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PHOTO BY BORIS ZHARKOV and robotics. THE MOST EXCITING intelligence of artificial of artificial IN THE CHANGE THAT’S INFANCY OFIT.” SEEING NOW IS HAPPENING IS WHAT WE’RE THE EARLY

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/ AGING / FINANCE TECHNOLOGY THINKING DIFFERENTLY / LUXURY / ABOUT AGING MORE GIVING DIGITAL OUTREACH ARTIFICIAL INTELLIGENCE “Our nation will undergo one of the There’s going to be a democratiza- tion of philanthropy. It has to do TAKES OFF biggest demographic shifts in history with the disappointments of millennials’ “AS ONLINE SALES GROW, more WITH A GROWING AGING POPULATION. IN THE COMING “formative years: Enron, the burst of the I think the most exciting change YEARS, WE WILL THINK DIFFERENTLY TO PROVIDE SENIORS tech bubble, the great recession. Young luxury brands will that’s happening is in the world WITH SEAMLESS CARE COORDINATION OF MEDICAL of artificial intelligence and robotics. people see inequity around the globe.

AND SOCIAL SERVICES SUCH AS HOUSING, DENTAL CARE, “What we’re seeing now is the early THE NEXT 25 It’s important for them to have a pur- AND invest in digital, infancy of it: brought the first NUTRITION AND CAREGIVER SUPPORT. We must pose. Combine that with advances in tech, generation of machines that infer leverage technology to bring care which makes it easy to give, and you’ll see LUXURY GOODS WILL BECOME the mass affluent giving more and more. what you want and then help you find to where seniors are—IN THEIR “Meanwhile, financial advice will be INCREASINGLY AVAILABLE TO results on the web; the second genera- COMMUNITIES OR IN THEIR HOMES.” transformed by technology. Traditional tion is assistants on mobile phones that use your voice to help you understand A MUCH WIDER AUDIENCE ON A —SHELLEY LYFORD, CEO AND PRESIDENT, WEST HEALTH advisors will continue to incorporate robo elements, combined with the and find things in the moment; the human touch. At Schwab, our goal is 24/7 BASIS. This new third generation of it you’re starting to to modernize wealth management, so see with and the Echo speak- clients think about their entire picture, ers—it’s predicting exactly what you reality will affect the need, but without an awkward inter- not just portfolio balancing. That includes insurance, estate planning, kids’ educa- face. That awkward interface is what’s tion—and purpose. The point is, how do traditional perception yet to be solved, but I think within you make the most of your money?” 25 years we’ll start seeing these of luxury goods BEING things built into cars, coffee machines, — , SENIOR CARRIE SCHWAB-POMERANTZ refrigerators—distributed artificial VP, CHARLES SCHWAB & CO.; BOARD EXCLUSIVE AND INACCESSIBLE.” CHAIR AND PRESIDENT, CHARLES AND intelligence, where everything is a HELEN SCHWAB FOUNDATION; BOARD —ANAT KEINAN, ASSOCIATE PROFESSOR, HARVARD BUSINESS SCHOOL gateway into some supercomputer CHAIR, SCHWAB CHARITABLE that can help you understand and find things, will be ubiquitous.”

