UHNW wealth management list for 2026

The wealthiest US households have different financial needs than the average investor and, as such, seek financial advisors who specialize in managing this wealth.

The inaugural CNBC Elite Advisors list recognizes the nation’s top 25 investment advisors serving high net worth individuals and family offices, selected for their expertise in advising clients with investable assets of $25 million or more.

Although they provide investment management services – including private, illiquid or concentrated asset custodianship – the majority of these advisers exist outside of client portfolios, according to financial experts who specialize in the uber-rich market.

What really defines advisers who work for the ultra-wealthy is their expertise in managing complex financial situations and relationships, often across multiple generations of a family, experts say. That may include tax, estate, trust and risk planning; family governance, business advice and social services; and numerous lifestyle offerings such as private jet charter and concierge services.

“It’s a different job” from that of a traditional financial advisor, said Vlad Golyk, a partner at McKinsey & Co., who leads the firm’s wealth management practice in North America.

We created CNBC Elite Advisors this year to identify the top wealth management firms operating in this space. CNBC does not accept payment for placement.

Our team used data analysis and editorial review to compile the CNBC Elite Advisors list. Read more about how to do it below.

By 2026, CNBC Elite Advisors is headquartered in all 15 states and will collectively represent $2.1 trillion in assets under management. They average 31 years in business, with the oldest being founded in 1923 and the youngest being founded in 2023 – a century difference.

What defines the highest net worth family is not an exact science.

Such families typically have investable assets of $20 million to $30 million, or more, according to financial experts who specialize in the high-net-worth market.

Investable assets include holdings in stocks, bonds, mutual funds, exchange-traded funds, private equity and hedge funds, for example.

Those assets don’t include a primary residence, cars or privately held family businesses, which can make up half of an ultra-wealthy family’s net worth, said Chayce Horton, associate director of wealth management at Cerulli Associates. Cerulli assisted CNBC in compiling the list of Elite Advisors.

So, a net worth of about $50 million would be another definition of a high-net-worth client, he said.

Households with $20 million or more in financial assets make up an increasing share of US wealth.

There were an estimated 442,000 high-income households in 2024, accounting for 0.3% of the American population that year, according to the latest data from Cerulli Associates.

Together they hold $22.5 billion in investable assets, accounting for about 25% of such assets in all American households, according to Cerulli. That’s up significantly from a 10% share in 2010.

About 37% of high-value customers are entrepreneurs or business owners, according to Cerulli. Wealth heirs make up 24% and corporate executives another 13%, it found.

Financial advisors for ultra-wealthy clients serve the wealthiest families in the US.

The services of the uber-wealthy are different from those of advisers who cater to a wealthy or affluent clientele, experts say.

Investment management is often not considered. In general, the ultra-wealthy need advisors who can handle complex financial matters and intergenerational wealth, says Cerulli’s Horton. Services typically include tax, estate and trust planning; business advisory and community service services; and family rule.

“What makes the ultra-high value space different is that these advisors don’t say ‘no’ when a client asks something of them,” Horton said.

Consultants do not provide all of this expertise in-house.

“Clients in this space are looking for the best people, and not every type of firm is going to be able to provide the best in every strategy,” Horton said. “But they know enough who to go to about these things.”

There is a lot of overlap in this space, including high-end wealth managers, private wealth advisers and family offices, experts say. But there is a subtle difference.

For example, large private banks often provide most, if not all, high-net-worth client services in-house, rather than working with third parties, experts say.

There are also different types of family offices: multi-family and single-family offices.

The former is designed to work with many wealthy families, with each adviser serving five to 10 families, said Matt Zampariolo, a wealth management research analyst at Cerulli. The latter serves just one family.

Different types of firms may set different minimum assets for clients, experts say.

For example, private banks or multi-family offices may have limits ranging from $25 million to $100 million, while a single-family office may require a minimum of $150 million to $200 million, says McKinsey’s Golyk.

The majority — about 95% — of high-net-worth financial advisors and the highest number of clients charge fees based on assets under management, according to Cerulli data.

This is the annual fee the advisor charges clients as a percentage of assets under management, or AUM. The average fee for high-net-worth customers was 0.54% in 2025, up from 0.45% in 2021, according to Cerulli.

An asset-based fee of 0.54% on a $20 million portfolio would be $108,000, for example.

Some advisers may charge a flat dollar fee — about six figures for high-net-worth clients — rather than a percentage of assets, according to Zampariolo.

However, these are just basic costs, he said.

These advisors often charge additional fees on top of their AUM or lower fees as “a la carte pricing” for various services, Zampariolo said. Tax planning is the most likely service to be paid for in a separate fee, he said.

CNBC uses data analysis and editorial review to compile the CNBC Elite Advisors list.

Participating firms are evaluated through a comprehensive assessment that measures both scale and quality in several key areas, including organizational scale, assets under management attributable to high-value clients, breadth and complexity of client services and investment strategies, strong credibility through professional certifications and industry recognition, overall client esteem, and ten overall.

To help develop methodology and evaluate participating firms, CNBC surveyed more than 100 eligible firms and consulted with AccuPoint Solutions, a wealth management and research firm specializing in advisor intelligence and industry analysis, and Cerulli Associates, a research and consulting organization specializing in the wealth management industry.

CNBC receives no compensation for listing financial advisory firms List of Elite Consultants. Additionally, the appearance of a company or advisor on our list does not constitute an individual endorsement by CNBC of any company or advisor.