If a few years ago the phrase "financial advisor" still sounded quite unusual, now there are more and more experts in Ukraine who help manage money. How the world of financial consulting is changing, what financiers advise wealthy clients, and will AI models replace advisors "Ministry of Finance" said Vasyl Matiy, CEO of the company Smart Family Office and senior venture partner Toloka.vc.
What is happening in the financial consulting market right now? What key trends do you see in this area in 2025?
The last five years have dramatically changed the landscape of the industry. In the wake of global crises and geopolitical shifts, I see four dominant trends.
- For their capital, clients are not looking for individual products, but integrated ecosystems — holistic solutions where all financial services are interconnected and available through a single platform or consultant.
For example, at Goldman Sachs Wealth Management & Banking, clients access private banking, investment management, insurance, tax planning, and Family Office services through a single advisor and digital platform. According to the study McKinsey for 2024, 47% clients now prefer holistic consultations, compared to 29% in 2018.
- Technological integration It is becoming an axiom that hybrid models that combine AI and human experience are forming a new standard of service: when, for example, AI analyzes a portfolio, identifies anomalies and opportunities, and a human advisor explains them to the client and helps them make a decision taking into account life goals and values.
- ESG and value investing, because, for according to Capgemini, over 65% high-net-worth clients demand that their portfolios reflect their beliefs.
Examples of ESG investing include a "green portfolio," when a person invests exclusively in companies with environmental certification, ignoring industries that are profitable but polluting.
A "social fund" is also one of the areas of ESG investing, when a family creates an investment trust that finances only companies with ethical labor practices and gender-balanced leadership.
- And finally, it comes to the fore intergenerational planning — transfer not only assets, but also values to the next generations. In conditions of sometimes fundamental differences between generations, flexible family constitutions come to the rescue — documents that record the basic principles of family capital, but leave room for adapting investment strategies to the values of the new generation.
Distributed portfolios are also practiced, where a portion of family assets are transferred to the younger generation for experimentation with innovative asset classes, while the main capital is maintained in a more conservative manner.
On wealthy clients, venture capital investments and new approaches to capital
How are the demands of wealthy clients changing now?
They are no longer looking for a “conservative portfolio with a broker.” I see more and more high-net-worth clients seeking peace of mind, flexibility, and a family-friendly vision. They want to learn not “where to invest $,” but “how to build their financial system.”
This trend is especially noticeable among Generation X (people born between 1965 and 1983) and Millennials (Generation Y - people born between the early 1980s and mid-1990s), who inherit wealth. According to Boston Consulting Group research, they are 2.5 times more likely to change financial advisors if they don't receive a holistic approach.
Do they still invest in startups?
By according to Pitchbook, private equity, including UHNW investors, plans to invest over $1.4 trillion in private markets by 2033. For many of my clients, it’s a way to support change they believe in. Venture capital becomes an ideological investment when structured correctly.
In my own practice, I often do not recommend that clients enter startups if it is an attempt to "buy the drive" and not a logical continuation of an investment strategy. Venture capital makes sense when there is a basic investment philosophy. Without it, it is just roulette.
What other opportunities are they looking at?
According to the study Capgemini World Wealth Report 2024, 78% ultra-rich clients (with assets over $30 million) consider additional services such as technology integration to be vital.
I have experienced this demand firsthand. Wealthy clients are not looking for standard products, but for a comprehensive approach to their wealth. Over time, I have noticed that people with wealth often have assets but no structure. They need someone to help them think more deeply about their finances.
One of the clients asked: “Where to invest $5M for the best return?” Instead of listing products, I asked a counter question: “What is more important to you: stable income, growth for the future of children, or social impact?”
He made a balanced decision: 50% to be directed to conservative assets for their safety, 30% to technology companies that align with the client's values, and 20% to projects in his community.
What do you usually advise such clients?
I studied Stoic philosophy and am a proponent of this approach. In practice, this means that I advise clients to focus on the quality of their decisions, not on short-term market results. We build portfolios where the client is prepared for any scenario — emotionally and financially.
This aligns with recent research in behavioral economics. According to JPMorgan, investors who make decisions based on emotions receive significantly lower returns compared to those who follow a strategy. A philosophical approach is not an abstraction, but a practical tool for better results.
On the future of financial consulting, the impact of technology and AI
What qualities will a successful financial advisor have by 2030?
In my observations and based on research I have done, successful advisors will combine three key qualities:
- Systems thinking, the ability to see the relationships between different aspects of a client's finances and life.
- Emotional depth, understanding the psychological aspects of financial decision-making.
- The ability to talk not about money, but about life through money. Technical expertise will be a basic requirement, but the main competitive advantage will be the ability to create a space for clarity and meaning, where the client has the privilege of stepping away from the noise of the market, information overload and social pressures to understand their true priorities and goals. It is about the ability to formulate questions that help a person understand what exactly money means to them: security, freedom, influence, legacy? The advisor should not only create financial plans, but also help clients make sense of their financial lives in the context of their deepest values and aspirations.
Will AI replace financial advisors?
By Deloitte forecasts, generative AI could become the primary source of investment advice for retail investors by 2027, with 78% expected to be in use by 2028. But that doesn’t mean that advisors will be completely replaced. AI will replace those who simply give answers. Those who know how to ask the right questions won’t be any time soon. A true strategist is not about data, but about the depth of dialogue.
Can a digital agent be a wise advisor?
I was lucky enough to attend a few events in London with leading AI thinkers, and I thought a lot about this. AI can be logical, even rational — but not intelligent. It operates on knowledge, but not understanding. Wisdom is the ability to see things holistically, to act contextually, to show care. That will remain in the human realm.
However, we cannot escape technological progress: the most successful financial advisors of the future will combine technological literacy with emotional intelligence - the ability to understand the client's deep needs through appropriate questions and detailed answers.
You are an ambassador for the FIRE movement — how does this movement impact the financial industry?
For me, the FIRE (Financial Independence, Retire Early) movement is not just about retiring early. It’s about thinking about how to build a life where you’re not just free from work, but free to decide what to create. I support this movement because it helps people think about capital not as money, but as freedom. It changes the paradigm of financial advice — from simply accumulating to using resources wisely.