MIC 2026: The Future of Advice Starts with the Fundamentals

From increased private market exposure to the AI boom, today’s investing landscape is innovating rapidly—though since that innovation often outpaces the structures needed to effectively harness it, uncertainty has become the status quo. The need to navigate that uncertainty is why the value of unbiased advice and objective research is higher than ever. 

At this year’s US Morningstar Investment Conference, over 1,600 attendees from around the world gathered to engage with the theme of “focus on what matters.”  

This theme reflects the reality of an environment shaped by opacity, disruption, and constant change, and the insights shared were every bit as dynamic and nuanced as today's investment landscape. True to our challenger ethos, this event brought together leading voices at the forefront of an increasingly complex market to provide actionable insights and greater transparency. 

Through every keynote, breakout session, roundtable and product demonstration, we shared insights and advice on how to keep investors locked in on long-term value creation by tuning out the noise and staying grounded in fundamentals. 

Investors and advisors need to look beyond the AI hype and identify where sustainable value will be created. 

• Morningstar’s framework for evaluating AI exposure: Principal manager research analyst Kenneth Lamont unpacked Morningstar’s AI Exposure Score, which combines our equity analysis of AI companies with our manager research analysis of highly AI-exposed firms to identify the funds that are the most meaningfully exposed to the theme. Top of the list? First Trust Bloomberg AI ETF FAI.
• Economic moats in the AI space: Senior equity analyst Malik Ahmed Khan explored the prominence of economic moats in the AI space. He shared that economic moats do exist in the AI space, primarily due to network effects and competitive advantages. However, if these companies’ capabilities begin to converge, or prices begin to come down, they could eventually evolve into commodities.
• AI’s impact on the economy: Senior US economist Preston Caldwell discussed how AI is opening up doors for new economic and investing activity, while creating challenges to differentiate at the same time. Caldwell posited that the boom in AI investments could lead to either a productivity-driven expansion or a capex-driven correction: If AI can deliver its expected productivity gains, we’ll see major GDP growth and falling inflation. Though if AI cannot deliver this expected gain, he expects to see increased recession risk, falling inflation, and aggressive interest rate cuts.

When working with clients on retirement plans, it’s important for advisors to consider clients’ personal satisfaction just as much as financial readiness.

Morningstar director of personal finance Christine Benz, along with guest speakers Dana Anspach and Michael Finke, discussed the biggest shocks to a retirement plan, emphasizing the overlooked factors that impact long-term satisfaction. 

It's just as important to invest in relationships, health, and well-being as it is to prepare for inflation, rising healthcare costs, and market uncertainty. Advisors can help clients focus on what matters by setting expectations for both the financial and the personal aspects of retirement.

Though you'll never be able to control (or predict) the market, you can control the risk you take. 

Through five decades of market cycles, Dimensional Fund Advisors has remained resilient. Founder and Chairman David Booth encouraged investors to not shrink away from uncertainty, because uncertainty drives opportunity, and to focus on letting public markets’ transparency and liquidity do their jobs.

The key to helping clients navigate this uncertainty? Strong data. 

That includes data that enhances transparency in private markets, data that informs AI outputs, and data that incorporates personalized needs.

Still, Booth reiterated that it’s ultimately human ingenuity that makes sense of this data to drive returns.

During his keynote session, Blackstone President and Chief Operating Officer Jon Gray encouraged advisors and investors to adopt an institutional mindset when evaluating private investments: focusing on long-term portfolio objectives rather than pursuing the latest investment trends.

This approach enables advisors to truly evaluate the managers they’re investing with: How committed are they to the space? Do they have the infrastructure and the necessary ability to deploy capital? What is their commitment to valuation and transparency?

Gray also shared that amid this year’s earlier wave of redemptions for private investments, one silver lining was that it offered a sense of these products’ long-term liquidity and ability to weather a storm. If they do so, then investors can have more confidence to invest in the space—and in the right vehicles.

Businesses should strive for an "unreasonable" level of dedication to cultivating connections. 

Restaurateur and bestselling author Will Guidara spoke about his ethos of “pursuing unreasonable hospitality.” Though Guidara’s expertise is in restaurants, he emphasized that the concept of hospitality applies to all industries—financial advice most of all.

True innovation sits at the intersection of creativity and intention, all in pursuit of stronger relationships. To supercharge growth, look for opportunities to turn even the most menial moments into unforgettable experiences. 

One idea: Gift outside of the gifting cycle. Instead of sending clients a holiday card, send them a card on the anniversary of when you started working together. Or if you know their kid is a senior in high school, reach out ahead of their graduation date. Find opportunities to let them know you hear and value them on an individual level—as Guidara put it, “at a touchpoint in your service that you’ve never thought of before.”

Themes like AI, public and private markets, retirement, and geopolitical risk shaped the conversations throughout the conference, providing valuable perspective on how to navigate an increasingly interconnected financial ecosystem. 

Yet amid the discussions around the forces reshaping the future of investing, a clear throughline emerged: Meaningful human connection, trusted guidance, sound judgment, and a commitment to fundamentals remain our most valuable assets. 

No matter how quickly technological or geopolitical developments change the world, the foundations of long-term success remain constant. There is an unquantifiable value in maintaining trusted relationships, sound judgment, and a commitment to fundamentals—and that will always pay dividends.