Services for High Net Worth Individuals

High net worth individuals—those with $1 million to $30 million in investable assets—require a level of financial sophistication that standard retail banking simply cannot provide. These clients face complex tax situations, multi-generational planning needs, and investment opportunities that demand specialized expertise and coordinated execution.

This article answers three critical questions: what services should high net worth individuals seek, how to evaluate and choose providers, and how these services protect and grow wealth through 2025 and beyond. Whether you’re navigating post-2020 market volatility, planning around SECURE Act 2.0 provisions, or preparing for the Great Wealth Transfer expected to move $124 trillion by 2048, understanding the full spectrum of available services is your starting point.

Core service categories for HNWIs include:

• Wealth management and discretionary portfolio management

• Tax, estate, and succession planning

• Family office and multi-family office support

• Alternative investments and specialized advisory

• Philanthropy and next-generation education

Understanding High Net Worth and Ultra-High Net Worth Segments

The financial industry segments wealthy clients into distinct tiers, and these distinctions matter for the services you’ll access. High net worth individuals typically hold $1 million to $5 million in liquid, investable assets. Very-high-net-worth individuals (VHNWIs) fall in the $5 million to $30 million range. Ultra high net worth individuals—those with $30 million or more—represent the apex of personal wealth and require the most comprehensive services.

Global HNWI population reached 22.8 million in 2024, holding approximately $86 trillion in assets. The U.S. dominates this landscape with 7.4 million individuals representing roughly 40% of the global total. UHNW individuals number around 243,060 globally with $33 trillion in assets, growing at 4.2% annually compared to 3.8% for the broader HNWI segment.

Service needs evolve as wealth grows. HNW clients typically focus on investment management, financial planning, and tax planning. As net worth increases into UHNW territory, clients add family governance structures, direct investments in private companies, and multi-generation wealth planning vehicles. The source of significant wealth—whether entrepreneurship, corporate careers, inherited wealth, or liquidity events from 2021-2022 IPOs and business sales—directly influences which specialized services become most relevant.

Key differences between HNWI and UHNW expectations:

• Level of personalization (UHNW expects fully customized solutions, not model portfolios)

• Reporting complexity (consolidated views across multiple custodians, currencies, and entity types)

• Access to private markets and co-investment opportunities

• Dedicated relationship teams versus shared advisor resources

• Family governance and next generation preparation needs

Core Wealth Management Services for High Net Worth Individuals

Wealth management sits at the center of services for high net worth individuals, integrating investments, planning, and risk management under one coordinated strategy. A capable wealth management firm delivers more than investment products—it orchestrates your entire financial life to support personal and business goals.

Discretionary portfolio management forms the foundation of wealth management services. For high net worth clients, this means diversified allocations across global equities, investment-grade and high-yield bonds, and typically 5-20% in alternative investments. Industry data shows average HNWI portfolio allocation at 45% equities, 20% fixed income, 15% alternatives, 10% cash, and 10% real assets. Your financial advisor should adjust these allocations based on your risk tolerance, time horizon, and liquidity requirements—not simply apply a one-size-fits-all model.

Personalized financial planning extends beyond retirement projections. Comprehensive services include liquidity planning for major events such as business purchases, real estate acquisitions, or education funding. Scenario analysis for different market conditions helps you understand how various outcomes affect your financial goals. A holistic approach connects investment strategies to cash flow needs, insurance coverage, and entity structures.

Risk management and asset protection become increasingly important as wealth grows. This includes liability insurance reviews (umbrella policies, professional liability coverage), concentrated stock hedging strategies for executives with significant equity compensation, and structuring assets in appropriate legal entities for protection. Consider a tech executive with a $10 million concentrated stock position from a 2019-2021 IPO—strategic asset allocation combined with hedging tools like prepaid variable forwards or exchange funds can reduce single-stock risk while maintaining upside potential and optimizing tax efficiency.

Tax, Estate, and Succession Planning Services

Tax efficiency and intergenerational planning rank among the highest priorities for high net worth individuals, particularly in high-tax jurisdictions like California, New York, the U.K., and parts of the EU. With federal estate taxes at 40% and state taxes adding additional burden, poor planning can erode wealth by 40-50% across generations.

Advanced tax planning for HNWIs addresses several dimensions. Multi-jurisdiction advice becomes essential for clients with assets in the U.S., Europe, and Asia. Core strategies include tax-loss harvesting (which can generate 1-1.5% annual tax alpha), strategic asset location across taxable and tax-advantaged accounts, and entity structuring for business owners. The current U.S. estate and gift tax exemption—approximately $13.61 million per person in 2024—is expected to sunset after 2025, potentially dropping by half. This creates urgency for trust and estate planning before the window closes.

