What can Asian wealth managers learn from Europe's affluent shift?

Advisors must be life planners and not just portfolio managers, McKinsey’s survey found.

Advisory quality and skills are coming at the forefront of wealth management, with the wealthy seeking advisors who can manage lifestyle transitions and caregiving arrangements.

Between 33% and 37% of respondents expressed interest in long-term care insurance or health-related protection, said McKinsey & Company, based on a survey of 5,500 Europe-based respondents between March and April 2026.

In Asia, banks like HSBC Singapore partner with healthcare brands to offer diagnostics and health assessments to their high net worth (HNW) clients.

Clients in Asia are increasingly prioritising retirement security, healthcare costs and wealth transfer over investment selection as people across Asia expect to live longer, Million-Dollar Round Table CEO Stephen P. Stahr told Asian Banking & Finance in an interview earlier this year.

“Instead of asking which product to buy, they want to know how much is enough for a longer life, how to handle health and longevity risks, how to balance growth with protection, and how to pass on wealth in a way that reflects their values,” Stahr said.

McKinsey & Company's Europe survey found a similar pattern, with 32% to 41% of respondents expressing interest in lifetime income products such as annuities and guaranteed income solutions.

Amongst HNW individuals (HNWI) surveyed—or clients with total financial assets that exceed EUR2m— 70% said it is very or extremely important that their financial advisors can plan the non-financial aspects such as housing choices, caregiving arrangements, and lifestyle transitions.

“Wealth management is no longer about managing money alone. It’s about managing uncertainty, trust, and major life decisions,” McKinsey said.

More clients—whether in the affluent category, private category, or HNWIs—have a lower risk tolerance compared to a previous study. Only 24% of affluent clients, or clients with assets between EUR50,000 to EUR500,000, expressed themselves as risk takers, down from 29% in 2024.

HNW individuals report the most dramatic decline, from 40% previously to 31% in the current survey, McKinsey said.

This suggests that in Europe, at least, wealth managers are serving clients who are more risk averse and more selective.

“Among affluent clients, a larger share of respondents also notes the importance of risk profiles in their decision-making,” the study said.

Distrust for robo-advisors had also declined. In 2026, 27% of affluent clients will not trust robo-advisories, compared to 37% in 2024. Amongst HNWIs, 16% would not trust robo-advisories, down from 23% in 2024.