A sizable portfolio is only one part of a high-net-worth household’s financial picture. Financial planning also has to account for family goals, taxes, business interests, retirement, and future transfers of wealth.
We compare different service models, planning capabilities, fee structures, and due-diligence questions. Our aim is to help you find a firm that can serve your assets and match the complexity of your financial life.
Wealth management works best when an advisor can explain how decisions connect. A change to an investment account, for example, may affect taxes or cash available for a family goal.
The right fit depends on your goals, the services you need, and the assets a firm can serve. A useful first step is to identify the financial decisions that need coordination, not just the amount available to invest.
Key Takeaways
- Look beyond net worth to the decisions your household needs help coordinating.
- Compare the firm’s service model, planning skills, fees, and account rules.
- Ask how an advisor works with your CPA, attorney, and other professionals.
- Check each advisor’s duties, pay, conflicts, and service limits.
- Interview more than one candidate before choosing a firm.
How much wealth qualifies as high net worth?
In common industry usage, high net worth generally starts above US$1 million in financial assets, excluding a primary residence. The label gives a rough starting point, not a full measure of a household’s needs.
Financial assets can include cash, stocks, and bonds. Investable assets usually refer to assets available for investment, though firms may define the term differently. At least US$5 million in investable assets is often called very high net worth, and US$30 million or more, ultra-high net worth.
A qualified client is an SEC-defined category used for certain investment-adviser rules, with financial thresholds that differ from commonly used high-net-worth labels. The SEC uses this category, or qualified-purchaser status, in Form ADV reporting.
For new contracts and fund subscriptions from June 29, 2026, qualified-client thresholds rose to $1.4 million managed by the adviser or net worth above $2.7 million. The net-worth test excludes a primary residence, as Holland & Knight explains.
High-net-worth labels are industry shorthand, while SEC categories follow specific rules and thresholds.
Before that date, the thresholds were $1.1 million managed or net worth above $2.2 million. Existing arrangements are generally grandfathered. Each firm also sets its own eligibility rules.
Check the firm’s actual account minimum separately, since a wealth label does not guarantee eligibility.
What services should high-net-worth planning coordinate?
An investment portfolio is only one piece of a high-net-worth plan, which often has to connect tax, estate, insurance, and retirement decisions. Coordinated financial planning can help prevent one choice from undermining another.
Cash flow affects how much you can invest and when you can retire. A business sale, a large gift, or a move to a new state can change the tax picture and the timing of retirement income.
Coordinate investments with the full financial plan
A planner can connect investment management with spending needs, retirement planning, and charitable giving. The plan should show how much cash the household needs, when it needs it, and which assets may fund it.
That work may involve a CFP professional, a CPA, or both. A credential can show training, but the household still needs clear roles and a plan that reflects its goals.
Use this checklist to start the conversation:
- Investment management
- Tax planning
- Estate planning
- Insurance and risk management
- Retirement planning
- Charitable giving
Bring tax, estate and insurance work together
Tax strategy can affect when an investment is sold or how a gift is made. Estate and trust plans can shape who receives assets, while insurance may help manage risks to income or property.
A financial advisor may coordinate these tasks with your CPA or attorney. The advisor may not prepare your tax return or draft legal documents, so confirm who will do that work.
Ask who will coordinate outside professionals, and who is responsible for completing each legal or tax task.
Which firm model fits a U.S. wealth plan?
An independent RIA is often a natural starting point for a household seeking coordinated advice, while a private bank or family office may suit different service needs and complexity. Compare the people and services assigned to your account, not just the firm’s label.
RIAs and broker-dealers work under different regulatory frameworks. RIAs have a fiduciary duty when providing investment advice, while broker-dealers follow different legal standards and may offer other services.
Independent RIAs and brokerage firms
An independent RIA may offer financial planning and investment advice through one firm. A brokerage firm may focus on buying and selling investments, though some firms also provide planning.
Ask who provides each service and how the firm earns money. The structure can affect access to specialists, the range of advice, and possible conflicts.
Private banks and family offices
A private bank may combine investment services with banking and lending. A family office is a private organization coordinating financial services for one family or multiple families.
