Wealth managers expand lifestyle offerings to capture UHNWs

UHNW-focused practices are more likely to offer concierge and lifestyle services.

Wealth managers have added concierge and lifestyle services in order to meet the demands of ultra-high-net-worth (UHNW) clients, according to a report by Cerulli.

The market intelligence firm found that UHNW-focused advisory firms are more likely to offer a catch-all category to meet the uber-rich’s non-traditional financial services demands. Over 1 in 2 or 58% of UHNW-focused practices offer concierge and lifestyle services, compared to 31% of the broader high net worth (HNW) market.

UHNWs are defined as those with $20m or more in financial assets.

“Advising across the entire balance sheet for families while providing access to specialist financial and nonfinancial services that client families may need allows advisory firms to unlock the most value for their wealthiest clients,” says Chayce Horton, associate director, Cerulli.

“For firms looking to serve as the core advisory provider to ultra-wealthy families, it is critical to deliver solutions that serve the client in every facet of their lives from wealth management to concierge services,” Horton said.

In the US, they account for nearly 24.7% of all financial assets despite only making up 0.3% of the country’s population in 2024.