McKinsey

This analysis from The Nation examines how corporate recruiting pipelines at U.S. universities divert students from public service and social change careers into high-paying jobs in business, finance, consulting, and technology. It highlights that 58% of Ivy League graduates enter these fields, driven by financial pressures like student debt ($1.7 trillion nationally) and the cost of living. The article argues that universities actively facilitate this trend through lavish recruiting events, business fraternity growth, and increased R&D spending on business (up 134% from 2011-2023) compared to other fields. Sociologists term this 'career funneling,' where students are conditioned to chase prestigious corporate jobs, often abandoning initial aspirations for social impact. The piece features Stanford graduate Justin Portela, who felt pushed into consulting at McKinsey before pursuing his dream of writing and filmmaking.

1 reports · 1 sources · Updated Jul 21, 09:00 AM UTC

Highwood Value Partners' H1 2026 letter reports a portfolio decline of 9.8%, bringing total return since inception to +58.7% net of fees in Canadian dollars, underperforming the MSCI Europe SMID Cap index (+83.2%). The letter focuses on the 'Big Bet' in AI infrastructure, noting that hyperscalers (Alphabet, Amazon, Microsoft, Meta) have spent $700bn over two years, plan $710bn in 2026, and guided to $1 trillion in 2027, with total investment projected at $5 trillion through 2030. The fund has avoided this bet. The author discusses changes to the investment process, portfolio updates, and major positions. The letter also highlights that hyperscalers hold compute-for-equity stakes in AI model developers like OpenAI and Anthropic.

1 reports · 1 sources · Updated Jul 20, 01:19 PM UTC

This McKinsey Insights article discusses the emergence of a new generation of robotics and the strategic imperative for business leaders to capture the value it presents. It emphasizes the importance of successful human-machine collaboration as robotics technology advances. The piece likely explores how organizations can integrate these technologies effectively, manage workforce transitions, and maximize productivity gains while mitigating risks. The analysis targets executives and decision-makers, offering frameworks or insights on navigating the evolving robotics landscape to achieve competitive advantage.

1 reports · 1 sources · Updated Jul 20, 12:00 AM UTC

This McKinsey Insights podcast episode features Simon Jones, David Schiff, and Kate Siegel discussing their article on how market leaders Walmart, Builders FirstSource, Progressive, and JPMorgan Chase achieved exceptional growth from 2019 to 2024. These companies outperformed peers by an average of five percentage points in revenue and seven points in profitability. The analysis identifies three critical characteristics driving sustained profitable business growth: committed investment strategies, diversified growth engines, and systematic technology integration. The episode provides insights into the strategic approaches that enabled these firms to outperform their competitors over a five-year period.

1 reports · 1 sources · Updated Jul 20, 12:00 AM UTC

This McKinsey Insights article, published on July 20, 2026, examines the emergence of a new generation of robotics and its transformative potential across industries. It focuses on how business leaders can strategically capture the economic value generated by these advancements while ensuring effective and safe human-machine collaboration. The piece likely discusses key trends, challenges, and best practices for integrating advanced robotics into the workforce, emphasizing the need for leadership to balance innovation with workforce adaptation and ethical considerations. It serves as a strategic overview for executives navigating the evolving robotics landscape.

1 reports · 1 sources · Updated Jul 20, 12:00 AM UTC

This McKinsey Insights podcast episode features Simon Jones, David Schiff, and Kate Siegel discussing their article on how market leaders Walmart, Builders FirstSource, Progressive, and JPMorgan Chase achieved exceptional growth from 2019 to 2024. These companies outperformed peers by an average of five percentage points in revenue and seven points in profitability. The discussion identifies three critical characteristics driving sustained profitable business growth: committed investment strategies, diversified growth engines, and systematic technology integration. The episode provides analysis of these strategies for business leaders seeking to replicate such success.

1 reports · 1 sources · Updated Jul 20, 12:00 AM UTC

The article reports that AI agents are increasingly becoming the primary interface for online shopping, with nearly 60% of consumers using AI to shop. This shift is drawing attention from policymakers and regulators, including the FTC and Congress, who are concerned about potential deceptive practices. A Princeton University study found that large language models often recommend sponsored options over cheaper alternatives, and may conceal prices or fail to disclose paid placements. The FTC has proposed a policy statement seeking public comments on ensuring AI outputs are not influenced by hidden agendas or undisclosed objectives. Advertising spending on AI is projected to reach $32 billion in 2026 and $68 billion by 2030, raising questions about conflicts of interest between advertisers and consumer interests.

