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The wealth management industry is in the middle of a sweeping shift, as more firms move up the wealth ladder to serve the richest individuals and families.
Technology, competition and industry consolidation are pressuring fees and profitability, experts say. At the same time, the population and fortunes of ultra-high net worth investors are soaring, data shows. To survive and grow, more wealth management firms are chasing the surging ranks of the extremely wealthy and their more profitable accounts.
CNBC’s inaugural Elite Advisors list for 2026 recognizes 25 firms that have extensive experience helping the wealthiest investors with their complex financial goals.
Selected for their expertise in advising clients with investable assets of $25 million or more, the firms and advisors have the proven histories, products, services and expertise in solving the unique challenges of multigenerational wealth.
Their expertise comes at a pivotal moment. Soaring stock markets have fueled 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 to roughly $56 trillion, according to the Federal Reserve. The wealth of the super-rich, or those worth $100 million or more, is growing even faster.
The population of ultra-wealthy investors and potential clients has also exploded.
There were about 442,000 households with $20 million or more in financial assets as of 2024, according to the latest data from Cerulli Associates, a consulting and market research firm. Their collective $22.5 trillion of investable assets accounts for nearly 25% of such wealth across all U.S. households — up substantially from a 10% share in 2010, according to Cerulli.
“There is significantly more wealth to be managed, and there are more firms interested in serving the clients who have that wealth,” said Chayce Horton, associate director of wealth management at Cerulli. “No demographic is growing more quickly than the ultra-high net worth households in the United States. So it’s very attractive for these firms.”
How clients can cut through the noise
For clients, however, the frenzied competition at the top has created more confusion and more choice, experts say.
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 governance and succession guidance — along with the usual asset allocation, alternatives and structured products. Our reporting found that they’re also increasingly offering advice on health and longevity, private aviation, bill pay, concierge and travel.
Clients can interview a half dozen firms and still not know which truly fit their needs or can back up their claims with true service.
“Everybody is saying they can do everything now, and that’s very confusing,” Horton said. “There’s a lot of noise to cut through.”
The CNBC Elite Advisors list aims to help investors narrow the field. To develop the list methodology and assess participating firms, CNBC consulted with Cerulli, a research and consulting organization focused on the asset and wealth management industries, and AccuPoint Solutions, a wealth management data and research firm specializing in advisor intelligence and industry analytics. CNBC surveyed more than 100 qualifying firms and evaluated each through a comprehensive assessment.
When combined, the criteria identified firms that have proven expertise and capabilities in advising on multigenerational wealth. The list is not a ranking, but a selection of 25 firms that best fit the criteria, listed alphabetically.
“There are only so many firms that are true, proven veteran experts in the space,” Horton said. “And that information is not easy to access for the average person who is unfamiliar with the industry.”
Horton said that clients choosing advisors should also focus on compatibility and alignment, as well as whether a firm has a track record of working with clients like them.
“What you want to know is that you’re working with an advisor who has worked with somebody with your considerations in the past,” he said. “So if you’re an engineer at SpaceX and you have a significant amount of concentrated stock, does the advisor of the firm have a lot of experience managing that concentrated position and converting that over a long stretch of time into a diversified portfolio?”
CNBC receives no compensation from placing financial advisory firms on our Elite Advisors list. Additionally, a firm’s or advisor’s appearance in our list does not constitute an individual endorsement by CNBC of any firm or advisor.
