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Inside the practice

Advisor Trends Survey

Wealth continues to concentrate upmarket, making high-net-worth (HNW) clients the largest growth opportunity for advisors today. Learn how advisors are evolving to attract wealthier clients.
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Key findings

  • 01

    Advisors adapt models for HNW clients

    Advisors who use models invest 55% of their HNW clients in model portfolios. Many of the models used for HNW clients include separately managed accounts (SMAs), private market and liquid alternative investments.

  • 02

    Advisors are missing opportunities to reduce clients’ taxes

    92% of advisors to HNW clients are often asked for tax guidance, yet only 17% consider after-tax returns a primary driver of portfolio decisions.

  • 03

    Millennial advisors are focused on growth and serving HNW

    Millennial advisors are more likely to offer HNW services including charitable giving and liquidity event planning. Their offerings align closely with what wealthier clients want, and their business priorities center on accelerating growth.

Advisors adapt models for HNW clients with SMAs and alternatives

Advisors serving HNW clients adapt their models to address tax positions, legacy holdings, liquidity needs and preferences for alternative exposures.



51%
of advisors who serve HNW clients include SMAs in their model portfolios
28%
of advisors who serve HNW clients include private markets in their model portfolios
24%
of advisors who serve HNW clients include liquid alternatives in their model portfolios
Partner with us to design HNW model portfolios Partner with us to design HNW model portfolios

of advisors say education on portfolio construction is very or extremely important when considering private market investments
Percentage

Advisors are missing opportunities to reduce clients' taxes

Many advisors are underserving HNW clients with respect to after-tax investing, which can compromise their competitive edge.

There are numerous strategies that can help improve after-tax outcomes. Advisors who do not use all of these are missing opportunities to deliver value to HNW clients.

Underused strategies missed opportunities chart
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Millennial advisors are focused on growth and serving HNW

Millennial advisors are more likely to offer key services for HNW clients chart
Offer more personalized services

Millennial advisors are more likely to offer sophisticated services that align with the bespoke planning needs of HNW clients, such as charitable giving, risk management and liquidity event planning.

Use HNW investment strategies

Millennial advisors lead the way in advanced solutions: 63% offer concentrated stock strategies, 55% provide direct indexing with tax management overlays and 52% deliver access to private markets.

Prioritize efficiency and growth

Millennial advisors are positioned for growth. Over the next 12 months, 59% expect to attract new clients, 40% aim to boost operational efficiency, and 21% plan to integrate innovative technology.

Attract and serve high-net-worth clients Attract and serve high-net-worth clients

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