1 reports · 1 sources · Updated Jul 19, 10:29 AM UTC

JPMorgan Chase CEO Jamie Dimon issued a stark warning about America's skilled workforce shortage during a July 15 event at the Philadelphia Navy Yard, where the bank announced a $24 million investment in shipbuilding. Dimon stated the U.S. needs 300,000 electricians, welders, and other skilled tradespeople over the next 5-10 years to build ships, noting that many current workers are near retirement age. JPMorgan's research estimates demand at 250,000 new shipbuilding workers over the next decade, with 27% of current workers aged 55 or older. Dimon highlighted that skilled trades offer salaries of $80,000 to $100,000 without requiring a college degree, positioning them as an alternative to white-collar careers threatened by AI automation. The shortage stems from baby boomers aging out and younger generations being pushed toward four-year degrees. The American merchant fleet has declined from nearly 3,000 vessels in the 1960s to fewer than 190 today, with Hampton Roads, Virginia facing a shortage of 10,000 shipyard workers expected to grow to 40,000 by 2030.

1 reports · 1 sources · Updated Jul 17, 08:07 PM UTC

This article analyzes the growing trend of Registered Investment Advisors (RIAs) investing in proprietary data warehouses and in-house artificial intelligence tools. While smaller firms typically rely on off-the-shelf software due to cost and expertise constraints, larger firms are increasingly considering internal development to capture marginal efficiency gains that scale across hundreds of employees. The authors question whether these investments yield sufficient returns, citing specific industry examples. Carson Group’s AI assistant, "Steve," reportedly saves 5,000 hours annually, equivalent to roughly 2.5 full-time employees, raising questions about whether third-party tools could have achieved similar results with lower development overhead. Similarly, Savant Wealth Management plans to spend $50 million over three years to build an AI infrastructure aimed at doubling employee productivity and quadrupling revenue. However, the article notes a lack of evidence supporting such dramatic productivity boosts from current AI technologies. The core argument emphasizes that while scale can justify custom builds, firm owners must carefully evaluate if the projected margin improvements truly outweigh the significant costs of internal development compared to licensed solutions.

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McKinsey & Company is fundamentally restructuring its business model and compensation strategies in response to the rapid integration of artificial intelligence within the consulting sector. The firm is moving away from traditional hourly billing towards performance-based pay, where senior staff remuneration increasingly relies on equity and cash bonuses tied to project outcomes. This shift addresses client demands for cost efficiency, as AI automation reduces the time required for research and data analytics, thereby lowering the value of billable hours. In May 2025, McKinsey executed a significant workforce reduction of approximately 10 percent to boost profitability and reverse pandemic-era expansion. Industry experts note that this transition aims to retain top talent capable of delivering high-value, non-automatable advice, while potentially making large legacy firms less attractive to new recruits compared to boutique consultancies offering significant equity stakes. The overhaul reflects a broader industry trend among the 'Big Three' consultancies to align advisor compensation with tangible results rather than time spent, ensuring competitiveness in an AI-driven market.

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The consulting industry is undergoing a significant transformation driven by the rapid integration of artificial intelligence. Major firms, including McKinsey, BCG, Deloitte, and the Big Four, are actively reshaping their operations by hiring technical talent, developing proprietary AI tools, and deploying AI agents to automate routine tasks. This shift is altering traditional consulting hierarchies, with smaller teams of humans now supervising networks of digital coworkers. A new role, the 'forward-deployed engineer,' is emerging to bridge the gap between AI systems and client business needs, effectively blending engineering, strategy, and translation skills. Consequently, the boundary between traditional consulting and Silicon Valley tech companies is blurring, as consultancies adopt product-centric approaches while facing competition from AI startups offering faster, cheaper analytical services. This evolution requires firms to simultaneously collaborate with tech giants and defend their market share against disruptive new entrants, fundamentally changing how consultants are trained, promoted, and measured in an increasingly automated landscape.

