As investable assets increasingly concentrate among the wealthiest households, advisor competition is intensifying in the high-net-worth (HNW) segment, generally defined as clients with $5 million or more in investable assets.
If you want to attract and retain HNW clients, you may need to expand your value proposition to meet rising expectations with an emphasis on holistic planning, tax-aware investing and strong multigenerational relationships.
The needs of HNW clients have evolved significantly over the last decade. While investment performance remains important, wealthy families increasingly value advisors who can coordinate multiple aspects of their financial lives. They want comprehensive advice with personalized planning services and portfolios built with taxes in mind.
Wealthy families face increasingly complex tax, estate, business succession and wealth transfer decisions and they expect personalized advice. Advisors to HNW clients provide a range of advanced planning services, relying on in-house expertise or outsourcing.
HNW advisors offer a broad range of personalized services
% of practices offering services, in-house and outsourced
Source: Cerulli, “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2025.”
As Baby Boomers prepare to transfer wealth to their heirs, advanced planning services become increasingly critical, creating more opportunities for you to deepen your relationships with wealthy clients, engage their heirs earlier and position yourself as a long-term strategic partner to their family.
An effective service model evolves with the needs of your ideal client. Periodic reviews can help you identify service gaps or opportunities for service enhancements that can make your business more attractive to the HNW clients you wish to serve.
Start by identifying your ideal client. An ideal client is aligned with your investment philosophy and values. They are profitable, enjoyable to work with and a source of quality referrals.
Among your clients who fit this ‘ideal’ profile, choose a few whom you believe would give you helpful feedback on your services and arrange meetings with each of them. Encourage their family members to attend as well. These discussions can raise awareness of your capabilities with your clients’ heirs.
Consider these tips for gathering feedback about your services:
Once you’ve gathered feedback from several ideal clients, reflect upon the common themes you heard. Is there room to improve your existing services? Do you need to add new ones? Have you been expending resources on services that are not valued by your ideal clients? Consider how you might adjust your service model to better align with their needs and preferences.
If you are considering adding a new service, carefully assess the market opportunity and cost so you can reasonably project its profitability. Sourcing the necessary expertise can be an important factor: Will you outsource the service to a third party, add team members or acquire another firm?
If you or your team already have the expertise, how will you reallocate time to provide the service? Explore the potential time you could save by discontinuing a less valuable service, using AI to increase business efficiency or streamlining your investment process. Many HNW advisors free up time by using custom models for their wealthier clients and standardized models for other wealth segments.
Shifting the use of your time from investment management and other non-client-facing activities to guiding clients through important decisions about their finances and legacy can help you deepen trust and earn high quality referrals.
As a client’s wealth grows, taxes have an increasingly meaningful impact on their long-term financial outcomes. Adapting portfolios for higher levels of wealth demonstrates a comprehensive wealth management approach, which resonates strongly with HNW clients.
Common tax-aware investing strategies for wealthy clients include tax-loss harvesting, asset location and the use of tax-efficient separately managed accounts that provide access to direct indexing and option overlay strategies designed to improve after-tax outcomes.
Building a personalized portfolio for each client on your own can take a significant amount of your time. By partnering with a portfolio construction expert, you can deliver tailored investment solutions at scale while dedicating more of your time to providing high-value advice and personalized services that strengthen relationships, foster loyalty and generate referrals.
As Baby Boomers prepare to transfer wealth to their heirs, you have an opportunity to expand relationships beyond the primary client. Engaging the next generation early can help heirs become more confident and informed about their future financial responsibilities while giving you greater insight into the family's evolving goals and priorities. Family meetings, wealth transfer discussions and educational conversations can create meaningful connections that showcase your value beyond investment management.
Building relationships with future wealth owners before assets change hands can also help position you as a trusted advisor to the entire family. By facilitating conversations around estate planning, philanthropy, business succession and family legacy, you can demonstrate value across generations and support a smoother transition of wealth. These efforts can strengthen client loyalty, uncover additional planning opportunities and help create continuity for families navigating intergenerational wealth transfer.
The BlackRock Business Consulting team can help you evaluate your service model, identify opportunities to expand your value proposition and develop strategies for attracting high-net-worth clients. Contact your BlackRock representative or explore our online resources designed to help you attract and retain wealthier clients for enduring business growth.
Drive greater business efficiency, develop your team, consider new growth opportunities and deliver for your clients and prospects.
Insights from more than 1,000 advisors across the industry reveal five key trends in the way your peers are adapting their business to attract wealthier clients and drive growth in an increasingly competitive environment.
Advisors can attract high-net-worth (HNW) clients by offering a comprehensive value proposition that extends beyond investment management. Wealthy clients often seek holistic financial planning, tax-aware investing, estate planning coordination, business succession guidance and personalized service tailored to their unique financial goals.
High-net-worth clients typically look for advisors who can coordinate multiple aspects of their financial lives. In addition to investment expertise, they value personalized planning, tax-efficient strategies, estate planning support, and advice for navigating complex wealth transfer decisions.
Services commonly offered to high-net-worth clients include tax planning coordination, estate planning support, trust and wealth transfer strategies, business succession planning, charitable giving strategies, family governance discussions, and customized investment management.
Advisors can differentiate themselves by providing advanced planning capabilities, delivering personalized advice, coordinating across multiple financial disciplines, building multigenerational relationships, and helping clients address complex tax and wealth transfer challenges.
High-net-worth clients often expect portfolios tailored to their personal goals, risk tolerance, liquidity needs and tax circumstances. They may also seek access to specialized investment strategies and personalized portfolio construction services.
Advisors can build stronger relationships with wealthy families by engaging multiple generations, facilitating estate and wealth transfer discussions, coordinating specialized planning needs and serving as a trusted advisor during major financial decisions.
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