UHNW wealth management list 2026
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The wealthiest households in the U.S. have financial needs that differ from those of the average investor, and so they seek financial advisors who specialize in managing this tier of wealth.
The inaugural CNBC Elite Advisors list recognizes 25 of the nation’s leading investment advisors serving ultra-high-net-worth individuals and family offices, selected for their expertise in advising clients with $25 million or more in investable assets.
While they provide investment management services, including private, illiquid or concentrated asset holdings, much of these advisors’ work takes place outside the client portfolio, according to financial experts who specialize in the ultra-rich market.
What truly defines advisors who serve the ultra-wealthy is their expertise in navigating complex financial and relationship dynamics, often across multiple generations of a family, experts said. This may include tax, estate, trust and risk planning; family management, business consulting and philanthropic services; and more lifestyle-type offerings such as private jet charters and concierge services.
McKinsey & Co., which leads the consulting firm’s asset management practice in North America. “This is a different job than that of a traditional financial advisor,” said partner Vlad Golyk.
This year, we created CNBC Elite Advisors to recognize the best asset management firms working in this space. CNBC does not accept any payment for placement.
Our team used data analysis and editorial review to compile the CNBC Elite Advisors list. Learn more about the methodology below.
For 2026, CNBC Elite Advisors is headquartered in 15 states and will collectively oversee $2.1 trillion in assets under management. They have been operating for an average of 31 years, with the oldest being established in 1923 and the youngest in 2023; There is a difference of 100 years.
What net worth qualifies as ultra-high net worth?
What defines an ultra-high net worth household is not an exact science.
Such households typically have investable assets of about $20 million to $30 million or more, according to financial experts who specialize in the ultra-high net worth market.
Investable assets include, for example, holdings in stocks, bonds, mutual funds, exchange-traded funds, private equity, and hedge funds.
Those assets don’t include a primary residence, vehicles or private family businesses, which can account for half of an ultra-wealthy household’s total net worth, said Chayce Horton, associate director of Cerulli Associates’ wealth management practice. Cerulli assisted CNBC in compiling the Elite Advisors list.
That said, a total net worth of around $50 million could be another definition for an ultra-high net worth client.
How many ultra-rich households are there?
Families with financial assets of $20 million or more account for a growing share of U.S. wealth.
According to the latest data from Cerulli Associates, there were approximately 442,000 ultra-high net worth households in 2024, accounting for 0.3% of the U.S. population that year.
Customers in this space demand best in class.
Chayce Horton
Deputy Director, Cerulli Associates
According to Cerulli, these individuals collectively had $22.5 trillion in investable assets; this accounted for approximately 25% of such assets in all U.S. households. This is a significant increase from the 10% share in 2010.
About 37% of ultra-high-net-worth customers are entrepreneurs or business owners, according to Cerulli. According to the research, the heirs of the fortune have a share of 24 percent, and company managers have a share of 13 percent.
What is ultra-high net worth asset management?
Financial advisors for extremely wealthy clients serve the wealthiest households in the United States.
Services for the ultra-wealthy differ from advisors who serve average or even moderately wealthy clients, experts said.
Investment management is often not the primary consideration. In general, the extremely wealthy need advisors who can oversee complex financial issues and intergenerational wealth, Cerulli’s Horton said. Services often require tax, estate and trust planning; business consulting and philanthropic services; and family management.
“What makes the ultra-high-net-worth space different is that these advisors don’t say ‘no’ when a client asks them for something,” Horton said.
Consultants are not required to offer all of this expertise in-house.
“Clients in this space demand best-in-class, and not every type of firm will be able to deliver best in class in every strategy,” Horton said. “But they know well enough who to go to for these things.”
UHNW advisor, asset manager or family office?
Experts said there is a lot of overlap in this space, including ultra-high-net-worth asset managers, private wealth advisors and family offices. But there are some subtle differences.
Large private banks, for example, typically offer most, if not all, services for ultra-high-net-worth clients in-house rather than working with third parties, experts say.
There are also different types of family offices: multi-family offices and single-family offices.
The former is built to work with multiple wealthy families, with each advisor serving perhaps five to 10 families, said Matt Zampariolo, wealth management research analyst at Cerulli. The second serves only one family.
Different types of firms may set different asset minimums for clients, experts said.
Private banks or multi-family offices, for example, may have thresholds ranging from $25 million to $100 million, while a single-family office may require a minimum of $150 million to $200 million, McKinsey’s Golyk said.
How much do advisors to the ultra-rich charge?
The majority (about 95 percent) of financial advisors to high-net-worth and ultra-high-net-worth clients charge fees based on assets under management, according to Cerulli data.
This is the annual fee the advisor charges clients as a percentage of assets under management, or AUM. The average fee for ultra-high-net-worth clients increased from 0.45% in 2021 to 0.54% in 2025, according to Cerulli.
For example, for a $20 million portfolio, the asset-based fee of 0.54% would be $108,000.
Other advisors may charge a flat dollar fee, possibly a six-figure fee, for ultra-high-net-worth clients, rather than a percentage of assets, according to Zampariolo.
“But these are just basic wages,” he said.
Zampariolo said these advisors often charge additional fees on top of their AUM, or flat fees as “a la carte pricing” for various services. Tax planning is the service most likely to incur a separate fee, he said.
Methodology: How did CNBC choose Elite Advisors?
CNBC uses data analysis and editorial review To compile the list of CNBC Elite Advisors.
Participating firms were evaluated through a comprehensive evaluation that measured both scale and quality in several key areas, including organizational scalability, assets under management attributable to ultra-high net worth clients, breadth and complexity of client services and investment strategies, firm credibility through professional certifications and industry recognition, and overall reputation including client retention and tenure.
To help develop the methodology and evaluate participating firms, CNBC surveyed more than 100 qualified firms and consulted with AccuPoint Solutions, an asset management data and research firm specializing in advisor intelligence and industry analytics, as well as Cerulli Associates, a research and consulting organization focused on the asset and asset management industries.
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.