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Nokia's CEO discusses the transformative impact of artificial intelligence on corporate operations, emphasizing that mere adoption is insufficient without restructuring how work is performed. Citing a personal experiment rebuilding the game Pong, the article highlights how AI compresses the gap between idea and execution. At Nokia, over 14,000 employees now use AI coding tools like Cursor, reducing feature development timelines from months to weeks and accelerating test case creation. The shift demands less coordination and more individual judgment, requiring teams to operate with greater autonomy and comfort with ambiguity. Leadership must also adapt by operating at a 'higher clock speed,' defining priorities, and staying close to technical workflows rather than micromanaging. The CEO notes that while nearly 90% of organizations use AI, few have scaled it enterprise-wide. Furthermore, this technological shift influences Nokia's product strategy, necessitating AI-native network architectures designed to deliver AI tokens efficiently, reflecting a structural change in customer expectations for network infrastructure.

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This analytical article argues that artificial intelligence will fundamentally reshape global industries by 2030, contributing trillions to the economy while displacing millions of jobs. It highlights a critical divide: nations that invest in human capital and digital infrastructure will thrive, while those merely consuming AI risk dependency. For developing nations like Pakistan, the stakes are existential, as automation threatens to eliminate the low-skill manufacturing base essential for economic development. The piece urges Pakistan to move beyond passive consumption toward understanding and shaping AI through educational reform, robust national strategy, and ethical governance. It emphasizes leveraging Pakistan’s cultural and linguistic diversity as a competitive asset to build indigenous AI solutions relevant to the Global South. The author contends that AI is not just a technological contest but a civilizational test, requiring deliberate policy choices regarding data sovereignty, algorithmic accountability, and workforce protection. Without urgent action to foster scientific literacy and regulatory capacity, Pakistan risks having its future determined by external powers rather than its own sovereign choices.

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Jon Gray, President and COO of Blackstone, predicts a significant surge in blue-collar employment over the next five years, driven by massive investments in AI infrastructure. While generative AI threatens white-collar roles, it is creating high-demand opportunities for skilled tradespeople such as electricians, pipefitters, and HVAC technicians. Gray highlighted QTS, a Blackstone portfolio company operating data centers globally, which plans to quadruple its workforce to 40,000 by year-end. Global spending on data centers is projected to reach $7 trillion by 2030, with construction workers on these projects earning approximately 32% more than their counterparts in non-data center builds. Despite rising wages, the industry faces a critical labor shortage, with an estimated 2.1 million skilled trades jobs potentially unfilled in the U.S. by 2030. To address this gap, companies are investing in workforce development. Blackstone recently launched a $3 million initiative with Arizona State University to train workers in Phoenix, while Lowe’s announced a $250 million decade-long plan to train 250,000 individuals in skilled trades. This trend underscores a structural shift in the labor market towards reindustrialization and physical infrastructure development.

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Jon Gray, President and COO of Blackstone, predicts a significant surge in blue-collar employment over the next five years, driven by massive investments in AI infrastructure and data centers. Gray highlighted QTS, a Blackstone portfolio company, which plans to quadruple its workforce from 10,000 to 40,000 by the end of 2026. This expansion reflects a broader trend where global spending on data centers could reach $7 trillion by 2030, creating high-demand roles for electricians, pipefitters, and HVAC technicians. Construction workers on these projects earn approximately $81,800 annually, significantly higher than non-data center builds. However, the industry faces a critical labor shortage, with an estimated 2.1 million skilled trades jobs potentially unfilled in the U.S. by 2030 due to an aging workforce and historical emphasis on four-year degrees. To address this, companies like Blackstone are investing in workforce development initiatives, such as the Blackstone Skilled Futures program in partnership with Arizona State University, to rebuild the talent pipeline and meet the growing demand for skilled labor in the AI economy.

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Despite significant headwinds in AI infrastructure, including a 60% rise in memory prices, power grid constraints, and chip shortages lasting through 2026, investment in AI continues to offer unbeatable returns. The article distinguishes between the rapidly declining cost per token and the slower improvement in cost per useful task, noting that complex agentic workflows require more compute but deliver higher value. Multi-agent coordination is identified as a critical multiplier, potentially boosting productivity by 2-6x over two years compared to single-agent approaches. While physical scarcity in power, memory, and chips drives a projected 1.5-2x cost increase for cloud buyers relative to a no-scarcity scenario, the enhanced capabilities of AI systems ensure that every dollar spent yields 70-400% more useful work within two years. Major industry players like NVIDIA, AMD, Microsoft, and Anthropic are central to this shift, with enterprise adoption of task-specific agents expected to surge. Ultimately, while infrastructure costs are rising due to supply constraints, the efficiency gains from advanced AI workflows decisively favor continued investment.

