How wealth management firms are competing for ultra-wealthy clients
Thomas Barwick | Digitalvision | Getty Images
The asset management industry is in the midst of sweeping change; because more firms are moving up the wealth ladder to serve the wealthiest individuals and families.
Technology, competition and industry consolidation are putting pressure on wages and profitability, experts say. The data also shows that the population and wealth of ultra-high net worth investors is increasing. To survive and grow, more and more asset management firms are pursuing the growing ranks of the ultra-rich and their more profitable accounts.
CNBC’s inaugural Elite Advisors list for 2026 includes 25 firms with extensive experience helping the wealthiest investors with their complex financial goals.
Selected for their expertise in advising clients with $25 million or more in investable assets, the firms and advisors have proven track records, products, services and expertise in solving the unique challenges of multi-generational wealth.
Their expertise comes into play at a crucial moment. Rising stock markets triggered a historic wealth boom. The wealth of the top 1%, or those with a net worth of more than $14 million, has nearly doubled since 2019, reaching roughly $56 trillion. Federal Reserve. The wealth of the super-rich, or those worth $100 million or more, is growing even faster.
The population of ultra-rich investors and potential customers has also exploded.
According to the latest data, there were approximately 442,000 households with financial assets of $20 million or more by 2024. data From Cerulli Associates, a consulting and market research firm. According to Cerulli, the collective $22.5 trillion in investable assets accounts for about 25% of that wealth in all U.S. households; This is significantly higher than the 10% share in 2010.
“There is a lot more wealth to manage, and there are more firms interested in serving clients with that wealth,” said Chayce Horton, associate director of wealth management at Cerulli. “No demographic group in the United States is growing faster than ultra-high net worth households. So that’s very attractive to these firms.”
How can customers avoid noise?
But experts say frenzied competition at the top is creating more confusion and more choice for customers.
Most registered investment advisors now claim to serve wealthy clients. Buzzwords like “holistic advice” and “family office services” have become commonplace. Many say they offer trust, estate and tax planning; philanthropy and foundation management; and family management and succession guidance – along with the usual asset allocation, alternatives and structured products. Our reports have found that they are also increasingly offering advice on health and longevity, private aviation, bill paying, concierge and travel.
“Everybody says they can do anything now, and it’s very confusing,” Horton said. “There’s a lot of noise that needs to be cut.”
The CNBC Elite Advisors list aims to help investors narrow the field. To develop the list methodology and evaluate participating firms, CNBC consulted with Cerulli, a research and consulting organization focused on the wealth and asset management industries, and AccuPoint Solutions, an asset management data and research firm specializing in advisor intelligence and industry analytics. CNBC researched more than 100 qualified companies and evaluated each with a comprehensive evaluation.
Combined, the criteria identified firms with proven expertise and capabilities in advising on multi-generational wealth. The list is not a ranking, but a selection of the 25 companies that best meet the criteria, listed alphabetically.
“There are many companies with real, proven, experienced experts in this field,” Horton said. “And this information is not easy to access for the average person who is not familiar with the industry.”
Horton said clients choosing advisors should also focus on compatibility and compliance, as well as whether a firm has a track record of working with clients like them.
“What you want to know is that you are working with an advisor who has worked with someone in the past with your mindset,” he said. “So if you’re an engineer SpaceX and you have a significant amount of concentrated stock, does the firm’s counsel have a lot of experience managing that concentrated position and turning it into a diversified portfolio over a long period of time?”
CNBC does not receive any fees for placing financial advisory firms on board. List of Elite Advisors. Additionally, the inclusion of a firm or consultant on our list does not imply an individual endorsement of any firm or consultant by CNBC.
