Key Question Ultra‑High‑Net‑Worth Families Must Pose to Financial Advisors

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Financial advisors are increasingly targeting ultra‑high‑net‑worth households for new clients. These households not only enhance an advisor’s prestige but also represent a growing demand for specialized financial guidance, experts say.

In 2024, Cerulli Associates reported roughly 442,000 households holding $20 million or more in investable assets, comprising about 0.3 % of the U.S. population.

Together, these households control $22.5 trillion in investable assets, representing nearly 25 % of total U.S. wealth — up from just 10 % in 2010, according to Cerulli.

Vlad Golyk, a McKinsey & Company partner who heads its North American wealth‑management practice, notes that high‑net‑worth individuals are often seen as the “holy grail” for advisors.

He added that such clients bring both stable revenue and status to advisory firms.

The No. 1 question: Am I an ‘outlier’?

Financial experts advise ultra‑high‑net‑worth families to pose a pivotal question when evaluating potential advisors.

“The first question should be: ‘Here’s a snapshot of my financial situation. What services can you provide, and what experience do you have with clients like me?’” said Chayce Horton, an associate director at Cerulli Associates.

Horton emphasizes that the phrase “like me” matters, as ultra‑high‑net‑worth households have diverse and complex needs.

For instance, a family might own a large manufacturing business, or a 35‑year‑old engineer could hold $35 million in stock options of an upcoming IPO — both illustrating complex, individualized circumstances, he said.

Similarly, Golyk noted that ultra‑wealthy clients typically avoid being an outlier within an advisory firm’s roster.

In short, they should aim to be neither the firm’s largest nor its smallest client, Golyk added.

Services that advisors to the ultra-wealthy offer

Ultimately, much of what advisors provide to ultra‑wealthy clients goes beyond conventional portfolio management, Horton said.

Typically, such clients require advisors who can manage intricate financial matters and plan for intergenerational wealth, including tax, estate, and trust strategies, as well as business and philanthropic guidance, experts note.

Family governance is a central concern, experts said.

Finding a firm capable of serving multiple generations at once is essential, Horton said.

This expertise extends beyond technical, financial, and administrative aspects of estate and tax planning, trust management, and wealth transfer across generations; it also involves acting as a mediator or family therapist, Horton said.

For example, parents may possess $50 million that their children may or may not be aware of, and the next generation may or may not inherit it. The younger cohort might need guidance on establishing a family trust, structuring it tax‑efficiently, and communicating those decisions, he said. Alternatively, the family might need to plan leadership succession for a business, he said.

Such scenarios are emotionally challenging for advisors, Horton said.

Firms need not provide every service internally — they can outsource — but the final outcome must be seamless for the client, Golyk said.

Two more important questions to ask a prospective advisor are:

• How do you implement tax and estate planning? Since wealth transfer represents a major source of value for ultra‑high‑net‑worth advisors, this question reveals whether they truly understand the complexities involved, Golyk said.
• What is your succession plan? Families often engage with senior advisors who lead teams, yet they may retain an institution for decades; thus, the long‑term availability of that advisor is a critical consideration, Golyk said.

The manner in which an advisor responds can be as telling as the answer itself; the most effective advisors answer openly, whereas defensive replies may signal a poor fit, he said.

“I want to be confident that the team is highly professional, serves clients similar to me, manages complex structuring and asset transfer, and plans ahead for my children, grandchildren, and future generations — taking care of everything,” Golyk said. “That’s the outcome I aim to achieve.”

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