Concierge services and specialized expertise: how advisory firms are courting ultra-wealthy clients

Advisory firms are racing to serve ultra-high-net-worth clients as this segment grows faster than any other wealth tier, but meeting the demands of households with more than $20 million requires capabilities far beyond traditional wealth management.

Assets from UHNW clients held by traditional intermediaries have grown at a compound annual rate of 12.3% over the past five years – nearly 25% faster than the larger HNW market– according to a new research report from Cerulli Associates. As these investors now control one-quarter of all US financial wealth, their distinct needs are reshaping how advisory firms operate.

Based on a survey of private wealth executives, Cerulli found UHNW-focused practices are nearly twice as likely to offer concierge and lifestyle services compared to firms serving the broader HNW market – 58% versus 31%. These services extend well beyond financial planning to include private aviation advisory, cybersecurity, bespoke insurance underwriting, and even household staff management.

"[S]ome firms truly follow the family office motto of, ‘You don’t say no,’" the report said. "Often, these traditional concierge services can be considered financially adjacent in that they involve
large assets, risk management, or ongoing and significant expenses for the household."

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The client composition in the UHNW segment differs markedly from lower wealth tiers. Entrepreneurs and business owners represent 37% of UHNW clients, compared to 24% of the broader client base. Corporate executives account for another 13%, meaning half of all UHNW wealth management relationships stem from business success rather than inheritance or savings.

Nearly one-quarter of UHNW relationships are completely multigenerational or involve clients who inherited their wealth. Managing these family dynamics requires advisors to coordinate estate planning, governance structures, and wealth transfer strategies across multiple generations with competing priorities.

The service menu reflects these complexities. Three-quarters of UHNW practices offer business planning services, 74% provide foundation management, and 67% handle trust administration – all at rates substantially higher than the broader market.

Just 58% of UHNW practices say they currently offer white-glove concierge services, suggesting room for expansion. However, Cerulli recommends firms focus on core investment and planning capabilities before adding lifestyle services, as the resource drain can undermine quality elsewhere.

"To meet these client needs, many firms have pursued scale inorganically through advisor recruitment and mergers and acquisitions (M&As)," the report said.

Investment management for UHNW clients also differs fundamentally from traditional portfolio construction. These households often hold concentrated equity positions in private businesses or public companies, requiring sophisticated hedging strategies and tax-aware coordination across disparate account types.

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UHNW-focused practices are significantly more likely to use direct and co-investing strategies, giving clients greater control and leveraging their expertise when allocating capital. Seventy-four percent offer alternative manager search and selection, compared to 68% of all HNW practices.

The complexity extends to the entire balance sheet. While retirement accounts and model portfolios dominate for mass-market investors, UHNW households hold substantial positions in private equity, direct business ownership, and real estate. This requires advisors to deliver comprehensive guidance across tax optimization, risk management, and liquidity planning – not just investment returns.

"UHNW clients increasingly expect investment strategies tailored to their families’ wealth situations, seamless coordination across the balance sheet, and access to top-tier managers and strategies in both traditional and alternative spaces," Cerulli said.