del mercado de Nueva York, trabajando inicialmente en conjunto con Chris Stapleton
Spanish to English Translator said:

The AMCS Group Appoints Álvaro Palenga as Head of US Offshore Advisory Sales, Effective Immediately. He Will Take Responsibility for the New York Market, Initially Working Alongside Chris Stapleton.

You said:
Por otro lado, Daniel Vivas, Associate Sales Director, basado en Montevideo, será relocalizado en Miami y se incorporará al equipo offshore de EE.UU. a partir de comienzos de 2026. Reportará a Álvaro Palenga
Spanish to English Translator said:

On the other hand, Daniel Vivas, Associate Sales Director based in Montevideo, will be relocated to Miami and will join the U.S. offshore team starting in early 2026. He will report to Álvaro Palenga.

You said:
Vivas ayudará a impulsar el crecimiento del canal de asesoría independiente en Miami, al tiempo que asumirá la responsabilidad total de cobertura para la región del Suroeste
Spanish to English Translator said:

Vivas will help drive growth in the independent advisory channel in Miami, while also taking on full coverage responsibility for the Southwest region.

You said:
The AMCS Group anunció cambios en su estructura comercial para cubrir el mercado offshore de Estados Unidos. La firma nombró Head of US Offshore Advisory Sales, con efecto inmediato, a Álvaro Palenga, mientras que Daniel Vivas, Associate Sales Director, será relocalizado en Miami y se incorporará al equipo offshore de EE.UU. a partir de comienzos de 2026, reportando a Palenga. La nueva estructura fue diseñada para reforzar la presencia de la compañía dentro del canal de asesoría independiente y coordinar de manera más eficaz sus esfuerzos en mercados regionales clave del Suroeste y Nordeste, según informó el grupo a través de un comunicado. Junto al nombramiento de liderazgo de Palenga, el profesional asumirá la responsabilidad del mercado de Nueva York, trabajando inicialmente en conjunto con Chris Stapleton, cofundador y Managing Partner de AMCS. El ascenso de Álvaro Palenga llega tras un historial en el que impulsó el crecimiento de la firma en el mercado de Florida en los últimos años. AMCS observa cada vez más que algunos de los equipos más grandes de wirehouses y bancos globales operan tanto desde Nueva York como desde Miami. Según la firma, Álvaro Palenga será clave en la cobertura de estos equipos multiubicación para profundizar la presencia de AMCS en el mercado neoyorquino y sostener el impulso de la compañía en este segmento estratégico. Por otro lado, y como parte de esta iniciativa, Vivas ayudará a impulsar el crecimiento del canal de asesoría independiente en Miami, al tiempo que asumirá la responsabilidad total de cobertura para la región del Suroeste. Daniel Vivas se incorporó inicialmente a AMCS en mayo de 2024, con base en Montevideo, enfocado en las ventas del Cono Sur. A lo largo de su carrera, ha desarrollado una profunda experiencia en atender las necesidades específicas del segmento de asesoría independiente, y su traslado a Miami potenciará aún más la capacidad de la firma para brindar soporte de calidad a los asesores de toda la región, según el comunicado. En sus extendidas funciones, cubrirá todos los clientes, incluyendo wirehouses y bancos globales en la región del Suroeste, que abarca las ciudades de Houston, San Antonio, McAllen (Texas), Tucson (Arizona) y San Diego (California). “Estamos entusiasmados con estas inminentes mejoras del equipo. La incorporación de Dani Vivas a nuestro equipo offshore de EE. UU. demuestra nuestro compromiso de aumentar la participación de mercado de nuestros socios en el segmento de asesores independientes, que ha venido creciendo tanto en escala como en relevancia”, aseguró Andres Munho, cofundador y Managing Partner de Grupo AMCS. Por su parte, Chris Stapleton, cofundador y Managing Partner de la firma, añadió: “Tenemos la fortuna de contar con una excelente propuesta de fondos a través de AXA IM/BNP Paribas, Jupiter Asset Management y Man Group, y esperamos que esta nueva estructura continúe impulsando los resultados excepcionales obtenidos durante 2025 hacia 2026 y más allá. También me entusiasma trabajar junto a Álvaro para apoyar el crecimiento continuo de nuestro negocio en el Nordeste”.
Spanish to English Translator said:

The AMCS Group Announces Changes to Its Commercial Structure to Cover the U.S. Offshore Market

The firm has appointed Álvaro Palenga as Head of US Offshore Advisory Sales, effective immediately, while Daniel Vivas, Associate Sales Director, will be relocated to Miami and will join the U.S. offshore team starting in early 2026, reporting to Palenga.

