U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2023
The Evolution of Service Delivery
Gain Insight into the Private Wealth Industry
- Determine how asset managers are engaging with professional buyers in the HNW space
- Evaluate shifting product and portfolio construction trends among HNW investors as they demand more customized, sustainable, and tax-efficient portfolios
- Understand evolving service and technology preferences among the next generation of HNW investors, including winning business models and best practices to engage clients
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Summary
This report provides insights and comprehensive analysis into the private wealth industry, focusing on high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals. Attention is given to the unique characteristics of investors with greater than $5 million in investable assets, including market sizing and growth trends, portfolio construction, product and service demands, and best approaches for both wealth management and asset management providers looking to attract and retain wealthy investors and their families.
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A Note from the Author
The Services and Solutions That Matter Most to HNW Investors
Chayce Horton
Senior Analyst
Bio →
Chayce Horton
Senior Analyst
Chayce is a member of the Wealth Management team at Cerulli and contributes primarily to the U.S. Private Banks and Trust Companies and U.S. High-Net-Worth and Ultra-High-Net-Worth Markets annual reports. His analysis covers the wealth and asset management industries that serve high-net-worth (HNW) investors and families. Chayce also provides analyst support to strategic consulting projects in the wealth management space and contributes to The Cerulli Edge series.
Previously, Chayce has experience working in enterprise data governance, government affairs, and business banking at multiple global financial institutions.
Full biography here.
The expansion of the high-net-worth (HNW) demographic has sparked a robust and continuous surge of competition among wirehouses, private banks, broker/dealers, registered investment advisors, and other providers. Wealth managers vying to cater to this demographic have grown their service offerings to meet enhanced expectations and needs from this clientele.
According to our research, every single investment management service has become commonly offered by HNW practices in the past six years, with alternative manager search and selection (78%) and internally managed hedge funds or funds of funds (32%) among those growing the quickest. Planning services are also on the rise, with estate planning (70%) and tax planning (45%) cited as the fastest-growing service areas.
Cerulli expects that HNW and UHNW client demand for more complex levels of service from their intermediary partners will continue for years to come as HNW investors transfer and transition assets. From increasingly nuanced investment management services to more comprehensive and specialized family office and planning services, every arena of high-end private wealth services will see heightened competition.
To learn more, access The Cerulli Report—U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2023, your go-to guidebook to the private wealth industry.
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