Spotlight The Investor Gains Ground 30 I NVE S TI NG Today's investors are able to index, passively make active bets, or hire a manager to do the job. ESG offers more choices. Behavioral finance can help sort it all out. I NDUS TRY Investors will choose asset managers that are cheap, differentiated, and aligned with shareholders' interests. ADVI S O R S Innovation and regulations that put clients first give financial advisors a big opportunity to improve and grow their practices. E QUI TY R E S E AR CH China's demographics will reshape its economic future. The ramifications for global investors will be profound. Morningstar June/July 2017