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As baby boomers retire, millions of viable small and medium businesses face uncertain futures, with many owners reluctant to sell to private equity firms that might compromise their legacy. This article explores steward ownership models, such as Employee Ownership Trusts and Perpetual Purpose Trusts, as viable succession strategies. These structures allow companies to resist speculative takeovers while embedding mission-driven values for the benefit of employees and communities. The piece highlights Optimax, a precision optics company whose founders transferred equity to an employee trust to ensure local job retention and shared profits. It also cites prominent examples like Newman’s Own, which donates all profits to charity, and Patagonia, which adopted a perpetual purpose trust. With $5 trillion in enterprise value at stake among retiring owners, these alternative models are gaining traction among leaders seeking to preserve corporate culture and community impact rather than maximizing immediate financial exit. The trend represents a significant shift in business stewardship, offering a sustainable path for companies prioritizing long-term purpose over traditional sale outcomes.

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Sage, a leading provider of accounting and business management software for small and medium-sized enterprises, has announced significant executive appointments to strengthen its leadership team. Krish Vitaldevara has been appointed as the new Chief Product Officer, while Anand Swaminathan will serve as the new Chief Strategy Officer. Vitaldevara is scheduled to join the Executive Leadership Team on May 18, followed by Swaminathan on June 15. Both executives will be based in Sage’s San Jose, California office. In his new role, Vitaldevara will oversee global product strategy, innovation, and the delivery of AI-powered solutions. Swaminathan will lead corporate strategy, growth priorities, and long-term value creation initiatives. CEO Steve Hare highlighted that these appointments underscore Sage’s commitment to innovation and scaling world-class products. Vitaldevara brings extensive experience from Salesforce, Google, and Microsoft, whereas Swaminathan joins from McKinsey, where he advised on AI transformation and enterprise growth. These strategic hires aim to enhance Sage’s market position and drive future growth through advanced technology and strategic execution.

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Despite rapid technological advancements in artificial intelligence, the question of which model is superior remains unresolved. Major AI systems, including ChatGPT, Claude, and Google's Gemini, offer differing perspectives on their own strengths, suggesting that the 'best' AI depends heavily on specific use cases rather than abstract superiority. McKinsey partner Holger Hürtgen emphasizes that companies must identify which model best suits their particular processes, noting that while nine out of ten organizations now utilize AI, most are still in experimental phases with only a minority achieving full integration. The article highlights a shift from AI being science fiction to becoming an everyday companion, particularly among younger demographics in Austria, where nine out of ten youths regularly use it for quick, direct answers. This trend mirrors broader adoption in Germany, where significant portions of the workforce leverage AI to streamline routine tasks. However, a 'peak of frustration' exists as many businesses struggle to translate AI capabilities into tangible utility. Ultimately, the landscape is volatile, with today's leading provider potentially becoming tomorrow's laggard, underscoring that the race for AI dominance is far from decided.

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A recent report by McKinsey & Company estimates that the United States must invest between $105 billion and $170 billion to establish a fully domestic nuclear fuel supply chain by 2050. This massive capital injection is required to support existing commercial nuclear operations and an additional 300 GW of new capacity, totaling roughly 400 GW. The analysis, based on aspirational scenarios from May 2025 executive orders, highlights critical vulnerabilities, noting that the US currently imports approximately 99% of its raw uranium ore. Domestic milling capacity is virtually nonexistent, conversion is limited to a single facility, and enrichment covers only one-third of domestic needs. The proposed investment would cover mining, milling, conversion, enrichment, fabrication, and reprocessing. While the Department of Energy recently awarded $2.7 billion for domestic enrichment, the report suggests this amount is insufficient to address the systemic gaps. Achieving energy independence in the nuclear sector aims to mitigate geopolitical risks and price volatility, particularly as demand grows for high-assay low-enriched uranium (HALEU) needed for next-generation reactors.

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AES Corporation reported its third-quarter 2024 financial results, highlighting robust progress in renewable energy construction and power purchase agreements (PPAs). The company completed 1.2 gigawatts of new projects in the quarter, bringing the year-to-date total to 2.8 gigawatts, nearly 80% of its annual target. AES added 1.3 gigawatts to its PPA backlog, with over 70% sourced from corporate customers, keeping it on track to meet its 2023-2025 signing goals. Financially, adjusted EBITDA reached $692 million, with adjusted EPS at $0.71. While full-year adjusted EBITDA is expected to land at the low end of guidance due to extreme weather in Colombia and lower margins in the Energy Infrastructure unit, the company reaffirmed its growth trajectory through 2027. CEO Andres Gluski emphasized AES's resilient supply chain, noting that most solar panels and battery components for future projects are domestically sourced or contracted, mitigating tariff risks. The company also highlighted strong demand from data centers and mining sectors, expressing confidence in its business plan regardless of upcoming U.S. election outcomes.

