Evolution, especially at the individual company level, is an often overlooked factor when it comes to analysing or, perhaps more pertinently, speculating on the future development of financial markets.

Take business models, for example.

It is often assumed that once adopted these are set in stone. But this is rarely the case. Successful firms tend to be very good at adapting to new circumstances and the opportunities that these provide.

The financial services and wealth management sectors are replete with examples of firms moving almost seamlessly from one business model to another as the world around them cha...