Content Editor, Dunham | 2025 ThinkAdvisor Luminary Award Winner | 2026 Wealthies Finalist — Thought Leader of the Year | Macroeconomics, markets, geopolitics & global trends
Why this year may have mattered more than the last 29
Last week, Dunham Advisory Board Members from across the country gathered at the Rancho Bernardo Inn in San Diego for the 2026 Dunham Advisory Board (DAB) - featuring two days of conversations around investments, trust and estate topics, practice management, and self-help — all anchored by one central question:
How does an advisory firm stay relevant, unique, and trusted in an industry changing this quickly?
This year’s theme - Reinvention Ready – captured one of the major issues facing financial advisors head-on.
Because right now, the wealth management industry is changing on multiple fronts at once.
Artificial intelligence is reshaping how firms operate
Cybersecurity risks are becoming more sophisticated
Client expectations continue to rise
Advisors are increasingly being asked to deliver far more than just portfolio management, which has become largely commoditized
Throughout the event, one thing became very clear - the firms adapting proactively, instead of reactively, are positioning themselves for the next decade of growth.
The speakers and presentations across both days consistently returned to a few major themes:
Using AI proficiently (not just a "how do I bake bread" search engine)
Differentiating your practice to stand out
Trust planning
Compounding marketing tools and strategies
Here were some of the biggest takeaways from this year's DAB.
Yes, AI Is Here — But Human Advice May Matter More Than Ever
Artificial intelligence has quickly become one of the most discussed topics in the world. It's on everyone's tongue.
And while we didn't want to oversaturate the topic, we believed there was an angle that's less discussed for financial advisors.
DAB sessions covered how AI is beginning to change everything from marketing and operations to financial planning workflows and client communication. But rather than focusing on fear or disruption, many conversations centered on a more important distinction - technology may improve efficiency, but trust still drives relationships.
Most of us have experienced the downside of automation firsthand. You call your cell phone provider, internet company, airline, or bank with a simple question. Instead of getting help, you get trapped in a maze of automated prompts. You repeat yourself. You press zero. You say "representative." Eventually, you just want to shout, "PLEASE CONNECT ME WITH A PERSON."
That frustration reveals something clients still deeply value - human judgment, human listening, and human reassurance.
As automation makes information more accessible, the human side of advising may actually become more valuable.
Speakers encouraged working with AI, not against it. But one discussion zeroed in on a real risk - AI empowering clients to become confidently wrong. Because AI does not always give current or accurate information. The emergence of the Epistemic Advisor made the case for why the future still belongs to the human advisor.
Empathy. Behavioral coaching. Communication during uncertainty. Helping clients avoid emotional decisions.
Those are difficult to automate.
One recurring theme throughout the conference was that advisors who combine technology with authentic relationship-building may ultimately have the strongest long-term advantage.
Cybersecurity Is No Longer Just an IT Conversation
Another major focus of this year's event centered on cybersecurity and AI-powered fraud.
Discussions highlighted the growing sophistication of scams targeting both advisors and clients - including voice cloning, deepfake video calls, phishing attacks, and social engineering tactics.
For many attendees, the takeaway was clear - cybersecurity is becoming a client trust issue.
As digital threats move faster than most defenses can keep pace with, advisors increasingly find themselves helping clients manage risks that extend far beyond markets and portfolios.
One of the strongest themes throughout DAB 2026 was the idea that modern wealth management is becoming more comprehensive.
Today’s clients want guidance that extends beyond investments.
Estate planning, trust structures, legacy planning, family dynamics, business succession, and tax-aware coordination all continue becoming larger parts of the advisory relationship.
But the larger message behind those sessions mattered just as much as the technical details.
Clients increasingly value advisors who can simplify complexity and coordinate across multiple areas of their financial lives.
That fact continues to create opportunities for advisors willing to deepen expertise and strengthen relationships with strategic planning partners.
Differentiation Is Becoming One of the Industry’s Biggest Challenges
Another conversation that made the rounds repeatedly throughout the event was differentiation.
What do I mean by differentiation? Simply put, it means how do you stand out in a crowded field?
In a world where investment commentary, market analysis, and financial information are available almost instantly - advisors are increasingly being challenged to answer a key question.
What makes your practice different? Why should someone give you business when there are countless others out there?
The answers varied - but many discussions pointed toward the same conclusion.
The advisors creating the deepest client loyalty are often the ones building community, communicating consistently, understanding niche client needs, and delivering guidance that extends beyond investment performance alone.
Research further backs this – that many would take slightly lower market returns for someone that actually communicates with them and fills them in on what’s going on.
Sessions also explored underserved and changing client demographics - including women investors and childless couples - and how new household dynamics may spur advisory opportunities over the next decade.
In summary, the future of growth may belong to firms that understand clients on a deeper level than simply risk tolerance and portfolio allocation.
Looking Beyond the Headlines
Markets and portfolio positioning also remained front and center throughout the event.
Conversations explored areas of the market that many investors have largely overlooked in recent years - such as emerging markets and small-cap growth.
What made this discussion especially valuable was hearing directly from Dunham’s sub-advisors - who each highlighted where they are seeing potential opportunities within their respective areas of focus.
The conversations around emerging markets and small-cap growth were not framed as short-term predictions or attempts to call the next market move. Instead, they focused on valuation, market cycles, discipline, and why certain overlooked areas may deserve renewed attention from long-term investors.
Because some of the strongest long-term opportunities often emerge in areas the broader market has ignored.
At a time when headlines continue driving short-term emotion, many discussions emphasized the importance of maintaining process, discipline, and a broader view of market cycles.
The Dunham Advisory Board: It’s More Than a Conference
What makes the Dunham Advisory Board valuable reaches beyond the presentations.
Because the real value often came through the exchange of ideas.
Some of the most meaningful conversations happened between sessions - during meals, or in small group discussions, with advisors sharing what’s working in their practices, discussing client concerns, and comparing how they’re adapting to an industry that continues evolving quickly.
That collaborative environment remains one of the most valuable parts of gathering in person.
All in all, the industry will keep changing. The tools will keep getting smarter. The headlines will keep moving faster.
But the advisors who stay curious, adaptable, and deeply human may be the ones clients continue turning to when the noise gets loud.
That was the real message of DAB 2026.
Reinvention is already underway.
Disclosures:
This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel. Any investment products or services named herein are for illustrative purposes only and should not be considered an offer to buy or sell, or an investment recommendation for, any specific security, strategy or investment product or service. Always consult a qualified professional or your own independent financial professional for personalized advice or investment recommendations tailored to your specific goals, individual situation, and risk tolerance. All examples are hypothetical and are for illustrative purposes only.
Information contained in the materials included is believed to be from reliable sources, but no representations or guarantees are made as to the accuracy or completeness of information.
Dunham & Associates Investment Counsel, Inc. is a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC. Advisory services and securities offered through Dunham & Associates Investment Counsel, Inc.
