The financial services industry, probably more than any other, reflects the larger political landscape which drives the monetary and fiscal policies that set its operating realities, as well as the regulatory environment which determines its freedom of maneuver. It has undergone substantial infusions of digital reinvention to meet the successive challenges of an array of entrants. These range from virtual currencies, blockchain’s distributed public ledgers, fintech upstarts, crowdfunders, and payments and processing technologies, to the upsurge in high frequency traders in investment management, and robo-advisers and index funds displacing investment advisers. Private equity has been heavily challenged on its fee model and hedge funds have endured—and come through—a tempestuous year. Private debt came out of the shadows and now has a secure spot in the funding firmament. Despite all this noise, the sector overall, at least in the U.S., is now thriving.