SOCIETY —WESLEY CHAN, MANAGING DIRECTOR, ; FOUNDER, GOOGLE A BROADER ANALYTICS AND CIRCLE COLLEGE Social capital is defined as not THE ENVIRONMENT H E A L T H only networks but also the ability BROADENING to interact in those networks and use CLIMATE CHANGE ADDING HOW STUDENTS “them effectively to a specific end goal. People are rising up and saying, ‘I not INVESTING A NEW ARE EVALUATED only do not have the access, but I don’t Climate change is going to get DIMENSION Colleges are increasingly dis- even know how to get the access to worse before it gets better, and 25 satisfied with some of the ‘star’ become elite and be successful.’ Having Right now medicine is still stuck years probably is not enough time for us students with credentials that appear a purely individualistic pursuit has got- in a three-dimensional world. “to have begun to make it better. Earth “impressive. But the emotional qualities ten us into this incredible inequality. The But you’ve got to think in four dimen- will be hotter, with weather extremes of these top-performing students are response is a move toward a community- “sions. We don’t have a time domain, exceeding those of today, sea levels will beyond disappointing. We have been oriented perspective. which means looking at diagnostics, be up and water will be valued as one of say a blood pressure reading, over too reliant on SAT/ACT scores and “I see a clear move to understanding the primary traded commodities in the reluctant to vary from this model due that we’re only successful if we ensure extended periods of time. If we get world. This will drive desire to invest in so- to an excessive concern over ratings that a larger percentage of our popu- scientists to think in terms of system lutions to these risks and greatly expand in guidebooks that overuse test score lous has equal opportunity. And equal dynamics, like every other field of en- sustainability-focused impact investing— results and admit-rate results. opportunity is predicated on having so- gineering, in the next 25 years you’re so much so that major indices and main- “So the most selective colleges cial capital. So, 25 years from now I see going to see a dramatic improvement stream investing will almost by default in will modify their selection process to an understanding that we must help the in health.” 2042 look like what today we call impact. include more EQ [emotional intel- ones most in need. That understanding — , MANAGING PARTNER AND By then, wind and solar will be producing JOON YUN ligence] and CQ [cultural intelligence] is the ability of social capital to provide PRESIDENT, PALO ALTO INVESTORS so much of the global economy’s energy to improve the outcomes of students more opportunity for everyone.” that current predictions for then (or even in their college performance and their —RAJIV VINNAKOTA, EXECUTIVE VP, 2050) will seem quaint.” success after college.” YOUTH AND ENGAGEMENT DIVISION, THE ASPEN INSTITUTE —GARVIN JABUSCH, COFOUNDER AND —DON BISHOP, ASSOCIATE VP OF UNDER- CIO, GREEN ALPHA ADVISORS GRADUATE ENROLLMENT, UNIVERSITY OF

PHOTO BY FOUND CREATIVE STUDIO CREATIVE FOUND BY PHOTO NOTRE DAME

WORTH.COM FEBRUARY-APRIL 2017 105 / FOOD / / ESTATE PLANNING / WEALTH MANAGEMENT RESTAURANTS A FOCUS ON REAL FOOD SEPARATE FROM POLITICS A HOLISTIC MORE APPROACH MEANINGFUL AS “TRUST IS THE CURRENCY OF OUR GENERATION. FOOD Years ago, wealth manage- TECH RISES WILL MOVE TO BECOME MORE TRUSTED BY BEING FRESH, “PEOPLE WILL STILL NEED TO ment was essentially executing organic and local. Farmers will trades—smiling and dialing. You were There will always be a deep move away from ethanol and animal REVISIT THEIR ESTATE PLAN. “buying stocks and some bonds. The human need for connection and world is much more complicated for places to gather. Restaurants fill feed, AS THE MARKET FOR REAL FOOD EXPLODES.”

today. Wealth managers need to that need in a way that can never be THE NEXT 25 And it won’t matter “ —KIMBAL MUSK, COFOUNDER, THE KITCHEN address everything from life insur- replaced. We’ll need to meet people ance to estate planning to liability wherever they are. I believe my chil- who’s president or management to philanthropy. The dren will never have to wait on lines in new approach—which is all about years to come, and information, access, whether the estate tax goals-based planning—demands a products and experiences will need to team effort, a holistic approach. This be built at their doorstep, or be ready

