The wealth management sector is undergoing a significant transformation as firms aim to cater to the growing population of ultra-high net worth individuals, defined as those with investable assets of $25 million or more. This demographic has seen its wealth nearly double since 2019, reaching approximately $56 trillion, according to the Federal Reserve.
The number of households with $20 million or more in financial assets has surged to about 442,000, holding a collective $22.5 trillion, which now constitutes nearly 25% of all U.S. household wealth, up from 10% in 2010.
As competition intensifies among wealth management firms, many are adopting similar marketing strategies, leading to confusion for clients who may struggle to discern which firms can genuinely meet their needs. CNBC's Elite Advisors list for 2026 aims to assist investors by highlighting 25 firms recognized for their expertise in managing multigenerational wealth.
This list was developed in collaboration with Cerulli Associates and AccuPoint Solutions, focusing on firms with proven capabilities in this niche. Clients are advised to consider compatibility and the firm's experience with similar client profiles when selecting an advisor, as the landscape becomes increasingly crowded with firms claiming to offer comprehensive services