The investment industry’s greatest asset has always been its people. As populations age and careers extend, that asset is changing in ways firms can’t ignore. According to research from Stanford[1], living to 100 is increasingly becoming the norm in many countries including the United States, with our careers expecting to stretch over 60 years, underscoring how longer, healthier lives are redrawing the boundaries of work.
For investment firms and professionals alike, this longevity shift is rewriting the rules of career progression. While much of the discussion around aging focuses on changing client priorities, particularly wealth transfer and pensions[2], the greater disruption may come from within. That is, how to manage up to five generations of professionals under one roof, keep them learning, and sustain productivity and well-being across longer, less-linear careers.
To explore these challenges, CFA Institute conducted a literature review and interviews with industry experts. Our findings highlight six themes with practical actions for leaders seeking to align longevity, inclusion, and firm performance.
1. Managing Multigenerational Investment Teams
An investment firm’s value lies, in large part, in its human capital. Capital is increasingly shaped by different working generations[3], ranging from Traditionalists to Generation Z, which is a dynamic that can bring intergenerational friction. Firms should be aware of three conflicts[4]–[5]:
Behavior-based: differences in communication styles.
Value-based: conflicting work values, such as autonomy versus purpose.
Identity-based conflicts: stereotypes and perceptions between generations.
How conflicts are experienced vary by career stage. Junior analysts may struggle to feel heard by senior colleagues with more traditional values. Mid-career portfolio managers often balance expectations from both junior and senior staff. Chief Investment Officers (CIOs) face the challenge of aligning multigenerational teams around shared goals despite differing work styles.
Recommended Actions
According to the AARP, 83% of global executives in 36 OECD countries see multigenerational workforces as key to long-term success[6]. However, reactive conflict management is unsustainable. Firms should consider:
Proactive measures like reverse mentoring that empower younger members to support others as mentors, intergenerational learning to foster knowledge exchange and engagement across all levels[7], and communication protocols to close generational gaps.
Shared leadership models that give all employees, regardless of age or career stage, a voice in decision-making to foster inclusion and collaboration.
2. Redefining Career Paths for Longer Working Lives
To sustain living standards and address labor shortages from declining birth rates, the OECD predicts that many countries will need people to work beyond traditional retirement ages of 60 or 65[8]. A similar trend appears in our Future of Work research, where 10% of 11,000 CFA Institute members surveyed globally were aged 61 and older[9].
Longer careers impact investment roles differently. Analysts may take a flexible approach to early development, preferring to accumulate general knowledge first over immediately specializing in a specific sector or industry. This often involves changing firms and jobs relatively frequently — a pattern that is becoming increasingly common among early-career professionals across sectors, many of whom stay in roles for no longer than two years[10].
Mid-career portfolio managers may continuously upskill according to evolving client needs. Finally, CIOs will likely adopt long-term strategies, including succession planning, knowledge retention, and flexible role design, to maintain team stability as career spans lengthen.
Recommended Actions
Have regular conversations with employees to understand evolving career goals, upskilling objectives, and anticipate changes like delayed retirement.
Explore flexible hiring models like job sharing and part-time roles to turn demographic shifts into strategic advantages and tackle labor shortages.
3. Preparing for the Great Wealth Transfer
Population aging means more clients will likely have to balance income generation with capital growth in later life in anticipation of living and working longer. This contrasts with traditional decumulation strategies that focus on income (drawdown). Longevity is also changing who manages wealth: globally, women outlive men by five to six years and, in the United States, widowed women are expected to inherit almost $40 trillion from their spouses[11]–[12]. Investment professionals at all career stages must adapt soft and technical skills to serve clients over longer relationships, many of whom will likely be women.
Recommended Actions
Leverage a more granular approach to analyzing demographic shifts. For example, recognizing the distinct characteristics of micro-segments, such as individuals that are self-sufficient versus those that are care-dependent, can help to sharpen investment strategy and enrich client engagement.
Deepen technical expertise in retirement income strategies, longevity risk, and financial literacy to support long-term client outcomes.
4. Building Health and Resilience into Firm Culture
Health is central to the longevity conversation. While client investment trends are shifting, the expectations investment professionals have toward their employers are evolving as well. Specifically, while the high-pressure environment characteristic of the investment industry has been present across all career stages, longer career spans mean these demands now extend further into later life[13]. Additionally, as professionals remain in the workforce for longer, they are more likely to experience age-related chronic health conditions while still working, which has cost implications for employers[14].
Simultaneously, concepts like “successful aging”[15] are placing greater emphasis on holistic health support. As a result, firms may be increasingly expected to rethink traditional health coverage and spending to include support for mental health and social connection, alongside physical health needs that emerge as we live and work longer.
Recommended Actions
Broaden workplace initiatives. Consider proactive healthcare screenings, healthy aging education, and resilience training to support longer, healthier working lives.
Configure physical workspace with ergonomic and age-friendly designs, including adjustable furniture, improved lighting, and accessible layouts.
5. Bridging Digital Gaps Across Generations
Willingness is often assumed to be the defining factor for adopting AI and digital technologies[16]. A recent survey, however, found that differences in adoption rates are more closely linked to variations in learning styles across generations currently in the workforce[17]. This implies that as investment firms invest in new technologies to meet the evolving needs of clients across an extended lifespan, such as for retirement planning, it is essential that employees are sufficiently trained to use these tools effectively. This training should support different learning styles to help all team members excel.
