The financial crisis of 2008, when the S&P 500 lost 39.2% in value, and the ensuing market volatility in the three years since, have served as a sobering wake-up call for the wealth management industry. And are dramatically changing the way it plans to do business in the years ahead.

This is according to a new report from Ernst & Young, titled "Investing in the Future: A Focus on Wealth Management Product and Client Trends."

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