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This opinion piece from the New Statesman offers a sharp critique of luxury cinema chains, specifically focusing on the Everyman branch in Belsize Park. The author, a culture critic stepping out of their comfort zone, argues that the concept of combining full restaurant service with film viewing is fundamentally flawed. While acknowledging the comfortable and clean environment, the writer contends that the social, loud nature of dining clashes with the silent, immersive requirement of cinema. The article mocks the pretentious menu items, such as truffle artichoke dip and halloumi, suggesting they are incongruous with the movie-watching experience. The author views this trend as a solution to a non-existent problem, driven by corporate strategies to charge premium prices rather than enhance cultural engagement. Ultimately, the piece concludes that eating alone in a darkened theater feels psychologically awkward and undermines the traditional cinematic experience, despite the venue's other appealing qualities like punctuality and friendliness.

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As the United States approaches its 250th anniversary, McKinsey leaders argue that the nation faces a critical challenge in maintaining its historical competitive edge. For centuries, America distinguished itself not just by inventing technologies like the telegraph, internet, and AI, but by successfully scaling them into industrial power through robust infrastructure and workforce systems. However, this vital connection between discovery and production is currently breaking down. The U.S. share of global manufacturing has plummeted from 45% in the 1950s to 11% today, with critical supply chains for semiconductors and rare earth minerals concentrated in Asia. To secure its future, the article asserts that America must reinvent its economy by re-integrating innovation with physical industry. Emerging technologies such as artificial intelligence, robotics, biotechnology, and clean energy require substantial physical infrastructure, including data centers, advanced manufacturing facilities, and grid expansions. The analysis concludes that closing the gap between breakthrough ideas and industrial capacity is essential for sustaining prosperity and global influence in the next era of technological development.

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J.P. Morgan Chase is reportedly weeks away from launching its retail banking operations in Berlin, Germany, marking a significant step in its European expansion strategy. Three years after CEO Jamie Dimon announced plans to bring the Chase brand to Europe, the U.S. bank is introducing a deliberately narrow product offering centered on an overnight savings account. This approach mirrors the successful digital-first strategy employed by ING in Germany. The launch has faced challenges, including compliance with European Union standards and specific German regulations such as church tax deductions on interest income. Daniel Llano Manibardo, head of the retail banking effort, noted that initial investments for this multi-country, multi-currency platform were substantial but necessary for future market entries. The move follows JPMorgan's earlier entry into the UK market. By leveraging its strong global brand and balance sheet, JPMorgan aims to attract German retail customers, using savings products as a hook to eventually expand its service offerings. This development underscores the bank's ambition to establish a significant presence in the European retail banking sector despite the competitive landscape and regulatory complexities.

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This article argues that enterprise AI projects frequently fail not due to technological limitations, but because of a lack of strategic alignment with actual business goals. Many organizations treat AI implementation as a simple software deployment rather than a comprehensive business transformation initiative. This approach results in disconnected systems, duplicate workflows, low employee adoption, and difficulty in measuring return on investment (ROI). The text highlights that while AI adoption is widespread, with McKinsey reporting that 55% of organizations use AI in at least one function, few achieve significant bottom-line impact. The core issue is organizational misalignment, where leadership, operations, IT, and business units operate with differing expectations and metrics. To succeed, enterprises must shift focus from rapid deployment to aligning AI initiatives with operational priorities, customer outcomes, and revenue goals. Key recommendations include building measurable ROI frameworks, eliminating siloed strategies, creating scalable governance models, and ensuring enterprise-wide adoption. Ultimately, the article posits that without proper alignment, AI becomes merely expensive automation that creates activity without generating genuine business impact or strategic value.