The new structure was designed to strengthen the company’s presence within the independent advisory channel and to more effectively coordinate its efforts in key regional markets in the Southwest and Northeast, according to a statement released by the group.

Alongside Palenga’s leadership appointment, he will take responsibility for the New York market, initially working alongside Chris Stapleton, Co-Founder and Managing Partner of AMCS. Palenga’s promotion follows a successful track record in driving the firm’s growth in the Florida market over recent years.

AMCS has observed that some of the largest teams from wirehouses and global banks increasingly operate from both New York and Miami. According to the firm, Álvaro Palenga will be instrumental in covering these multi-location teams to deepen AMCS’ presence in the New York market and sustain the firm’s momentum in this strategic segment.

As part of this initiative, Vivas will help drive growth in the independent advisory channel in Miami, while also assuming full coverage responsibility for the Southwest region.

Daniel Vivas initially joined AMCS in May 2024, based in Montevideo, focusing on Southern Cone sales. Over the course of his career, he has developed deep expertise in addressing the specific needs of the independent advisory segment, and his relocation to Miami will further enhance the firm’s ability to deliver quality support to advisors across the region, according to the statement.

In his expanded role, he will cover all clients, including wirehouses and global banks in the Southwest region, which includes the cities of Houston, San Antonio, McAllen (Texas), Tucson (Arizona), and San Diego (California).

“We are excited about these upcoming team enhancements. The addition of Dani Vivas to our U.S. offshore team demonstrates our commitment to increasing the market share of our partners in the independent advisory segment, which has been growing in both scale and relevance,” said Andres Munho, Co-Founder and Managing Partner of AMCS Group.

For his part, Chris Stapleton, Co-Founder and Managing Partner of the firm, added: “We are fortunate to have an excellent fund offering through AXA IM/BNP Paribas, Jupiter Asset Management, and Man Group, and we expect this new structure to continue driving the outstanding results achieved during 2025 into 2026 and beyond. I’m also excited to work alongside Álvaro to support the continued growth of our business in the Northeast.”

The Role of ETFs in the Rise of Investing in the United States

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Investment in the United States Has Experienced a Sharp Increase in Recent Years, Driven by Structural Changes That Have Facilitated Access to the Markets.
Today, U.S. investors can choose from thousands of products through multiple channels to invest.

The report “People & Money. The Next Wave of U.S. ETF Investors”, prepared by BlackRock, reveals that stocks and mutual funds remain staple products in American investors’ portfolios, but ETFs “are growing due to their diversification, convenience, and cost-effectiveness.” Therefore, according to the study, “it is no coincidence that this investment boom in the United States has coincided with the extraordinary growth of U.S. ETF assets.” The numbers are clear: exchange-traded funds have more than doubled in just five years, rising from $4.4 trillion in 2020 to over $12 trillion in 2025.

BlackRock’s analysis notes that, in the United States, more and more people are investing, with broad participation across age, income, and gender. Most do so through digital investment platforms (39%), employer retirement plans (35%), and advisors (31%).

Likewise, U.S. investors have a wide range of options when selecting investment vehicles: more than half of those surveyed admit to owning two or more investment products, and nearly one-third hold three or more in their portfolios. This trend suggests, according to the report, that investors are actively building their investments, rather than relying on a single product. “Stocks and mutual funds remain the foundation for most, but investors are increasingly adding other products alongside them.”

Young People Are More Likely to Invest in ETFs

This statement is clear among the younger age groups: individuals aged 18 to 34 are more likely to have ETFs in their portfolios than those over 35 (28% versus 20%). Furthermore, they are more than twice as likely to own cryptocurrencies (45% versus 21%).

As ETFs continue to gain ground among U.S. investors, “the landscape is evolving rapidly,” according to the study. The analysis details where the growth is coming from and what it means for the future of ETF investments.

First, the study notes that it is estimated that more than 24 million people in the United States own ETFs. It is also estimated that 19 million U.S. adults plan to buy ETFs in the next 12 months, and 56% of those already invested in exchange-traded funds plan to increase their holdings in these vehicles.

ETF investors aged 18 to 34 are 50% more likely than those over 35 to cite the “ability to invest small amounts regularly” as a reason for choosing ETFs. On the other hand, “convenience (you just buy one fund)” is the main reason for ETF selection among individuals aged 35 to 44.

