Financial services are being reshaped by faster capital flows, the rise of private markets in retail, and increasing pressure on traditional business models. In a multi‑shock world, firms are being forced to rethink how they create value and how they stay relevant. In this episode, Sandra and Björn are joined by Roland Kastoun, Asset and Wealth Management Advisory Leader at PwC US, to explore how global capital movements, pensions, distribution models and technology are transforming the asset and wealth management industry, and what this means for the future ownership of the client.