US Economy: Slowing but Complex

Gregory J. Fleming, President and CEO of Rockefeller Capital Management, tells Wilf what it takes to build a great wealth management business, how to navigate a crisis under pressure, current market outlook, and the importance of optimism in leadership.

Fleming reflects on three decades at the top of Wall Street, from leading Merrill Lynch through its sale to Bank of America during the financial crisis, to helping create Morgan Stanley’s powerhouse wealth management franchise, and now 10x‑ing assets under management at Rockefeller from roughly 18 billion dollars to close to 200 billion AUM. He explains why wealth management’s recurring, capital‑light, client‑aligned model has become the “crown jewel” of modern finance, the enduring power of brands like Merrill, Smith Barney, Morgan Stanley and BlackRock, and how the Rockefeller name and family office heritage from 1882 underpin his strategy serving high and ultra‑high‑net‑worth families across the US.

The discussion then turns to the macro backdrop and AI. Fleming lays out why he sees artificial intelligence as perhaps the most transformational technology in history, already reshaping productivity and margins across thousands of companies, and potentially helping lift US growth enough to manage today’s enormous debt burden. He discusses the political and fiscal realities that may entrench higher inflation, and what that means for asset allocation over the next decade, including the expanding role of alternatives in client portfolios.

Along the way, Wilfred and Greg revisit the lessons of the financial crisis, the animal spirits that return after even the worst shocks, and how and why he remains fundamentally optimistic even when facing major challenges.

Fleming also reflects on the legacy of John D. Rockefeller, whose wealth surpassed that of Bezos and Musk today – at one point equalling around 4 percent of US GDP – and how his relentless search for progress and excellence is worth pursuing at Rockefeller Capital today.

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