Introduction
In 2026, the landscape for high-net-worth investment is evolving rapidly, with firms like Hillspire and Mercer Advisors redefining wealth management. As the ultra-wealthy seek increasingly personalized solutions, the rise of registered investment advisors (RIAs) and specialized family offices is reshaping industry standards. This guide explores the latest rankings, fee structures, and strategic considerations for selecting the best investment firms for high net worth individuals.
With $12.8 trillion in assets under management (AUM) across RIAs and a 14% year-over-year increase in client assets, 2026 marks a pivotal year for wealth management innovation. Whether you’re a high-net-worth individual (HNWI) or an ultra-high-net-worth individual (UHNWI), understanding these trends is critical to aligning your financial goals with expert guidance.
Table of Contents
- 2026’s Top Investment Firms for High Net Worth
- The Rise of Family Offices: Hillspire and Beyond
- RIA vs. Traditional Advisors: Which Fits Your Wealth?
- How to Choose the Right Investment Firm
- 10 Key Facts About 2026 Wealth Management Trends
- Fee Structures and Minimum Assets
- Regional Specialization: Why Location Matters
- FAQ: Your High-Net-Worth Investment Questions Answered
2026’s Top Investment Firms for High Net Worth
CNBC’s inaugural Elite Advisors 2026 list recognizes 25 firms specializing in ultra-high-net-worth (UHNW) clients and family offices. These include Mercer Advisors, Cerity Partners, and Cresset, which collectively serve over 70% of their client base in high-net-worth (HNW) and ultra-HNW categories. Their selection criteria emphasize expertise in complex financial goals such as intergenerational wealth transfer and private equity access.
The 2026 rankings differ from the 2025 Financial Advisor 100 by prioritizing innovative wealth planning for ultra-wealthy families. Notably, 12 of the 25 firms on the 2026 list were not included in 2025 rankings, reflecting a shift toward RIAs and family office specialists. This change aligns with the growing demand for fiduciary advisors who can navigate complex regulatory landscapes and global market volatility.
How the 2026 Rankings Differ From 2025
While the 2025 rankings emphasized client satisfaction and portfolio performance, the 2026 list prioritizes innovative wealth planning for ultra-wealthy families. Notably, 12 of the 25 firms on the 2026 list were not included in 2025 rankings, reflecting a shift toward RIAs and family office specialists. This change aligns with the growing demand for fiduciary advisors who can navigate complex regulatory landscapes and global market volatility.
The 2026 list also introduces a new category for multigenerational wealth planning, with firms like CapWealth and St. Louis Private Bank leading in estate succession strategies. Mercer Advisors, for example, now offers a dedicated Legacy Planning Council for clients with $50+ million in assets, a feature absent in 2025 rankings.
The Rise of Family Offices: Hillspire and Beyond
Family offices are becoming the gold standard for ultra-wealthy clients, with 32% of RIAs now offering tailored services. Hillspire, the family office of Eric and Wendy Schmidt, leads the pack with over $500 million in disclosed deal activity since 2024. These entities provide exclusive access to private equity, venture capital, and tax-advantaged investments, often requiring minimum assets of $50 million.
Other notable family offices include Chrysler Foundation and Bezos Family Foundation, which manage assets for multi-generational wealth transfer. Their services extend beyond investment management to include philanthropy, estate planning, and global asset diversification. For UHNWIs, family offices reduce reliance on traditional banks and offer greater control over financial decisions.
Case Study: Hillspire’s Impact
Hillspire’s 2026 portfolio includes $250 million in clean energy investments and $250 million in biotech ventures. By leveraging Eric Schmidt’s influence in Silicon Valley, the firm has secured early-stage access to AI and quantum computing startups. This strategy aligns with the 2026 trend of impact investing, where UHNWIs prioritize environmental and social governance (ESG) metrics.
RIA vs. Traditional Advisors: Which Fits Your Wealth?
Registered investment advisors (RIAs) now manage $12.8 trillion in assets, with top firms seeing a 14% annual increase in client assets. This growth contrasts with traditional banks, which often prioritize scale over customization. RIAs like SWA Wealth and UVEST cater to HNWIs with $5–$50 million in assets, while UHNWIs typically seek larger firms like CapWealth or St. Louis Private Bank.
Traditional advisors may offer broader services but often lack the agility of RIAs. For example, J.P. Morgan Private Bank serves 15,000+ UHNW clients but charges 1% of AUM for estates under $50 million. In contrast, RIAs frequently offer flat-fee models or customized pricing for estates exceeding $100 million.
Why Choose an RIA?
RIAs provide three key advantages: fiduciary duty, personalized service, and flexible fee structures. Unlike traditional advisors, RIAs are legally obligated to act in their clients’ best interests. For instance, CapWealth offers a Fee-For-Service model, where clients pay for specific services (e.g., tax planning) rather than a percentage of AUM.
