There has been a surge in the number of retail investors in the Korean market since early 2020. Although investment by individuals increased sharply, the trend is not reflected in indirect investments (e.g., mutual funds) because retail investors have preferred to invest directly in stocks. There are several reasons for these patterns that are unique to the Korean market, but the overall trend may be more relevant to the global market. In this article, the authors discuss the recent movement by retail investors in Korea, its possible causes, its effect on the Korean asset management industry, and how asset management firms can adapt to these changes. Moreover, insights from industry leaders are also presented to share the views of the Korean asset management industry.