As 2026 approaches, the wealth management landscape for high-net-worth investors is undergoing one of its most consequential transitions in decades. A massive generational wealth transfer is accelerating, inflation continues to pressure purchasing power and planning assumptions, and private markets are becoming more accessible to individual investors than ever before.   

For advisors serving affluent families, the year ahead will demand new engagement models, deeper planning expertise, and a more sophisticated understanding of alternatives and values-based giving. To help make sense of these forces, Tom Lewandowski, Principal, High Net Worth Segment Leader at Edward Jones, offers a timely perspective on the trends shaping advisory practices—and the clients who rely on them.  

CM: The Great Wealth Transfer is expected to move trillions of dollars across generations. How is this reshaping the advisory relationship and the needs of high-net-worth families? 

TL: Balancing financial planning and performance with a client’s priorities around family, philanthropy and values is both an art and a science. It requires a deep understanding of their goals, meeting clients where they are, creating a tailored strategy, and ongoing communication to align.  

For example, we worked with a client who was getting ready to sell a business – coming into wealth that was unimaginable for the family. They had multiple priorities, including ensuring financial security for their children and grandchildren, establishing philanthropic strategies and, last but most importantly, preserving their family values across generations. The financial advisor knew the last goal was weighing heavily on the family. We connected the family with a professional to facilitate family meetings to discuss and create a family “legacy charter” outlining their shared values, philanthropic goals and decision-making principles across generations within the family. Focusing on this step first helped remove barriers to fully supporting the family in creating a tailored plan and investment strategy that was aligned to their overarching goals and legacy. 

CM: How are donor-advised funds evolving as a planning tool for affluent families? 

TL: Donor-advised funds (DAFs) have grown in popularity, offering investors an opportunity to leave a legacy by maximizing their charitable impact, while also optimizing their taxes. New features such as naming successors, integrating DAFs into estate plans and managing them across generations offer private foundation-like benefits at a lower cost and complexity.  

CM: What tax or planning considerations should advisors highlight around donating appreciated assets or making qualified charitable distributions 

TL: Donating appreciated assets offers a double tax benefit: deducting full market value (within adjusted growth income, or AGI, limits) and avoiding capital gains tax. Qualified Charitable Distributions (QCDs) let IRA owners 70½ and older give up to $105,000 annually ($210,000 for couples) tax-free, which can satisfy required minimum distributions (RMDs) and lower adjusted gross income (AGI) that can potentially reduce Medicare and Social Security taxes. Both strategies are especially valuable before 2025 ends, when a 0.5% deduction floor begins in 2026. 

CM: Alternatives now total roughly $25 trillion in AUM, yet the wealth management channel represents only 16% of that. What is driving increased interest among high-net-worth clients? 

TL: High net worth investors are showing more interest in alternatives like private equity, private credit and real assets, because they can offer diversification. Some alternatives provide higher return potential than traditional stocks and bonds, and assets like real estate can hedge against inflation. With new fund structures and digital platforms, alternatives are becoming easier to access, and younger generations are interested in the innovative and impact-focused strategies they offer.  

CM: How is Edward Jones equipping advisors with the education and product access needed to meet rising demand for private markets? 

TL: Edward Jones is focused on understanding our clients’ needs, wants and wishes, and offering them customized solutions designed to help meet their specific and often complex situations. We are investing in new products and tools including the expansion of alternative investment options as well as practice management support and acumen building for our financial advisors. We offer a variety of ongoing learning opportunities, including external resources, coaching, and in-person experiences.   

CM: Where do you see alternatives fitting most naturally into HNW portfolios in 2026—yield, downside protection, inflation hedging, or diversification? 

TL: We view private market alternatives as playing distinct strategic roles within high-net-worth portfolios. Private equity may enhance long-term return potential, while private credit and private real estate could be well-positioned to provide attractive income streams. Private real estate and infrastructure may also serve as effective long-term hedges against inflation. 

While these investments are often marketed as being less volatile, that reflects their quarterly valuation process based on fundamentals rather than daily pricing in public markets, not an inherent guarantee of downside protection. Importantly, private market alternatives bring unique return drivers, which can improve diversification when integrated into a portfolio. Our perspective on these roles is strategic in nature and does not shift materially year to year in alignment with our long-term quality-oriented investment philosophy. 

CM: As technology reshapes wealth management, where do human advisors provide irreplaceable value for HNW households? 

TL: Over the next decade, there will be a mix of technological, regulatory, economic, and cultural forces reshaping how high net worth households approach wealth transfer, but the one constant will be the importance of having a trusted human relationship with a financial advisor. It’s important for investors to work with financial advisors who not only are equipped with the resources and technology to help them achieve their goals, but who also take the time to understand their unique circumstances, values and goals in the way only a human can. This is critical to navigating family dynamics and ensuring financial plans align with family values.  

CM: If you could recommend one priority area for advisors to focus on in 2026—education, planning, family engagement, or alternatives—what would it be and why?  

TL: It’s hard to pick just one, because every client is unique. Each of these areas matters because clients’ needs and circumstances vary widely, and we know clients are looking for personalized advice. Focusing too narrowly on one approach can mean overlooking what would deliver the greatest value for certain clients. But if I had to choose one priority for 2026, family engagement around estate planning stands out. The historic Great Wealth Transfer makes it critical for financial advisors to help families prepare both financially and emotionally, ensuring estate plans are complete and accurate while also helping families communicate openly, align on values and purpose, and prepare the next generation to manage inherited assets in ways that enable them to achieve financial fulfillment.