As fears over the end of the equity bull market and climate-change-related risks reach a peak, executives at wealth management firms will take action to protect their revenues. Interactive Brokers, Charles Schwab, Revolut, and Degiro have joined Robinhood in the race to zero fees; incumbents will respond with a focus on quality, not cost. Investment firms will consider moves into banking but must ensure they put the right protection in place. Asset managers globally will respond to values-based consumers by launching ethical products.