Ultra-high-net-worth (UHNW) families—those with $20 million or more in financial assets—now represent a significant and expanding concentration of wealth in the United States. Although comprising just 0.3% of the population in 2024, these investors hold nearly one-quarter (24.7%) of all financial assets, totaling more than $22.5 trillion across approximately 442,000 households, according to The Cerulli Report—U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2025. 

To capture this lucrative segment, wealth management firms are rapidly enhancing and diversifying their service models. Practices oriented toward UHNW clients typically deliver a broader suite of offerings, including business planning (75%), foundation management (74%), and private banking (61%), all of which are more prevalent at the upper end of the market. 

The defining differentiator, however, lies in concierge and lifestyle services—a flexible category encompassing nontraditional client benefits. Nearly 58% of UHNW-focused practices provide or coordinate these services, compared with just 31% among high-net-worth (HNW) firms. 

“Advising across the entire balance sheet while facilitating access to both specialized financial and lifestyle services allows firms to deliver exceptional value,” said Chayce Horton, associate director at Cerulli. 

As advisory firms expand their scope, time and cost considerations are pressuring compensation models. Although AUM-based fees have remained stable in recent years, Cerulli notes a gradual uptick, particularly among UHNW clients, as firms increasingly charge for add-on services such as trust administration (54%), tax compliance (44%), and concierge support (36%).