Furthermore, the survey shows that 71% of first-time ETF investors will be under 45 years old, and 69% of new ETF investors will earn less than $100,000. Stocks and cryptocurrencies will be the most popular asset classes among those planning to invest in ETFs/ETPs in the next 12 months, according to the report.

The analysis also reveals the reasons why nearly one-quarter of U.S. investors choose ETFs: survey results show that the main reasons are diversification (47%), ease of trading (40%), and the potential for better returns than savings accounts or other investments (37%).

Equity exchange-traded funds remain the preferred option for both current investors and those planning to enter the ETF market in the coming year. However, newer asset classes are narrowing the gap: more than 47% of investors who are investing in ETFs for the first time are expected to allocate funds to cryptocurrency ETPs in the next 12 months, along with 36% of current ETF investors who plan to do the same.

Although There Are More U.S. Investors Than Ever, Many Adults Remain on the Sidelines

They are held back by persistent fears and barriers. ETFs can help U.S. adults move out of passivity and into the market by making investing simpler, more affordable, and more accessible.

Future Needs

Finally, the study also evaluates the needs of the next wave of ETF investors. It shows that 43% of U.S. investors began investing after realizing they could grow their money faster than by saving.

In addition, current investors state that their confidence in investing comes from staying calm during market ups and downs, though they cite affordability and lack of knowledge or time as the main barriers to investing in the United States. Thirty-eight percent of U.S. adults are interested in recurring investment plans over the next two years.

Forget Stablecoins—Make Way for “Programmable Money”

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The Financial Industry Begins to Embrace “Programmable Money”
Forget stablecoins—programmable money is emerging as a new force in the payments system, with a far clearer and more practical use than its digital siblings: cryptocurrencies.

Defining an Innovation

What is programmable money? Ronit Ghose, Head of Future of Finance at the Citi Institute, sums it up in one paragraph:
“Unlike traditional money—or even the early forms of digital money—programmable money incorporates automatic logic: each monetary unit can have preset rules that determine how, when, and under what conditions it moves or is used.”

This not only accelerates transactions but turns each payment into a smart transaction: with real-time settlement, built-in regulatory compliance from inception, and full traceability.

Smart Contracts Are Changing Accounting as We Knew It

According to the expert, this approach radically changes how companies—particularly corporate treasury departments—manage their finances. Instead of relying on manual reconciliations, after-the-fact approvals, or fragmented systems, transfers can be automated via smart contracts that execute payments when certain conditions are met—for example, when goods clear customs, when a project milestone is completed, or when an invoice is accepted.

This enables real-time liquidity optimization, payment synchronization across multiple subsidiaries and currencies, and a dramatic reduction in delays or human error.

For regulated financial institutions—banks and large corporations—the core appeal of programmable money lies in the ability to embed regulatory compliance directly into the transactional layer.

“Regulatory rules, risk thresholds, counterparty or jurisdiction validations can be coded into the monetary token itself. As a result, each transaction is not only executed automatically, but also leaves a complete, auditable, and verifiable trail, with validations conducted prior to payment. This transforms compliance from something reactive (reviewing after the fact) to something proactive, automatic, and permanent,” explains Ronit Ghose.

Tokenized Transactions: A Market Poised for Growth

Citi experts estimate that this type of tokenized transaction could grow dramatically in the coming years, reaching enormous volumes—possibly even surpassing those of the currently dominant stablecoin segment.

Technical Challenges, But Clear Momentum

There are still technical and operational hurdles before programmable money becomes reality: the need for interoperability between payment chains or networks, privacy concerns, accounting treatment, regulatory standardization, and adaptation of legacy systems.

But the momentum is clear, says Ronit Ghose:
“Many institutions are already moving from pilot tests to enterprise-scale implementations, in collaboration with regulators who are preparing regulatory frameworks for digital assets. If this process continues, financial management, corporate liquidity, and regulatory compliance could be profoundly redefined.”

The Great Wealth Transfer Will Drive Art Investment: It Will Reach $3.5 Trillion by 2030

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Incorporating Art and Collectibles Into Wealth Management Can Add Significant Long-Term Value, according to the Art & Finance Report 2025 prepared by Deloitte. “Creating a deeper and more personal connection with clients, especially with the next generation, is a key aspect of this year’s report,” the study states. The benefits of integrating art into portfolios go beyond financial returns and include emotional and relational advantages. “It encourages a more humanistic approach, offering both financial and non-financial meaning through personalized and memorable experiences,” it notes.