A multifamily office serves multiple families. A single-family office serves one family, and it can take net worth of $300 million or more to make one economically sensible.
Some wealth managers offer family-office-style services without requiring a household to create its own office. Financial advisors in the USA may offer office visits or remote meetings, depending on the firm and location.
Compare the specialists, service scope, and potential conflicts attached to your account, not just the model’s name.
What do advisor rankings actually measure?
Rankings can help narrow a list, but their criteria do not establish whether an advisor’s approach fits a particular household. A ranking is a screening aid, not proof of future results or a client’s experience.
The 2026 Barron’s Top 250 Private Wealth Management Teams list appeared in May 2026. It weighs team size and structure, regulatory records, credentials, and resources available to serve clients.
Barron’s calls its ranking a starting point for vetting advisors. Its 2026 ranking criteria cannot show whether a particular team will communicate well with your family.
| Ranking | Latest year shown | Examples of criteria | What it cannot establish |
|---|---|---|---|
| Barron’s Top 250 Private Wealth Management Teams | 2026, May | Team structure and regulatory records | Future results are not guaranteed |
| Forbes America’s Top Wealth Management Teams | 2025 | Client retention, assets or revenue | No portfolio-performance criterion |
| Forbes/SHOOK Top Wealth Advisors | 2026, data through June 30, 2025 | Experience and compliance records | No portfolio-performance criterion |
The 2025 Forbes team data included SiRiCa Wealth Management Group, with $3.3 billion in team-custodied assets, and Payne & Mencias Group, with $3.2 billion. Those figures were current as of March 31, 2025.
Forbes/SHOOK used data through June 30, 2025, considered advisors with at least seven years of experience, and did not use portfolio performance as a criterion. Read the methodology and data date before treating a ranking as current or comparable.
Which Financial Advisors for High-Net-Worth Individuals fit different needs?
For a household seeking broad planning coordination, Mercer Advisors is the starting pick in this shortlist, while the other options suit more specific priorities. Compare service fit and fee terms, not a list position alone.
Modera Wealth Management may suit tax-focused planning. Captrust offers specialized planning and broad service access, Cresset provides family-office-style support, and Choreo focuses on comprehensive financial planning.
The best financial advisors for high net worth individuals should be compared by the advice they provide and the disclosures they make. These are distinct service fits, not a promise of performance or a universal ranking.
| Firm | Potential fit | Stated account minimum | Stated AUM fee |
|---|---|---|---|
| Mercer Advisors | Integrated planning | No account minimum; $1,200 minimum fee | 0.50%-1.30% |
| Modera Wealth Management | Tax planning | $0 | 0.20%-1.00% |
| Captrust | Specialized services | $0 | 0.70%-1.25% |
| Cresset | Family-office services | $0 | 0.60%-1.25% |
| Choreo | Complex financial planning | $1 million | Up to 1.50%, potentially higher by agreement |
AUM means assets under management, or investments a firm manages for a client. Mercer Advisors lists tiered AUM fees and a minimum fee, while the other firms’ stated terms differ.
Account size, agreement, and service scope can affect fees, minimums, and available services. A zero account minimum does not mean the firm provides every service at no cost.
Confirm the current fee schedule, minimum, and scope of advice directly before deciding.
Which other firms offer a different service mix?
A second shortlist is useful when your priorities include workplace retirement accounts, tax coordination, or family-office services. Compare each firm’s minimum fee as well as its percentage rate.
HB Wealth lists a $1 million minimum, a typical minimum annual fee of $12,500, and a 1.25% fee on the first $1 million of AUM. Wealth Enhancement Group lists a $25,000 minimum and the same rate on that first $1 million.
| Firm | Stated minimum | Fee detail | Service feature to investigate |
|---|---|---|---|
| HB Wealth | $1 million | 1.25% on first $1 million; typical $12,500 annual minimum | Dedicated team; outside attorney and CPA coordination |
| Wealth Enhancement Group | $25,000 | 1.25% on first $1 million | Broad planning and direct workplace-plan management |
| Mariner | No firm-wide minimum | $1,875 quarterly minimum fee | Tax specialists and customized planning |
| Allworth | $250,000, subject to waiver | Up to 1.5%, down to 0.30% | Tax planning and workplace-plan management |
| The Mather Group | $1 million | 0.50%-1.15% | Family-office services for qualifying households |
Mariner’s quarterly minimum equals $7,500 annually. It charges 1.25% on the first $1 million and is fee-based rather than fee-only.