How to Choose the Right Investment Firm
The No. 1 question ultra-high-net-worth families should ask a financial advisor is: “Do you align with my complex financial goals?” This query, highlighted in CNBC’s research, ensures the advisor prioritizes your specific needs—whether tax optimization, private equity access, or intergenerational wealth transfer. Firms like Cerity Partners and Hillspire emphasize this alignment through dedicated wealth councils and fiduciary oversight.
Key selection criteria include:
- Minimum assets under management (typically $5–$50 million for HNWIs, $50+ million for UHNWIs).
- Fee structures (1% of AUM for HNWIs vs. flat fees for UHNWIs).
- Proven expertise in tax-efficient strategies (78% of UHNW clients prioritize this).
Due Diligence Checklist
Conduct due diligence by requesting client testimonials, case studies, and fee disclosures. For example, St. Louis Private Bank publishes annual performance reports for clients with $100+ million in assets. Mercer Advisors offers a Wealth Planning Scorecard, which evaluates a firm’s ability to meet complex goals like estate tax minimization.
10 Key Facts About 2026 Wealth Management Trends
CNBC’s 2026 Elite Advisors List
Recognizes 25 firms for UHNW clients, including Mercer Advisors and Hillspire. This list focuses on complex wealth planning, contrasting with the 2025 rankings.
Mercer Advisors’ Client Base
Over 80% of Mercer Advisors’ clients have $10+ million in assets, with 40% exceeding $50 million. Their services include bespoke philanthropy and private equity access.
Hillspire’s Deal Activity
Eric and Wendy Schmidt’s family office disclosed $500 million+ in deals in 2026, focusing on clean energy and biotech ventures.
RIA AUM Growth
RIAs managed $12.8 trillion in assets in 2026, a 14% increase from 2025. Top RIAs like UVEST saw a 22% YoY client asset growth.
Fee Structures
HNWIs typically pay 1% of AUM, while UHNWIs may opt for flat fees or performance-based models. Mercer Advisors charges $5,000/month for estates under $100 million.
Family Office Expansion
32% of RIAs now offer family office services, a 9% increase from 2025. These services include estate planning and global tax optimization.
Minimum Assets
Most elite firms require $5–$50 million for HNWIs and $50+ million for UHNWIs. Hillspire’s minimum is $100 million.
Client Needs
78% of UHNW clients prioritize tax optimization, while 65% seek intergenerational wealth transfer solutions. Private equity access ranks third at 52%.
Controversy
Critics argue that larger RIAs may sacrifice personalization. For example, CapWealth serves 1,500+ clients but offers fewer face-to-face meetings than smaller firms.
Regional Specialization
Top firms like St. Louis Private Bank specialize in Midwest clients, while CapWealth targets California’s tech entrepreneurs.
Fee Structures and Minimum Assets
| Firm | Minimum Assets | Fee Structure |
|---|---|---|
| Mercer Advisors | $5 million | 1% of AUM or flat fee |
| Hillspire | $100 million | Customized, performance-based |
| Cerity Partners | $10 million | 1% of AUM |
FAQ: Your High-Net-Worth Investment Questions Answered
What are the minimum assets required to work with a firm on CNBC’s 2026 Elite Advisors list?
Most firms on the 2026 list require a minimum of $5 million for HNWIs and $50+ million for UHNWIs. Mercer Advisors, for example, starts at $5 million, while Hillspire requires $100 million.
How do family offices like Hillspire differ from traditional wealth management firms?
Family offices provide tailored services such as private equity access, intergenerational wealth transfer planning, and exclusive philanthropy opportunities. Unlike traditional firms, they often operate as independent entities with dedicated teams for each client family.
What questions should high-net-worth individuals ask when selecting an investment advisor?
The No. 1 question is: “Do you align with my complex financial goals?” Other critical questions include: “What is your fee structure?” and “Can you provide references from similar clients?”
Why are RIAs becoming a preferred choice for ultra-wealthy clients?
RIAs offer personalized service, fiduciary oversight, and flexible fee structures. Their focus on client-specific needs and innovative wealth strategies (e.g., tax optimization) appeals to UHNWIs seeking agility over scale.
How do fee structures vary between high-net-worth and ultra-high-net-worth services?
HNWIs typically pay 1% of AUM, while UHNWIs may opt for flat fees or performance-based models. For example, Mercer Advisors charges $5,000/month for estates under $100 million.
What role do private equity and tax optimization play in UHWNIs’ portfolios?
78% of UHNW clients prioritize tax optimization, and 52% seek private equity access. These strategies help reduce tax liabilities and diversify investments beyond traditional markets.
Conclusion
The 2026 landscape for high-net-worth investment is defined by innovation, specialization, and a shift toward RIAs and family offices. With $12.8 trillion in assets under management and a 14% annual growth in client assets, the sector is more competitive than ever. Whether you’re a HNWI seeking tax-efficient strategies or a UHNWI requiring bespoke family office services, aligning with a firm that matches your financial complexity is essential.
From Mercer Advisors’ integrated wealth planning to Hillspire’s private equity ventures, the top firms of 2026 prioritize agility, fiduciary responsibility, and client-specific goals. As the demand for personalized solutions grows, selecting a firm that offers both expertise and transparency will be critical to long-term success.