The study concludes, among other points, that in a world marked by uncertainty, hyper-individualism, rapid technological change, and the disappearance of traditional reference points, “art and culture offer a way to reconnect; they help share values, find common ground, and cultivate our humanity.” In this context, the authors of the report acknowledge that artistic and collectible initiatives “have lasting relevance and resonance in the current, ever-evolving wealth management landscape, whether designed for Ultra-High-Net-Worth Individuals (UHNWI) or tailored to a broader private clientele.”

Following a survey of 473 professionals from the art and finance worlds—wealth managers, family offices, collectors and art professionals, as well as art-secured lenders—the study identifies five key trends in art investment:

1. Growth in Wealth Allocated to Art and Collectibles

The report estimates that art and collectible wealth among UHNWI grew from $2.17 trillion in 2022 to $2.56 trillion in 2024—an 18% increase. Projections suggest this figure could reach around $3.47 trillion by 2030—a 60% increase over 2022—driven by the growth of the global UHNWI population.

2. The Great Wealth Transfer

Up to 1.2 million individuals with a net worth exceeding $5 million are expected to transfer nearly $31 trillion over the next decade. Those with over $30 million represent 13% of this group but account for 64% ($19.84 trillion) of the total transfer. Assuming 5% of this transferred wealth pertains to art and collectibles, approximately $992 billion—around $100 billion annually for 10 years—will change hands.

3. Beyond Traditional Art

The art and finance strategy has expanded to include not only art and antiques but also luxury items and personal collectibles. This broadens the range of assets addressed in wealth allocation and client coverage.

4. Growing Client Base

The number of potential clients for art wealth management services is substantial. Around 121,000 individuals had UHNWI status in 2024, and this figure is expected to rise to approximately 163,725 by 2030. Many may be ideal candidates. Around 25% of wealthy investors identify as “collectors,” and those with $5 million or more in investable assets often devote considerable time and resources to their, often extensive, collections.

5. Mid-Market Opportunity and Resilience

Artworks valued between $50,000 and $1 million have shown resilience during global art market downturns. The mid-market segment remains largely underutilized. In 2024, it represented roughly $8 billion in global auction sales—only 4% of lots sold.

Outlook

The survey also outlines general perspectives on wealth management and art investment:

1. Strong Support for Art in Wealth Services

A large majority of professionals in the art and finance sectors still believe art should be part of wealth management services. The average consensus among wealth managers, collectors, and art professionals reached 79%.

2. Fewer Wealth Managers Offer Art-Related Services

The share of wealth managers offering art services dropped from 63% in 2023 to 51% in 2025. This decline was seen in both private banks (50%) and family offices (52%). The trend may reflect a more cautious or selective approach due to perceived regulatory complexity and operational challenges. Independent external providers are increasingly important to fill knowledge gaps and offer compliant, scalable art services.

3. Integrated Advisory Drives Inclusion of Art

In 2025, 87% of wealth managers cited the need for integrated advisory relationships as the primary reason for including art. This reinforces the role of art in comprehensive wealth planning.

4. Client-Driven Factors as Main Reason for Including Art

65% of wealth managers stated that their clients are increasingly seeking assistance with art-related matters, a significant rise from 44% the previous year. Conversely, the importance of art as an asset class declined from 60% in 2023 to 52% in 2025. This shift highlights a move from a purely financial model to a more holistic, goal-oriented approach driven by evolving client expectations and generational change. In this context, art and collectibles can play a strategic role.

5. Holistic Wealth Management Recognizes the Dual Role of Art

Integrating art-related services into modern holistic wealth management acknowledges art’s dual function as both an alternative capital asset and a form of personal expression with intrinsic value. This comprehensive approach ensures that clients’ assets are managed for profit, personal fulfillment, and legacy creation.

6. Average of 10.4% of Wealth Allocated to Art and Collectibles

According to the survey, clients allocate an average of 10.4% of their wealth to art and collectibles—a figure consistent with the 10.9% reported in 2023.

7. Third-Party Expertise Is Essential

Third-party expertise is vital for developing art-related wealth services, but finding and selecting the right partners is increasingly challenging.

8. Passion-Investment Mix Still Leads, but Emotional Motives Are Rising

While the combination of passion and investment continues to drive most collectors (59% in 2025), this share has steadily declined from 76% in 2014. Meanwhile, purely emotional and cultural motivations for collecting have reached their highest recorded levels. This reflects a growing shift toward collecting for reasons of identity, meaning, and legacy, rather than just financial return.