Allworth lists fee rates that scale down, but its fee-reduction thresholds are not disclosed in the stated fee details. Ask what balance triggers each lower rate.
Tax preparation, trust services, and estate-document drafting may cost extra or require outside professionals. Ask whether the quoted fee includes planning, tax preparation, and legal-document work, since those are not interchangeable services.
What does a financial advisor normally cost?
A useful benchmark is an average AUM fee of 0.96%, while the actual bill depends on the fee model, account size, and included services. Compare the dollar charge, not just the percentage.
AUM fees are based on assets the advisor manages. Other arrangements charge a flat fee, an hourly rate, or a performance-based fee tied to investment results.
Asset-based and flat-fee arrangements
An illustrative tiered schedule charges 1.00% on the first $1 million, 0.90% on the next $5 million, and 0.80% on the following $5 million.
| Illustrative asset tranche | Stated rate | Approximate annual charge for that tranche |
|---|---|---|
| First $1 million | 1.00% | $10,000 |
| Next $5 million | 0.90% | $45,000 |
| Following $5 million | 0.80% | $40,000 |
This example shows how tiering works, not a universal fee quote. Account size and the scope of planning affect what a client pays.
Fees, incentives and the scope of service
A flat fee may cover a defined planning project, while hourly billing charges for time used. A performance fee may reward investment gains, so it can create different incentives.
Asset-based fees can also create conflicts if an advisor earns more by managing more assets. The Mayer Brown conflict analysis explains how compensation can shape incentives and disclosures.
A common mistake is comparing percentages without checking minimum fees and separately billed services. Request the dollar cost at your own balance and a written list of anything billed separately.
How can we check an advisor’s fiduciary status and spot red flags?
A financial professional’s title alone does not establish whether the person is acting as a fiduciary for your specific service. An RIA has a fiduciary duty when providing investment advice, while broker-dealers follow different legal standards.
An adviser’s Form ADV Part 2 brochure describes services, fees, and conflicts. CFP and CFA are professional designations, but neither proves that a particular recommendation suits your goals.
Registration, duty and disclosures
Ask which firm and person will provide each service. A professional may have different duties across services, so the answer should name the work involved.
Red flags include guaranteed returns, pressure to act quickly, evasive answers about fees, or advice the professional cannot explain. Warren Buffett is commonly reported to favor low-cost index funds for many investors, but that is not blanket advice to hire or reject a wealth manager.
Five checks before signing
Use these five checks before you sign:
- Verify registration and read the Form ADV brochure.
- Read compensation and conflict disclosures.
- Ask who has fiduciary responsibility for each service.
- Check the advisor’s regulatory record.
- Ask how recommendations fit your goals and risk tolerance.
Look for clear explanations of the nature of each conflict, the pay it creates, and possible costs to you. Ask how the firm tracks and manages those conflicts over time.
Walk away from guaranteed-return promises or pressure to sign before you understand the compensation and conflicts.
How should a high-net-worth portfolio be built?
A high-net-worth portfolio should be built around goals, liquidity, and risk tolerance rather than an assumed allocation for every affluent investor. Cash needs and time horizon should shape investment choices.
Portfolio construction may use public stocks, bonds, cash, mutual funds, and exchange-traded funds. Private investments can be considered when they fit the plan, but they are not a required mark of wealth.
Match investments to liquidity and time horizon
Money needed soon may belong in more liquid holdings than money set aside for a distant goal. Risk tolerance matters, too: a household should be able to live with normal price swings without selling at the wrong time.
Review these five points with an advisor:
- Spending needs and emergency liquidity
- Time horizon for each goal
- Concentrated stock or business exposure
- Tax-aware asset location
- Liquidity limits on any private investment
Manage concentrated assets and alternatives
A large stock position or family business can make a portfolio depend too heavily on one asset. Diversification, staged sales, hedging, or charitable strategies may help manage that risk.
