Wealth creation and concentration among high-net-worth (HNW) households has accelerated, pushing wealth managers to compete aggressively for this segment by moving upmarket. By 2028, advisor-managed HNW assets are projected to surpass $30 trillion, growing at an annual rate of 9.3%, according to new research from Cerulli Associates. 

“Across the wealth management industry, the climate is ripe for practices looking to move upmarket,” said Andrew Larsen, wealth management analyst at Cerulli. “HNW-focused practices are expanding their service offerings at a rapid pace, recognizing the dual importance of attracting new wealthy clients and retaining their premier relationships.” 

The average number of services offered by HNW-focused practices rose to 12 in 2024, up from 10 in 2017. While asset allocation (95%), basic financial planning (89%), and cash management (84%) remain the most common offerings, more specialized services have seen the sharpest growth. Trust administration jumped from 42% adoption in 2017 to 61% in 2024, while private banking grew from 34% to 59%. Estate planning services are now offered in-house at 73% of HNW practices, compared with 56% seven years ago. Tax planning and compliance capabilities also expanded, with adoption rising from 29% to 38% over the same period. 

According to Larsen, wealthy clients are increasingly drawn to advisors who deliver a “white-glove experience” across a wide range of services, from estate and trust planning to tax and private banking. This shift underscores the industry’s pivot toward comprehensive, relationship-driven models as advisors seek to capture their share of a rapidly expanding HNW marketplace.