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About the author: Catherine Keating is global head of BNY Mellon Wealth Management.

Over the past three decades, two seismic changes in the asset and wealth management industry have had a dramatic impact on the US economy and public markets.

The first is a generational change in how Americans save for retirement. I began my career with a corporate defined-benefit plan funded by my employer. Within a few short years, that plan closed and my retirement plan shifted to a 401(k) funded by my contributions and a partial company match. This happened to workers in companies across the U.S. economy.

As a result, most Americans are now responsible for their own retirements. While many are aware that individual consumers account for over two-thirds of the U.S. economy, some might not know that individual investors account for over two-thirds of investment assets. Total family wealth, including nonfinancial assets, has more than tripled over the past three decades to $140 trillion, which is five times the size of gross domestic product.

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This article was originally published by Barron's on November 3, 2023.