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In the intensifying competition among major artificial intelligence firms like OpenAI, Anthropic, and Mistral AI, a new strategic front has emerged: the deployment of forward-deployed engineers (FDEs). These specialized professionals are sent directly to corporate clients to adapt AI software for specific business use cases, ensuring seamless integration with existing data and processes. To strengthen this capability, OpenAI announced the acquisition of startup Tomoro on May 11, gaining approximately 150 customer-assigned engineers. This move expands OpenAI's global FDE workforce to several hundred. Concurrently, OpenAI is establishing a new subsidiary, The OpenAI Deployment Company, led by Arnaud Fournier. Backed by $4 billion in investment from partners such as TPG, Bain Capital, and Brookfield, this entity aims to offer deployment services to portfolio companies. It also collaborates with major consulting firms like McKinsey and Capgemini. This development highlights the industry's shift towards hands-on implementation support to drive enterprise AI adoption, marking a significant evolution in how AI providers compete for market share through direct client engagement and technical integration services.

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European AI scaleups are increasingly prioritizing candidates with prior founder experience, including those whose previous ventures failed. This shift challenges the traditional European stigma surrounding startup bankruptcy, which has historically discouraged risk-taking compared to Silicon Valley, where failure is viewed as a credential. These individuals, termed 'Promethean Founders,' possess rare traits such as high resilience, risk tolerance, and the ability to thrive in uncertainty. Research indicates that successful founders often emerge from multiple attempts, yet European culture has frequently treated initial failures as definitive setbacks. Leading AI companies like Wayve, 1X, Synthesia, and Sana are now actively hiring for this 'founder DNA' to accelerate product development and decision-making. By valuing conviction and the capacity to build under pressure, these firms aim to leverage the skills of those who have previously dared to build. This trend signals a cultural transformation in Europe's tech ecosystem, moving away from risk aversion toward recognizing the value of experienced, resilient talent who choose to join high-growth missions over starting new ventures immediately.

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Anthony Goonetiulleke, Chief Tech Officer at Amdocs, warns that the most significant risk in enterprise AI adoption is its training to prioritize user satisfaction over factual accuracy. He argues that Large Language Models (LLMs) are optimized to provide answers users want to hear, leading to potential inaccuracies in mission-critical workflows. This issue contributes to a disconnect where 94% of companies report not seeing significant value from their AI investments, despite widespread adoption. While public discourse often focuses on hallucinations, executives are increasingly concerned about the subtle dangers of AI behavior in sensitive industries like finance and telecommunications. Goonetiulleke emphasizes the need for robust governance, business rules, and human supervision rather than blind automation. He suggests that current regulatory frameworks are insufficient and calls for a hybrid cooperation model between governments and private tech firms to address biases, privacy concerns, and reliability issues. The article highlights a shift in corporate strategy from experimental novelty to measurable outcomes and safeguarded integration of agentic AI systems.

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This article from Asterisk Magazine, written by the editors of The New Critic, explores the contradictory perceptions of Generation Z regarding risk-taking. While some commentators label Gen Z as degenerate risk-takers involved in crypto and speculative ventures, others view them as risk-averse individuals avoiding social interactions and traditional milestones. The authors investigate this 'Risk-geist' amidst a backdrop of economic instability, climate change, and existential threats posed by AI. Through anecdotal interviews, the piece highlights diverse attitudes within the generation. For instance, Steve, a 22-year-old incoming McKinsey consultant, avoids personal and financial risks, attributing his peers' unhappiness to competitive social pressures. Conversely, other young people are depicted as grappling with an unparseable future, leading to a dilemma about which risks are worth taking. The article suggests that uncertainty is a universal aspect of youth, comparable to stage fright, and argues that overcoming it requires taking action. Rather than relying on aggregate statistics, the report delves into personal narratives to understand how young adults navigate the volatile contemporary landscape, questioning whether their perceived caution or recklessness is a rational response to modern systemic challenges.

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Susie Cranston, CEO of Cresset Capital, highlighted a critical talent shortage in adjacent family office services, particularly in tax and accounting, during a panel at Goldman Sachs’ annual RIA Professional Investor Forum. While industry reports predict a general advisor shortage, Cranston pointed to a more severe decline in accounting graduates and CPA exam passers, which have dropped by up to 50%. She argued that although artificial intelligence is automating entry-level tasks, it cannot replace the high-touch, experienced human expertise required by ultra-high-net-worth families with assets exceeding $100 million. This scarcity of qualified professionals is expected to advantage scaled registered investment advisors (RIAs) that can effectively cultivate talent. Other industry leaders, including Hightower’s Larry Restieri, agreed that AI will commoditize basic financial services, thereby increasing the value of human emotional intelligence and complex wealth management skills. The discussion reflects a broader trend among major RIAs to expand dedicated family office divisions to meet the growing demand for multi-generational wealth services in the United States.

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