Recommended Actions
Optimize inclusion in training. Quick fixes involve offering training through different formats, such as hands-on workshops and digital tutorials. Adjusting program content to address varied learning styles across generations would represent a meaningful long-term improvement.
Cultivate lifelong learning. Providing online and offline opportunities to learn and rewarding employees’ efforts to adopt new technologies can both be considered.
6. Supporting Caregivers and Retaining Mid-Career Talent
More professionals are balancing work with unpaid eldercare: 37.1 million Americans are caring for those aged 65 and older[18]. This burden falls heaviest on the “sandwich generation” (typically aged 40 to 59), who provide both child and elder care. These responsibilities fall disproportionately onto women[19].
In investment firms, mid-career professionals such as portfolio managers are most affected. In our Future of Work report, the average age of portfolio managers we surveyed was 42[20], an age where many professionals are navigating both career demands and growing caregiving responsibilities. Additionally, analysts may face indirect strain when covering for colleagues on extended caregiving leave, even if they are typically at an earlier stage in life and less likely to have elder care duties themselves. Lastly, CIOs must balance maintaining team productivity with supporting employees who have caregiving responsibilities.
Recommended Actions
Help manage elder care and work. This includes expanding health benefits to cover dependents, developing paid caregiving leave policies[21], and establishing employee resource groups that enhance peer support.
Proactively equip employees and managers. Prepare employees without current caregiving roles for future responsibilities through targeted education and resources, and train managers to effectively navigate work–care conversations.
The Bottom Line
Responding to the six themes requires effort, but resisting change costs more. In a 2024 survey with 1,200 respondents, 32% of US employees providing elder care to an adult family member or loved one took leave, 27% reduced working hours, and 16% declined promotions, all impacting productivity[22]. In Hong Kong SAR, elder care duties will cost employers an estimated $921 million (7.2 billion HKD) by 2060 due to missed career advancements[23]. Meanwhile, UK employers lose $41 billion (30.8 billion GBP) annually due to lost output resulting from early retirements, ill-health, and caregiving-related resignations[24].
Looking Ahead
Longevity is undoubtedly shaping the investment profession, and firms should start planning to strategically maximize the value of their human capital. But long-term success requires ongoing dialogue to stay ahead of demographic shifts and ensure strategy evolves in line with such changes. This post marks the beginning of this conversation. Watch this space.
[1] Stanford Center on Longevity (2022) The New Map of Life a Report from the Stanford Center on Longevity
[2] Goldman Sachs (2025) How to Invest as the Global Population Ages
[3] Ratanjee, V. (2025) ‘Leading the Five-Generation Workforce: From Age Gaps to Advantages’, Forbes
[4] Ozolina, J., Saitere, S. and Gaile-Sarkane, E. (2024) ‘Bridging Generational Gaps: Reducing Conflict and Enhancing Collaboration in Workplace’, Proceedings of the 28th World Multi-Conference on Systemics, Cybernetics and Informatics (WMSCI 2024)
[5] Appelbaum, S.H., Bhardwaj, A., Goodyear, M., Gong, T., Sudha, A.B. and Wei, P. (2022) ‘A Study of Generational Conflicts in the Workplace’, European Journal of Business and Management Research, 7(2), pp. 7-15.
[6] AARP (2020) Global Insights on the Multigenerational Workforce
[7] Rupčić, N. (2018) ‘Intergenerational Learning and Knowledge Transfer – Challenges and Opportunities’, The Learning Organization: An International Journal, 25(2), pp. 135-142.
[8] OECD (2025) OECD Employment Outlook 2025
[9] CFA Institute (2022) The Future of Work in Investment Management
[10] Fidelity Investments (2022) Fidelity Study Shows Young Professionals on the Move: Six-in-Ten Have Changed Jobs During the Pandemic or Expect to Be at a Different Company Within Two Years
[11] Cerulli Associates (2024) Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048
[12] Dattani, S. and Rodés-Guirao, L. (2023) Why Do Women Live Longer Than Men?
[13] Investment Banking Council of America (2024) The Truth Behind 100-Hour Work Weeks in Investment Banking
[14] Marsh McLennan Agency (2025) 2025 Employee Health and Benefits Trends
[15] Fernández-Ballesteros, R. (2019) ‘Chapter 1 The Concept of Successful Aging and Related Terms’, in Fernández-Ballesteros, R., Benetos, A. and Robine, J-M (2019) The Cambridge Handbook of Successful Aging. Cambridge: Cambridge University Press, pp. 6-12.
[16] Ferdous, S. (2023) Are Older Workers Ready for an AI Takeover at Work?
[17] Generation (2024) Age Proofing AI: Enabling an Intergenerational Workforce to Benefit from AI
[18] U.S. Bureau of Labor Statistics (2023) Celebrating National Family Caregivers Month with BLS Data
[19] Caregiver Action Network (2025) The Sandwich Generation: Balancing Care for Parents and Children
[20] CFA Institute (2022) The Future of Work in Investment Management
[21] Dychtwald, K., Fulmer, T., Morison, R. and Terveer, K. (2025) Your Company Needs an Eldercare Policy
[22] Cobbe, T., Mumford, D., Mantooth, J., Van Gaal, C., Balint, A., Wrobel, M., Raimondi, A. and Keenan, T.A. (2024) ‘Working While Caregiving: It’s Complicated’, S&P Global
[23] HSBC (2019) Eldercare Hong Kong The Projected Societal Cost of Eldercare in Hong Kong 2018 to 2060
[24] Smith, E. (2025) ‘The Ageing Workforce Should be Central to UK Growth Ambitions’, The Financial Times
