Mass-affluent households are a $25T opportunity, says Cerulli, but don't wait to win these clients

Middle-market and mass-affluent households in the U.S. have seen their wealth grow dramatically since 2013, according to the latest research from Cerulli Associates, spelling opportunity for financial advisors.

The Cerulli report – U.S. Retail Investor Solutions 2026, found that while middle-market and mass-affluent households with between $100,000 and $2 million have seen their wealth has grown from $14 trillion to $25 trillion between 2013 and 2025.

Cerulli said that this $25 trillion market comprises 46.9 million households, and is typically younger and less advised. These households seek involved advisor relationships, benefiting providers that can best offer streamlined advisory services at scale, according to the research and consulting firm.

The report’s findings tally with what Oggie Sosa, CEO of Breckinridge Capital Advisors, is seeing. “Our business has continued to see meaningful growth over that period of time,” he told InvestmentNews.

“We have attributed this type of growth in our business to aging demographics, wealth transfer, and then, certainly, also a continued preference for more customization, more personalization, and emphasis on tax efficiency,” Sosa added.

However, Cerulli says that time is of the essence and urges advisors to act earlier to win clients. The data show that opportunities for advisors to engage new clients drop sharply as the prospects age, from 44% among the affluent aged under 30 to just 24% among those in their 50s.

Some 32% of affluent respondents reported that they would prefer to use the same provider for their investing and banking needs and have chosen to do so already, according to Cerulli.

“Future prospects are likely to have several financial services provider relationships, including banking, retirement plans, insurance, mortgages, and tax preparation, before meeting wealth management minimum asset-under-management benchmarks,” said  Scott Smith, senior director at Cerulli, in a statement. “To optimize long-term client acquisition, providers will need to engage with prospects earlier or find more effective strategies to displace incumbents.”

Cerulli’s data provides yet more good news for advisors. Last week the Federal Reserve released data indicating that advisors’ clients are now worth more than ever.

U.S. household net worth hit a record $184.1 trillion in the fourth quarter, a $2.2 trillion according to the central bank. The Federal Reserve says that, during the fourth quarter, modest gains on corporate equity assets more than offset a decline in the value of real estate.

The ratio of net worth to disposable personal income, or DPI, which is a measure of households’ potential to finance consumption out of their wealth, climbed to 7.94 in the fourth quarter. While this is still below its record high in the first quarter of 2022, it is well above the historical average, the Federal Reserve said.

The data, which are part of the financial accounts of the U.S., also show that changes in household net worth are often driven by revaluations of corporate equity and real estate, which represent the largest components of household wealth.