One in three, or 33%, agreed that education was the biggest issue while 25% cited the risk of new digital entrants, 23% pointed to regulatory change brought on by geopolitical change and 17% worried about fragmented distribution markets.
The regulatory framework was thought by 61% to be likely to have the most significant impact on the shape of asset management in five years’ time.
Meanwhile, 27% of respondents thought the level of investor education would have the most significant impact in half a decade.
The results emerged in an audience poll as 800 asset managers and related service providers attended an ALFI conference in London in May.
The ALFI is Luxembourg’s fund management trade association.
It added that 53% of respondents in London believed that the core role of the asset management industry in 50 years’ time would be providing long-term savings products directly to investors.
Only 19% believed the role will be as a manufacturer of fund products for digital distributers and 7% as a manufacturer for robo-advisers. The remaining 21% said the industry’s key role would be t drive the economy.
“The industry is going through considerable adaptation, not only as a result of the changing regulation but also changing technology, the developing environment of geopolitical change, demographic evolution and the need for people to take responsibility for their own long-term financial security,” said Denise Voss, chairman of ALFI.