Citywealth Magazine spoke to New York Private Wealth partner and national chair Joshua Rubenstein about what he believes 2020 has in store for the wealth management industry. In particular, Joshua predicted a trend towards globalized tax systems.

"In 2020, I think we will see financial market turbulence, political turmoil, concerns for personal safety and data privacy, and economic pressures that could cause significant increases in taxes in future years. It could lead to clients looking to move countries and to give up citizenships depending upon the tax changes in their countries. This would likely cause a large number of changes to existing estate plans," Joshua said.

Additionally, Joshua explained, a trend towards globalization of tax systems will create less tax arbitrage, better privacy protections, and the need for "cross-border integration of estate planning."

Other wealth management and private client professionals also spoke to Citywealth about their predictions for the future of wealth management, citing greater social and environment awareness and investment in sustainable ESG product offerings and services, a greater need for family governance and wealth planning education, a rise in alternative investments, prioritizing investment into technology and data security, a record-number and growth in family offices, and more.

Read, "Predictions for 2020," in its entirety.