2025 Wealth Planning Outlook

The year ahead promises continued and rapid evolution in the wealth, tax and estate planning landscape. Download the report to explore actionable advice for 2025 and beyond.
Changing Tax Policy

Parsing the Knowns and Unknowns

Following the 2024 election, investors are planning for an array of potential policy changes under a new administration and unified government. While time will tell precisely how the proposed agenda is enacted in practice, history, the shape of government and an increasingly constraining fiscal trajectory inform our advice across a range of likely outcomes.

Gross Federal Debt, 1940 – 2029 Percentage of GDP

A line graph showing federal debt for the United States from 1940 to 2024 and projected debt to 2030. A line graph showing federal debt for the United States from 1940 to 2024 and projected debt to 2030.

Source: White House: Office of Management and Budget Historical Tables. Table 7.1, Federal Debt at the end of the Year: 1940-2029. Accessed August 22, 2024.


Data & Privacy

Protecting Privacy in a New Era

Reporting and compliance requirements have exponentially increased over the last half century, requiring both businesses and individuals to share more private information with the organizations they partner with. Concurrently, data breaches and cyberattacks are rising, leaving many to wonder how they can best protect themselves in a new era of data sharing.
72%
increase in data breaches
and cyberattacks from 2021 – 2023

Source: 2023 Data Breach Report, Identity Theft Resource Center.


Aging in America

The New Standard of Longevity

With advances in healthcare and nutrition, life expectancies continue to extend and our aging population continues to grow. While this new standard of longevity presents unprecedented opportunity for our golden years, it also creates challenges for our economy, our wealth planning and our families.

U.S. Centenarians projected to quadruple in number by 2054

A line graph showing the projected centenarians in the United States from 1950 to 2024 and projections to 2054. A line graph showing the projected centenarians in the United States from 1950 to 2024 and projections to 2054.

Note: the Census Bureau uses calculated estimates for years prior to the 1990 census because it has identified large errors in the census counts of centenarians for those years. Counts for 2024 and 2054 are projections. Source: U.S. Census Bureau, Pew Research Center.


Business Owners & Investors

A New Ecosystem of Private Markets

Today, perhaps more than ever, private business owners are finding ways to grow and scale their businesses without the need to raise capital from public markets — and retail and institutional investors are benefiting from more opportunities to invest in them.
$5-6
Trillion
expected to shift into the private credit ecosystem over the next decade,
making it one of the fastest growing segments in the industry over the past 15 years

Source: "The next era of private credit," McKinsey & Company, Sept. 24, 2024.


 
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