Each choice has tax and cost effects, so a plan should compare them before acting. Public-market diversification may be a better fit when the investor needs access to cash or cannot assess private-asset risks.
Alternatives are not automatically appropriate just because they are available. Before committing to an illiquid holding, check how long the money could be unavailable and what cash needs must still be met.
How does longevity change financial planning?
A longer planning horizon can change how much income a household needs to preserve and how soon it may need to support others. Longevity planning should test whether income and savings can last through a longer life.
In the 2026 Bank of America Private Bank Study of Wealthy Americans, 92 percent said longevity mattered to financial planning. The survey covered wealthy Americans with at least $3 million in investable assets, not all U.S. households.
In that study, 61 percent said they discussed longevity with their advisors. A conversation can raise important questions, but it is not the same as a complete written plan.
Connect a longer lifespan to retirement income
A useful plan stress-tests income, spending, and savings over a longer retirement. It can test whether a household can meet needs if investment returns vary or spending stays high for longer.
Health-care costs can also rise later in life. The plan should consider how those costs may affect other goals, including gifts or support for family members.
Discuss future care and family support
Longevity can change when a family transfers wealth and who may need help along the way. A parent might provide support to an adult child while also planning for future care.
Ask an advisor to test the plan against a longer life and a period of higher care costs.
What should an estate plan cover?
A sound estate plan coordinates legal documents, beneficiary choices, and the family’s intended transfer of assets. A trust is not automatically necessary and does not replace every legal document.
In the 2026 Bank of America Private Bank study, 46 percent of respondents had all three documents: a will, a living will or advance directive, and a durable power of attorney.
| Planning item | 2026 survey figure | Practical point to review |
|---|---|---|
| Will, living will or advance directive, and durable power of attorney as a complete set | 46% | Check whether all three exist and are current |
| Respondents with a trust | 55% | Identify the trust’s purpose and covered assets |
| Respondents without a trust likely to establish one | 51% | Ask what family or transfer need it would solve |
| Respondents who understand trusts quite well | 33% | Ask an attorney to explain its limits and administration |
Core documents and trusts
A will names how property should pass and may name a guardian for minor children. A living will or advance directive records care wishes, while a durable power of attorney names someone to handle certain decisions.
A trust can hold assets and set rules for their use or transfer. In the study, 55 percent had a trust, and 51 percent of those without one said they were likely to establish one.
Transfer, gifting and family governance
Review account beneficiaries alongside estate documents. Beneficiary forms can direct some assets outside a will, so outdated forms may conflict with a family’s current wishes.
Gifting, charitable goals, and family governance also deserve discussion. Only 33 percent said they understood trusts quite well, which makes a plain-language review of costs, control, and limits useful.
Have an estate attorney review the documents and account beneficiaries together, since mismatches can undermine the intended transfer.
How can business owners plan succession?
A succession plan should name who can lead or own the business, how the transition is funded, and what happens if timing changes. A verbal promise is not a complete succession plan.
In the 2026 Bank of America Private Bank study, 78 percent of wealthy business owners said succession planning mattered to their wealth strategy. Yet only 20 percent had a fully documented plan.
That gap matters when a sale, health event, or family change forces a quick decision. The same study found 23 percent of respondents had inherited their business, up from 11 percent in 2024 and 5 percent in 2022.
Prepare the business and the next owner
A successor may be a family member, a current manager, or a buyer. Each path can create different cash-flow and tax consequences for the owner and the business.
Start with these four tasks:
- Identify possible successors.
- Estimate business value and liquidity needs.
- Coordinate ownership transfer with tax and estate plans.
- Document decision authority and contingency steps.
Put the succession plan in writing
A sale may bring cash but require a buyer and a clear transfer date. A family transfer can raise questions about fairness and taxes, while a management handoff may leave ownership unchanged.
The written plan should explain who can make decisions if the owner becomes unable to act. It should also state what happens if a named successor declines or the expected sale falls through.
