As of 2024, there are approximately 442,000 households in the U.S. with $20 million or more in financial assets, collectively holding $22.5 trillion, which is nearly 25% of all investable assets. This marks a substantial increase from 10% in 2010, highlighting the growing importance of this demographic for financial advisors.
Experts like Vlad Golyk from McKinsey & Co. emphasize that catering to ultra-high net worth clients requires specialized knowledge and services beyond traditional portfolio management. Advisors must address complex financial needs, including tax, estate, and trust planning, as well as family governance and intergenerational wealth management.
Prospective clients are advised to ask potential advisors about their experience with similar clients and their approach to wealth transfer and succession planning. The ability to handle emotional family dynamics and provide seamless service is crucial for advisors aiming to attract and retain ultra-wealthy clients