9. Collecting Is Becoming More Professional and Goal-Oriented

Demand for collection management rose from 52% in 2023 to 63% in 2025, with a corresponding increase in art and estate planning.

10. Continued Demand for Art Market Research

Art market research and insights remain highly valued, rising from 90% in 2023 to 91% in 2025.

11. Art-Backed Lending and Social Impact Investment on the Rise

These trends reflect a broader shift in values, where financial decisions increasingly align with personal goals, sustainability, and identity.

Santander Expands Its Research in the U.S. With MoffettNathanson

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Santander Corporate & Investment Banking (Santander CIB) announced a new strategic alliance in the United States to expand its equity research offering. Through its local broker-dealer, Santander US Capital Markets, it signed an agreement with MoffettNathanson, an independent firm specialized in Technology, Media, and Telecommunications (TMT).

With this move, Santander adds its fourth equity research alliance in the U.S. market, following previous agreements with Telsey Advisory Group (retail and e-commerce), Vertical Research Partners (industrials and materials), and Nephron Research (healthcare). The strategy aims to strengthen its local sector research capabilities and complement its strong research presence in Europe and Latin America, according to a statement released by the bank.

The Contribution of MoffettNathanson

MoffettNathanson is a well-regarded firm known for its in-depth coverage of the TMT space. Founded in 2013, the firm distributes subscription-based research to institutional investors and was named the No. 1 independent firm in the U.S. in 2022 by Institutional Investor Magazine. Its focus on key companies in technology, media, and telecommunications positions it as a key partner to enhance Santander‘s offering in a sector central to global innovation.

The firm markets its research through a seasoned senior sales team led by founding partners Pat O’Connell, Ethan Steinberg, and John Towers, who together bring over 70 years of combined experience in equity sales.

Objective: Deeper Sector Expertise and Global Reach

From Santander‘s perspective, the agreement represents a qualitative leap in sector coverage in the U.S. David Hermer, Head of Santander CIB US, stated that MoffettNathanson’s leadership in TMT brings “exceptional insight” to the bank’s platform and reinforces its commitment to delivering differentiated analysis and strategic perspective to global clients.

For MoffettNathanson, the value lies in Santander’s international scale. Its co-founder and senior analyst, Craig Moffett, highlighted that the collaboration will help broaden the reach of its research among institutional investors worldwide, leveraging the financial group’s global network and capital markets expertise.

The alliance is part of a broader trend: global banks combining in-house research with agreements with independent boutiques to gain sector-specific reach and speed of coverage in critical geographies. In this case, Santander strengthens its U.S. offering in a segment—TMT—where demand for specialized analysis is growing alongside the technological transformation of the economy.

BBVA GWA Adds Roberta Fernandes as Investment Counselor in Houston

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BBVA Global Wealth Advisors (GWA) Announces the Addition of Roberta Fernandes as Investment Counselor in Its Houston, Texas Office

“We are thrilled to warmly welcome Roberta Fernandes, who joins our BBVA Global Wealth Advisors team in the Houston office as our new Investment Counselor,” the firm posted on the social media platform LinkedIn.

Fernandes shared the post on her personal profile on the same platform, thanking the team for the welcome. She added that she already feels “part of the BBVA family.”

According to the official announcement, “Roberta’s experience significantly enhances our service capabilities in Houston. She brings over 16 years of experience in private banking and cross-border wealth management.” The bank also highlighted Fernandes’ “relationship leadership: her career has focused on building strategic relationships with high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients in Latin America and the U.S.”

They also emphasized her “technical knowledge: her expertise spans financial markets, asset allocation, and advisory frameworks.” In addition, the statement noted her client-centered approach: “Roberta specializes in delivering wealth solutions well-aligned with clients’ evolving objectives, with a focus on regulatory alignment and risk mitigation.”

According to her profile on the professional network LinkedIn, Roberta Fernandes served as Director at BTG Pactual for nearly three years. Previously, she was Associate VP International Client Advisor (ICA) at Morgan Stanley, and also worked in Miami at Santander Private Banking (as Client Relationship Manager) and at Merrill Lynch in New York (as Registered Client Associate), among other professional roles.

She holds a Bachelor’s Degree in International Business from Trinity University in San Antonio, Texas, a Master’s in Finance from the University of Chile, and an MBA from Babson College. She also holds FINRA Series 66 and 7 licenses.