Mass-Affluent Investors Emerge as Critical Growth Segment for Wealth Managers

U.S. households ended 2025 with more than $102 trillion in financial assets, up 12% year over year, underscoring continued wealth creation across segments even as the competitive dynamics of client acquisition evolve. 

According to Cerulli Associates, middle-market and mass-affluent households, defined as those with between $100,000 and $2 million in financial assets, are becoming an increasingly important target for advisors and providers. While their share of total financial assets has declined from 43% in 2013 to 24% in 2025, the group’s absolute wealth has surged from $14 trillion to $25 trillion over the same period. 

This segment now represents 46.9 million households, many of whom are younger and less advised but actively seeking more engaged financial relationships. The shift is pushing firms to rethink traditional client acquisition strategies and invest in scalable advisory models. 

“Traditionally, wealth management firms have preferred to begin client relationships only after prospects have reached addressable asset minimums ranging from $250,000 to more than $1 million,” said Scott Smith, senior director. “Though this strategy has proven effective, it faces increased pressure as competitors seek additional options to connect with prospects earlier in the financial lifecycle.” 

Timing is becoming a critical factor. Cerulli data shows that opportunities to win new clients decline significantly with age, from 44% among affluent investors under 30 to just 24% among those in their 50s. 

“Future prospects are likely to have several financial services provider relationships…before meeting wealth management minimum asset-under-management benchmarks,” Smith added.