The wealth management industry is in the midst of fundamental change as more companies move up the wealth ladder to serve the wealthiest individuals and their families.
Experts say technology, competition and industry consolidation are putting pressure on fees and profitability. At the same time, data shows that the population and wealth of ultra-high-net-worth investors is rapidly increasing. To survive and grow, more and more wealth management companies are chasing the burgeoning number of ultra-rich individuals and their lucrative accounts.
CNBC’s 2026 inaugural Elite Advisors list recognizes 25 firms with extensive experience helping the most affluent investors with their complex financial goals.
Selected for their expertise in advising clients with investable assets of $25 million or more, these firms and advisors have a proven history, products, services and expertise to solve the unique challenges of multigenerational wealth.
Their expertise comes into play at critical moments. The soaring stock market has accelerated a historic boom in the wealthy class. According to the Federal Reserve, the wealth of the top 1%, or those with a net worth of $14 million or more, has nearly doubled since 2019 to about $56 trillion. The wealth of the ultra-high-net-worth individuals, or those with assets of $100 million or more, is growing even faster.
The population of ultra-high-net-worth investors and potential customers has also exploded.
In 2024, about 442,000 households had financial assets of $20 million or more, according to the latest data from consulting and market research firm Cerulli Associates. Their total investable assets of $22.5 trillion account for nearly 25% of the wealth of all U.S. households, up from a 10% share in 2010, Cerulli said.
“There are significantly more assets to manage, and more firms are interested in serving clients with those assets,” said Chais Horton, associate director of wealth management at Cerulli. “There is no demographic that is growing faster than the ultra-rich in the United States, so it’s very attractive to these companies.”
How clients block out noise
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But for customers, experts say the frenetic competition at the top is creating more confusion and more choices.
Most registered investment advisers today claim to serve high-net-worth clients. Buzzwords such as “comprehensive advice” and “family office services” have become commonplace. Many say they offer trust, estate, and tax planning. Philanthropy and Foundation Management. It also includes guidance on family governance and succession, as well as regular asset allocation, alternatives and structured products. Our report found that they are also increasingly offering advice on health and longevity, private aviation, bill payments, concierge, and travel.
A customer may interview half a dozen companies and still not know which one truly fits their needs and can back up their claims with genuine service.
“Everyone says we can do anything now, and it’s very confusing,” Horton said. “There’s a lot of noise to cut through.”
The CNBC Elite Advisor List is intended to help investors narrow down their field. To develop the list’s methodology and evaluate participating companies, CNBC consulted Cerulli, a research and consulting organization focused on the wealth and asset management industry, and AccuPoint Solutions, an asset management data and research firm specializing in advisor intelligence and industry analysis. CNBC surveyed more than 100 eligible companies and evaluated each company through a comprehensive evaluation.
Together, these criteria identify firms with proven expertise and capabilities in multi-generational wealth advice. This list is not a ranking, but rather an alphabetical selection of the 25 companies that best fit our criteria.
“There are only a handful of companies that are truly seasoned experts with a proven track record in this field,” Horton says. “And for the average person who is not familiar with the industry, that information is not easy to access.”
When choosing an advisor, Horton said clients should focus on compatibility and collaboration, as well as whether the firm has a history of working with such clients.
“What you want to know is that you are working with an advisor who has helped you with your considerations in the past,” he said. “So if you’re an engineer, space x And you have a significant amount of concentrated stocks, but does the firm’s advisor have extensive experience managing that concentrated position and converting it into a diversified portfolio over time?”
CNBC does not receive compensation for listing financial advisory firms on the Elite Advisors list. Additionally, the inclusion of a company or advisor on our list does not imply individual endorsement of the company or advisor by CNBC.
