By year-end 2024, Cerulli estimates the total financial wealth of all U.S. households exceeded $90 trillion, a 16% increase from 2023, buoyed by a second-straight year of strong equity growth, according to The Cerulli Report—U.S. Retail Investor Solutions 2025.

Although this growth was experienced across the wealth spectrum, it was especially prominent among high-net-worth (HNW) households with the highest relative exposure to soaring U.S. equity markets. In 2024, HNW households (those with at least $5 million in financial assets) were estimated to control $49 trillion of financial wealth, or 54% of the overall total. As this group grows—now at 3.4 million households, including more than 100,000 ultra-high-net-worth (UHNW) households with financial wealth of greater than $50 million—the HNW and UHNW market will become increasingly competitive for providers.

“As this group begins to look for financial partners that specialize in HNW services such as estate planning, family offices, and trust management, providers will need to closely examine these service offerings to progress multi-millionaire clients through their advice relationship to this next level, or else risk losing them to firms with a renewed commitment to the segment,” says John McKenna, research analyst.

As the HNW and UHNW categories grow, marketshare has receded among the affluent ($2m-$5m) and mass affluent ($500k-$2m). Together, these markets comprise an estimated 36% of households (17% and 19%, respectively), down from 38% at year-end 2023.

Cerulli finds retirement assets remain the largest asset class among mass-affluent customers, estimated at $31.9 trillion. While most of it is held in either individual retirement accounts ($16.7 trillion) or defined contribution plans ($11.7 trillion), there remains $3.1 trillion in funds that households still hold with previous employers.

“With $3 trillion currently housed in retirement accounts under previous employers, there is an opportunity for advisors to bring in these assets through IRA rollovers or guaranteed income plans,” says McKenna. “For households in their 60s, many of whom will be in retirement and have nearly $2 trillion in these accounts, rolling these assets into an IRA or a guaranteed income plan can provide greater investment and income flexibility while consolidating assets for more efficient and simplified investment management.”

Several firms have begun building out their wealth management capabilities to reach mass-affluent clients, confirming the growing interest in this wealth tier for personalized advice. “Since retirement plan participants are there by default through their employers, these firms have an incumbency advantage for investors with enough financial assets to merit a full-service advisory relationship,” says McKenna. “Targeted outreach to these clients based on age and/or asset levels can yield significant conversion rates of clients from 401(k) holders to full-service advisory relationships,” he concludes.