THIS TAX HAS BEEN is repealed. shift will only intensify going forward. when they come to ours. Human inter- REPEALED OR AMENDED MORE THAN Some of the next things we’ll need to action will never go away and in fact be expert on: health savings accounts, will be needed more than ever as AI trusts and accounts that address the and our devices rule our life and predict 40 TIMES—you shouldn’t needs of the special-needs person. It’s our movements.” about being a thought leader instead —RANDY GARUTTI, CEO, SHAKE SHACK base your estate of a data inputter.” —JEFFREY S. GERSON, EXECUTIVE tax plan on the DIRECTOR, GERSON GUARINO & MEISEL WEALTH MANAGEMENT GROUP AT MORGAN STANLEY WEALTH directives of the MANAGEMENT ADVISORS WILL NEED TO current president.” H E A L T H ADAPT —MATT RUSSO, MANAGING PARTNER, NORTHWESTERN MUTUAL MAKING DISEASE The changes occurring now OBSOLETE in wealth management will only accelerate. There is significant The next decade will be focused “pressure on fees, technology and in- on cures for various maladies novative investment strategy. Many and infections rather than Band-Aids advisors will become commoditized “and chronic lifetime treatments. For and marginalized in the next five example, HCV [hepatitis C] has been years, let alone in 25 years. transformed from a disease with poor M E D I A HUMAN EVOLUTION “There will be several significant treatment options to one that is curable changes by 2042. Not only will one have CREATING TRANS- in a very high percentage of patients to be able to manage traditional cur- by taking oral medication for 12 weeks rency, but crypto-currency will play a CONNECTIONS FORMATIONAL or less. So, shorter curative therapies much larger role. Artificial intelligence with limited or no side effects will be I expect the single biggest shift CHANGE will be making most of the investment the new wave. Immunotherapy coupled over the next quarter century to be decisions. There will be $30 trillion in Today’s extraordinary rate of with small molecules will transform our the integration of media across platforms wealth assets in North America trans- exponential technological growth approach to cancer and other severe “[broadcast, digital, social and events]. ferred from older generations to millen- may do much more than just disrupt diseases. And if the last decade was nials, according to projections from the Looking to the future, we think consum- “industries; it may actually give birth to about DNA, this coming decade will be Bank of America. The investment pat- ers and advertisers will demand that [in- a new species—reinventing humanity— about RNA and proteomics. Monitoring terns of millennials will be far different tegration] from all media companies. over the next 30 years. I believe we’re individuals’ health and the earliest pos- than their parents. “I also see an increased demand for rapidly heading towards a human-scale sible detection of disease will empower companionship in an era of enormous Investment advisors need to transformation, the next evolution- them to maintain their state of health, and oper- fragmentation brought about by tech- embrace these changes ary step into what I call a ‘meta- wellness and thus improve their quality ate their businesses in environments nology. Radio offers that companionship intelligence,’ a future in which we are of life. I am a fan of [computer scientist] and is increasingly looked to for that where they can continually and quickly all highly connected—brain to brain via Alan Kay, who said, ‘The best way to companionship in new and different evolve their services.” the cloud—sharing thoughts, knowledge predict the future is to invent it.’” —TIMOTHY E. FLATLEY, FOUNDER AND ways. Other media will begin chasing the and actions.” companionship attribute as well.” —RAYMOND F. SCHINAZI, FOUNDER, PRESIDENT, STERLING INVESTMENT —PETER DIAMANDIS, EXECUTIVE CHAIR- COCRYSTAL PHARMA, PHARMASSET, ADVISORS —BOB PITTMAN, CHAIRMAN AND CEO, MAN, XPRIZE FOUNDATION IDENIX AND COFOUNDER, TRIANGLE iHEARTMEDIA PHARMACEUTICALS; PROFESSOR, EMORY UNIVERSITY PHOTO BY BRAD TORCHIA BY PHOTO