Ask the owner, successor, and estate-planning attorney to review the written plan together before a triggering event forces a decision.
When can private markets and strategic credit fit?
Private investments or credit can serve a defined portfolio or cash-flow purpose, but neither belongs in a plan simply because it is available. Both can add illiquidity, leverage, and risk of loss.
In the 2026 Bank of America Private Bank study, 77 percent of respondents with more than $25 million in investable assets saw greater opportunity in private markets than public markets. That belief does not show that private holdings suit every investor.
| Investor group or use | Reported figure | Planning question |
|---|---|---|
| Respondents over $25 million who saw more private-market opportunity | 77% | Can the portfolio tolerate lockups and uncertain values? |
| Respondents over $25 million using credit strategically or sometimes | More than half | What asset or cash flow supports repayment? |
| Credit used to pursue opportunities | 37% | Does the opportunity justify borrowing costs and downside? |
| Credit used to bridge liquidity-event timing | 34% | What if the event is delayed? |
Weigh private-market access against liquidity
Private-market holdings may include hedge funds, venture capital, or real estate. Cerity Partners lists a $2 million minimum and fees up to 1.50%, with eligible investors able to access these and other private-market investments.
Investors with $3 million to $10 million were less likely to use credit strategically or occasionally: 16 percent did so. Asset level alone does not show whether an investment or loan fits.
Borrow only for a defined purpose
Among respondents over $25 million, reported credit uses included business operations, 36 percent, and wealth transfer, 22 percent. Borrowing may help with timing, but it creates a repayment duty even when an expected event changes.
Match every illiquid investment or loan to a documented time horizon, repayment source, and downside scenario.
What family and generational issues should a plan address?
A multigenerational plan has to prepare family members for decisions, not only transfer assets to them. Clear roles and steady conversations can help heirs understand future responsibilities.
Family governance can set shared rules for decisions, communication, and access to information. Age-appropriate financial education can help younger relatives learn how budgets, investments, and giving work.
Prepare heirs for future responsibilities
Planned conversations about inheritance can explain family goals without promising a set outcome. Families can also decide who may join meetings and what topics each person should understand.
In the 2026 Bank of America Private Bank study, 61 percent of respondents with more than $25 million in investable assets worried about their children’s motivation. That concern describes survey answers, not any individual family.
Keep human advice connected to family goals
In the same study, 65 percent of younger investors aged 21 to 45 preferred getting investment advice from a human advisor. That preference does not mean every client needs the same meeting schedule or service model.
A human advisor can help a family discuss goals and explain choices in plain terms. Families should still agree on who makes decisions and how the advisor will share information.
Agree on who joins family planning conversations and what information each person needs before a transfer.
What happened to Ellevest’s automated investing business?
Betterment acquired Ellevest’s automated investing business in February 2025, not the company’s entire service operation. The deal covered automated accounts and AUM, not every Ellevest service.
Betterment announced the acquisition on February 26, 2025. Ellevest said that its financial planning and wealth management would continue for high- and ultra-high-net-worth individuals, families, and institutions looking to invest $500,000 or more.
The announcement described which parts of the business changed hands. It did not say that every account, employee, tool, or service moved to Betterment.
- Automated investing accounts and assets under management were included in the transaction.
- Other accounts, technology, employees, and operations were not included.
- Ellevest said it would continue planning and wealth management for clients looking to invest $500,000 or more.
The acquisition covered Ellevest’s automated investing business, not all of its accounts or operations.
That difference matters when comparing account services with financial planning. Automated investing and personal wealth management can involve different account terms, advice, and fees.
Confirm the current service, account eligibility, and terms with the relevant provider before transferring or opening an account.
Conclusion
The right advisor is the one whose service scope, expertise, and compensation fit the financial decisions your household needs to coordinate. A clear explanation of fees and conflicts matters as much as a polished investment pitch.
Interview at least two candidates and bring a list of assets, upcoming liquidity events, and planning questions. Ask each firm to explain who will handle each part of the work.
Before engaging a firm, ask for a written plan of services, fees, and responsibilities, then compare it with at least one other candidate.