High-net-worth clients want more than portfolios, AssetMark study confirms
Survey of 400 advisors finds a gap between client tax and wealth transfer needs and what practices offer, as the TAMP provider rolls out a new program
Independent financial advisors see high-net-worth clients as their biggest growth opportunity, but the ones already serving those clients are also worried about how to keep them, according to new research AssetMark released Monday.
The Concord, Calif.-based wealth management platform and TAMP provider surveyed 400 U.S. independent advisors and RIAs for its 2026 Advisor Insights: Private Wealth report. Nearly three-quarters (72 percent) said they already serve households with $1 million to $5 million, and two-thirds (64%) named that segment a leading source of future growth.
But 55% said they are very or extremely concerned about losing high-net-worth clients to large institutions or national brokerages. Another 52% expressed the same concern about clients moving to advisors with a broader menu of services.
AssetMark released its survey report as it launched AssetMark Private Wealth, a new program for advisors on its platform. The program combines financial planning, customizable portfolios and specialist support for tax management, private markets, cash and lending, and charitable giving.
Wealth in the U.S. is highly concentrated, which raises the stakes. The report cites Federal Reserve data showing the wealthiest 10% of U.S. households held nearly 69% of household net worth in the second quarter of 2026.
Where advisors fall short with wealthy clients
The survey points to a gap between what advisors think clients want and what their practices are set up to provide. Ninety percent of respondents said clients come to them for investment management. Eighty-three percent said clients also expect help with the rest of their financial lives.
Tax is the biggest gap. Sixty percent of advisors said clients expect tax management and planning, but only 26% offer it as a primary service. A similar picture emerged for tax optimization, with 52% saying clients expect it, even though just 23% make it a core offering. Legacy planning (47% versus 23%) and philanthropy (30% versus 18%) show the same pattern.
The results are consistent with a BlackRock poll of advisors chasing high-net-worth growth, which found advisors reshaping their practices around wealthier clients, leaning on tax management, private markets and more customized model portfolios to compete.
“Serving high-net-worth clients increasingly means looking across the full picture of their wealth,” said David McNatt, executive vice president and chief wealth solutions and strategy officer at AssetMark. “AssetMark Private Wealth brings planning and investment support together with specialized capabilities, giving advisors a scalable way to address tax, income, liquidity and legacy considerations while keeping advisors at the center of the client relationship.”
Larger practices feel the pressure most
Concern about retention rises with firm size. At practices with at least $250 million in AUM, roughly six in 10 advisors said they were highly concerned about losing HNW clients to giant institutions or brokerages, clients going to competitors with broader service menus, or losing assets when wealth changes hands. At smaller firms, the share ranged from 34% to 38%.
With respect to the ongoing wealth tsunami, 55 percent of advisors said they are very or extremely concerned that assets will leave when wealth passes to beneficiaries. Sixty-eight percent said they see heirs and the next generation as a growth opportunity.
“Advisors see wealth transfer as a pivotal moment: it can put a relationship at risk, but it can also open the door to the next generation,” said Michael Kim, president and CEO of AssetMark. “Building trust across a family takes more than managing a portfolio. It means understanding the family’s broader priorities and being part of planning conversations before assets change hands.
The wealthiest client relationships appear to be concentrated more among the larger firms. By AssetMark’s survey, 59 percent of practices with $250 million to $500 million in AUM serve households with $5 million to $30 million, as do 65% of firms with $500 million or more. That drops to 18 percent of firms below $250 million, which may help explain why 35 percent of those smaller practices see that segment as a growth opportunity.
Private markets interest grows while liquidity remains a concern
Alternatives continue to feature in how advisors compete for wealthy families. Ninety-one percent said access to private markets matters for differentiating client outcomes, unchanged from another 2025 survey by AssetMark.
Among advisors who don’t yet offer private investments, 42% said they are very likely to add them within 12 months, up from 25% a year earlier.
For those already offering private markets, the share citing high investment minimums as a challenge fell to 36% from 50%, while 34% cited limited product availability, down from 43% previously. Liquidity was also a significant challenge for 35% of respondents.
