Wisdom Shared 2026: five years of sharing wisdom
In October, we welcomed advisers to our fifth annual Wisdom Shared conference, held this year at Carden Park. It has been a year of change, for advisers and for us. Firms are preparing for the inheritance tax changes coming in April 2027 and putting AI to work in their businesses, while we have begun a new chapter as part of WisdomTree. Over two days, our speakers explored what all this change means for portfolios, for planning and for the future of advice.
Our opening poll set the scene. Most advisers in the room said between 30 and 59 per cent of their clients are considering or already gifting because of the IHT changes, and technology and AI topped the list of business challenges. Encouragingly, the mood about the future of advice was overwhelmingly positive.
Watch our highlights
Running hot
CIO, Fahad Hassan opened with a look at markets. At the start of the year, investors expected several rate cuts. Instead, the Federal Reserve has begun raising rates because the US economy is running hot. Three engines are driving growth at once: AI spending, an industrial renaissance in areas such as semiconductors and defence, and fiscal stimulus from the One Big Beautiful Bill.
Fahad argued that higher yields reward income rather than signal danger. Hyperscalers are borrowing heavily to fund the AI build-out, competing with governments for capital. For portfolios, that creates a good problem: yields across credit are attractive again, and equities are being supported by earnings rather than optimism. "It isn't built on a hope and a dream," he said. "It is built on the fact that earnings are up 30 per cent this year.".
Planning through life's complexities
Robin Melley, Chair of the Financial Vulnerability Taskforce, drew on 35 years of experience to walk through two complex later-life cases. The first involved securing lifetime care fees for a widower living with Parkinson's while protecting a vulnerable family member. The second involved a couple whose wealth sits in a SSAS, facing a liquidity challenge once pensions come into scope for IHT.
The technical solutions, from immediate needs annuities to disabled persons' trusts and flexible reversionary trusts, were impressive. But Robin's message was about people. "Don't underestimate the need for soft skills when dealing with clients in these circumstances," he said, adding that advisers have a responsibility "not to be professional bystanders".
The shape of the advice market
Mike Barrett, Consulting Director at the lang cat, shared new research on how advisers are preparing for April 2027, when the UK government will introduce one of the most significant shifts in pension and IHT policy in recent years. Over a third said at least three quarters of their clients with pensions will exceed the nil-rate band, yet 54 per cent described their intergenerational proposition as informal or ad hoc.
He also highlighted the advice gap. Just over 8 per cent of people paid for advice in the past two years, down from 11 per cent before Consumer Duty, even though 96 per cent of advised clients find it helpful. "Advice is valuable," he said, "and it's going to get more valuable going forward.".
The hardest generation
Charlie Parker, Head of Albemarle Street Partners, turned to the next generation of clients. Gen Z faced a pandemic and an inflation shock at the start of their adult lives. They invest earlier than any generation before them, often through crypto, themes, and finfluencers. 81 per cent of next-generation high-net-worth individuals plan to move away from their parents' wealth manager.
Charlie made the case that ETFs can help us speak to this generation, broaden diversification, and target the themes of the future. He was equally clear about what technology cannot replace. "AI cannot provide that accountability," he said. "You have to face personal loss to really experience accountability.". CIO, Europe at WisdomTree Pierre Debru, followed with an ETF masterclass, tackling four common myths about liquidity, passive investing, risk, and platform access. His key message: "An ETF is always as liquid as what it invests in."
A year in our portfolios
Head of Partnerships Eleanor Williams and Head of Investment Research Frank Talbot reviewed the decisions that shaped the year: cutting duration, sticking with high yield, and taking profits in Asia and US value as single stocks grew too large within their indices. They were just as candid about what hurt and what we did not hold.
Looking ahead, Frank explained how the team is approaching AI, with around half of global market cap now tied to the theme. "We're data-led," he said. "Right now, we can see that the earnings are very strong. If those start to dry up and the signals start to change, then that's the point at which we'll pivot."
Eleanor was equally clear about the holdings that haven't paid off yet, such as a flexible bond fund chosen to protect portfolios if credit markets come under pressure. "We're very clear about why we've bought them, so we're very comfortable with why we've still got them in portfolios."
Can anything save poor old Britain?
Charlie then asked what has gone wrong with the UK economy. Optimism is at historic lows, real incomes have grown just 6 per cent since the financial crisis, and much of the productivity gap comes down to a shortage of capital stock: roads, railways, reservoirs, and tunnels. Drawing lessons from German reunification, he weighed up whether Andy Burnham's agenda of devolution, re-industrialisation and technical education could help. His conclusion was cautiously hopeful. History is full of countries that turn things around, and narrative matters.
Five years on
Five years after our first Wisdom Shared conference, what stood out most was the conversation in the room. Advisers came with sharp questions, swapped ideas over dinner and challenged our thinking, which is exactly what this event is for.
The themes of the two days will shape the year ahead: planning for April 2027, engaging the next generation of clients, and building portfolios for an economy that is running hot. We will keep exploring them through our insights and the Wisdom Shared podcast, and our Partnerships team is always happy to talk through what they mean for you and your clients.
We also have some exciting news to share. From February 2027, Albemarle Street Partners becomes WisdomTree Portfolio Solutions. It's a bold new name backed by a global brand, and a big step forward for our business. The team you know, the investment philosophy you trust and our commitment to advisers stay the same.
Thank you to our speakers and to everyone who joined us. We look forward to seeing you next year.
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