Wealth management firms are increasingly targeting the ultra-rich as markets and fortunes swell, reshaping where advice, fees and services are focused. That shift matters now because a growing population of very wealthy households is concentrating a larger share of investable capital — and firms that fail to adapt risk falling behind or offering mismatched services.
Technology, rising competition and industry consolidation have tightened margins for many advisory businesses, pushing them to pursue higher-fee, higher-touch clients. At the same time, recent market gains and intergenerational transfers have expanded the ranks of households with tens of millions in investable capital, creating a lucrative opportunity for firms with the right expertise.
What the numbers show
Data through 2024 points to a clear trend: more wealth is concentrated at the top, and more firms want to manage it. The Federal Reserve and industry research firms report rapid growth in both the net worth and the number of ultra-wealthy households, changing the competitive landscape for advisory firms.
| Metric | Figure (most recent) | Context / Trend |
|---|---|---|
| Top 1% wealth | ~$56 trillion | Nearly doubled since 2019 |
| Households with $20M+ in financial assets | ~442,000 | Source: Cerulli Associates (2024) |
| Collective investable assets (households $20M+) | $22.5 trillion | About 25% of investable assets across U.S. households (up from ~10% in 2010) |
Why firms are policing upmarket
Advisory businesses face pressure on fees as robo-advisors, custodians and integrated platforms automate parts of portfolio management. That makes large accounts — which can sustain bespoke tax, estate and family governance services — comparatively attractive.
“There’s more wealth available to manage, and more shops are trying to serve those families,” said Chayce Horton, associate director of wealth management at Cerulli. He noted the ultra-high net worth segment is the fastest-growing demographic, making it an enticing target for firms that can demonstrate relevant capabilities.
Choice overload for clients
For wealthy individuals and families, the result is an abundance of options but also increased complexity. Many registered investment advisors now use terms such as family office or holistic advice to signal comprehensive offerings, yet the depth and quality of those services vary widely.
Beyond traditional portfolio construction, firms increasingly advertise assistance with matters ranging from philanthropy and foundation oversight to concierge services, private aviation advice and health or longevity planning. That breadth can blur the line between genuine specialization and marketing claims.
- Trust, estate and tax planning
- Family governance and succession planning
- Alternatives and structured product strategies
- Philanthropy and foundation management
- Concierge services (travel, bill pay, lifestyle)
- Specialized counsel on concentrated stock and company equity
Because many firms make expansive promises, clients may still be unsure after multiple interviews which advisor truly has the track record and in-house capabilities to handle complex, multigenerational situations.
How to evaluate an advisor
Industry specialists recommend focusing less on marketing language and more on demonstrable experience and alignment. Compatibility — both cultural and financial — is critical, as is evidence the firm has successfully managed cases similar to yours.
Ask whether advisors have handled concentrated equity positions from a major employer and the specific process they used to transition that exposure into a diversified portfolio over time. Equally important: verify who will do the work day to day, how fees are structured, and whether the firm has internal tax and legal expertise or relies on outside providers.
- Can you see client case studies or references that mirror your situation?
- Who on the team will handle trust, tax, and investment decisions?
- How are fees calculated and what services are included?
- What is the firm’s approach to concentrated stock and liquidity events?
- Do they offer true multigenerational planning or one-off solutions?
- How do they measure and report performance and risk over time?
Horton emphasized the practical point: advisors should have documented experience with clients whose needs match yours, not just a broad claim to serve the wealthy. Compatibility and a proven track record with similar cases are often the best predictors of a successful relationship.
Looking ahead, the industry is likely to see more firms specialize or develop distinct product stacks aimed at the ultra-wealthy, while others may double down on scale and technology for smaller accounts. For wealthy households, that means the onus is on the client to verify capabilities and pick partners who can manage both money and the complex, non-investment issues that accompany large, multigenerational estates.
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Jordan Keller specializes in analyzing the US financial markets. With concrete recommendations, he helps you secure and boost your investments by providing strategies that adapt to market fluctuations.