WORTH.COM FEBRUARY-APRIL 2017 107 A V I A T I O N / VACATIONS / ENTERTAINMENT INCREASING MOVING BEYOND COMFORT ZONES A FOCUS ON AUTOMATION EMOTIONAL CONNECTION Once we all get comfortable with “MORE PEOPLE WILL RECOGNIZE THE driverless cars, we’re going to see Entertainment is emotional the number of pilots in an aircraft de- transportation. We’re all ana- “cline. I always kid—I say, ‘25 years from importance of taking logue; we’re not digital. As such, any- now, there will be no pilots, it’ll be “thing that’s trying to engage us has THE NEXT 25 computer engineers that will oversee vacations and seeing to be aimed at the heart. Because it’s the cockpit, and there will be a big sign entertainment, the real hits will not THEY WILL BE MORE in front of them: Don’t touch anything.’ the world. be aimed at the wallet or the head. When you look at what causes acci- INSPIRED TO MOVE OUT OF THEIR They may migrate there and create dents, it’s the operator in many cases. economic reward, but they’ll be aimed And the more automation you get, the at the heart. COMFORT ZONES, AND WILL BE WILL- safer you get.” “How do we make that emotional —KENN RICCI, PRINCIPAL, DIRECTIONAL ING TO SPEND MORE OF THEIR MONEY connection? Technology shortens AVIATION CAPITAL the distance and accelerates the time ON travel experiences between artist and audience. All the LUXURY technology that is allowing us to connect with hearts and audiences GETTING versus material is moving at light speed. The change AS MORE OUTBOUND that happens not in 25 or 50 years, PERSONAL objects. but in 10 years, will be indistinguish- able from magic: Those audiences Affluent consumers, particularly TRAVEL LEAVES THE U.S. FOR EXOTIC that before were not reachable are younger ones, are increasingly easily reachable.” demanding more personalized ser- LOCATIONS, MORE INBOUND “vices and experiences. It isn’t about —PETER GUBER, CHAIRMAN AND CEO, MANDALAY ENTERTAINMENT conspicuous consumption; there’s a TRAFFIC WILL ARRIVE HERE FROM growing focus on bespoke, premium OTHER PARTS OF THE WORLD.” travel experiences. Additionally, C I T I E S how consumers want to interact with —KEN POTROCK, SENIOR VP AND GENERAL MANAGER, DISNEY VACATION CLUB brands is changing. Not only do they FOCUSING ON want a personalized feel, but quite often they want that personalization in CHARACTER real time and through a digital device.” We’ve seen the homogenization —YC KOH, PRESIDENT, of America’s cities over the last SPORTS / / AMERICAN EXPRESS ASIA 10 to 15 years. I hope and think that “cities will protect their unique charac- VIEWERS IN CHARGE ters. The smart cities will. To compete, HOSPITALITY WEALTH MANAGEMENT G O L D you have to offer something different. “Probably the biggest change will KNOWING Finding a niche and enhancing it is be how we watch games, whether ENHANCED ON THE RISE the piece that separates some cities CUSTOMERS from the masses. we’re inside or outside an arena. ROBO ADVISORS Though it would be classic for “For example, Atlanta is defining THERE WILL BE MORE INTERACTIVE DEVICES WHERE VIEWERS Technology will allow us to learn gold to hit a final five-year low, There’s going to be refinement and itself differently after years of just CAN RUN THEIR OWN REPLAYS, DECIDE WHAT CAMERA more about our guests’ wants even into the $900s, to shake out the enhancement of the robo advice being the biggest city in the South, and ANGLE THEY WATCH, ETC. It will be like and needs prior to their arrival so that “weak hands, for a variety of reasons the model through artificial intelligence, they’re doing it with sports. Through “we can tailor experiences to fit their next really big move is up, well beyond directing their own production. “where a lot of the traditional roles of investment in their stadiums and con- individual needs. Knowledge is power, the all-time highs of $1,900.” WE ALREADY HAVE ARENAS AND STADIUMS STARTING TO IN- advisors are taken over by computers: vention center and chasing the college and with enough information and TRODUCE MORE INTERACTION AT YOUR SEAT. STADIUMS AND asset allocation, manager selection, fund —THOMAS KAPLAN, CHAIRMAN football championship, Super Bowl and time, I can see luxury hotels being AND CHIEF INVESTMENT OFFICER, ARENAS ARE BEING BUILT A LITTLE SMALLER AND MORE INTI- selection, etc. The advisor of tomorrow other big events, they’ve carved out a able to deliver more meaningful, THE ELECTRUM GROUP MATE, AND who wants to win will need to be able to new look and feel. I think if they keep we may be pricing out personalized experiences for more certain income groups from in- take a very sophisticated approach that moving in that direction, they’ll be as guests than ever before.” considers a client’s whole picture, from THOSE FANS WILL BE strong as anybody.” person attendance. —MARK SIMON, DIRECTOR OF MARKETING, taxes to business to legacy planning. REACHED THROUGH VIDEO DEVICES.” FOUR SEASONS RESORT MAUI AT WAILEA —BUTCH SPYRIDON, PRESIDENT, Advisors will need to provide high-value, THE NASHVILLE CONVENTION & —SHEILA JOHNSON, VICE CHAIRMAN, MONUMENTAL SPORTS & comprehensive strategies.” VISITORS CORP. ENTERTAINMENT; CEO, SALAMANDER HOTELS & RESORTS —BILL LOFTUS, FOUNDING PARTNER, LLBH

PHOTO BY BRAD HOWELL BY PHOTO PRIVATE WEALTH MANAGEMENT

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