What a private client law firm or wealth planner typically delivers:

• Drafting of wills, revocable trusts, and irrevocable trusts (including life insurance trusts)

• Family limited partnerships for asset protection and valuation discounts

• Cross-border estate structures for globally mobile families

• Powers of attorney for financial and healthcare decisions

• Charitable remainder trusts and charitable lead trusts for philanthropic giving

• QSBS planning for founders to exclude up to $10 million in capital gains

• Buy-sell agreements and staged ownership transfers for succession planning

Succession planning for business owners deserves particular attention. If you’re preparing for a sale or IPO within a 5-10 year horizon, start planning now. Strategies include staged ownership transfers to children or key management, structuring for business growth while minimizing future tax exposure, and establishing governance frameworks that protect family harmony during transitions. A trusted advisor coordinates these elements with your investment strategies and overall wealth planning.

Family Office and Multi-Family Office Solutions

A single family office typically serves families with $250 million or more in net worth, providing a dedicated team that manages all aspects of the family’s financial and personal affairs. For families in the $25 million to $250 million range, multi-family office (MFO) solutions deliver similar capabilities through shared resources and expertise.

Typical family office functions include:

• Consolidated reporting across banks, custodians, and investment managers

• Bill pay, cash-flow management, and household expense tracking

• Investment oversight and manager selection

• Administration of trusts, foundations, and family entities

• Coordination with external lawyers, accountants, and specialty advisors

• Concierge services for travel, property management, and lifestyle needs

Many high net worth clients under $100 million use “virtual family office” or multi-family office models, gaining institutional-grade services without building a full in-house team. A full family office can cost $1-5 million annually to operate—resources better deployed elsewhere for most HNWI families.

2020-2025 trends in family offices show increasing professionalization, with families hiring top talent from institutional investment backgrounds. Adoption of specialized software for data aggregation has accelerated, as has focus on ESG and impact investing mandates. Single family offices increasingly serve as platforms for direct investments and co-investments alongside private equity firms.

How a family office engagement typically works:

• Quarterly investment committee meetings with detailed performance attribution

• Annual family council meetings to discuss governance, distributions, and family values

• Written governance charters documenting decision-making authority and policies

• Regular coordination calls between all advisors (investment, tax, legal, insurance)

• Education programs for next generation family members

• Philanthropy coordination and impact measurement

Specialized Services: Alternative Investments, Art, Real Estate, and Philanthropy

Many high net worth individuals seek services extending beyond traditional investments in stocks and bonds. Growing interest in private equity, hedge funds, private credit, collectibles, and impact-oriented giving drives demand for specialized expertise.

Alternative investment services include sourcing and due diligence on private equity and venture funds, hedge funds, co-investment opportunities, and direct deals. UHNW individuals typically allocate 30% or more to alternatives, targeting 12-15% returns from private equity and venture capital. In 2024-2025, allocations increasingly include private credit and real assets as inflation hedges. Investing involves risk, and illiquid alternatives carry approximately 15% failure rates—proper due diligence and portfolio construction matter enormously.

Art advisory services encompass building a collection strategy aligned with personal interests and investment objectives, vetting works at major auction houses like Christie’s and Sotheby’s, arranging secure storage and appropriate insurance coverage, and planning for eventual sale or donation with tax optimization. For wealthy family collections exceeding $10 million, dedicated art advisors coordinate with estate planners on strategies for charitable giving or intergenerational transfer.

Real estate advisory covers acquisition of primary and secondary residences, income-producing properties, and cross-border holdings. A family with a London pied-à-terre and U.S. vacation home needs coordinated tax and legal advice across jurisdictions. Other services include 1031 exchange strategies for deferring capital gains, opportunity zone investments, and real estate entity structuring.

Philanthropy advisory helps families define a giving strategy, set up donor-advised funds or private foundations, implement impact measurement frameworks, and align gifts with family values and legacy goals. Whether you’re making long-term commitments to universities, medical research foundations, or community organizations, a lasting impact requires strategic planning. Charitable giving also delivers significant tax benefits when structured properly, with philanthropic giving through remainder trusts or foundations creating multi-generational tax efficiency.

Next-Generation, Education, and Governance Services

A major objective for HNW and UHNW families in the 2020s is preparing future generations to inherit and manage wealth responsibly. Studies indicate that 40% of wealth transfers involve family disputes—proper preparation dramatically improves outcomes for preserving wealth across generations.

Next-generation education services start early and evolve with age. For teens, financial literacy programs introduce budgeting, compound interest, and the basics of investing. Young adults benefit from investment “shadow portfolios” where they make simulated decisions with real market feedback. Curated peer networks and forums around entrepreneurship and impact investing connect next generation family members with others facing similar circumstances and opportunities.

Family governance services establish frameworks for family decision-making and wealth stewardship. Key elements include:

• Creation of a family constitution documenting shared values, mission, and principles

• Establishment of a family council with defined membership and authority

• Annual “family meeting weekends” combining education, relationship-building, and governance

• Documented policies on distributions, loans, employment in family business, and philanthropy

• Conflict resolution mechanisms before disputes arise

Cross-border and multicultural considerations add complexity for globally mobile families. Governance structures must accommodate members residing in the U.S., Europe, and Asia, navigating differing legal regimes and cultural expectations around wealth, inheritance, and family roles.

Consider a practical example: A family’s grandparents created wealth through a manufacturing business in the 1980s, now valued at approximately $200 million. Gen X and Millennial heirs in 2025 span three countries and multiple family branches. The family engages governance and education advisors to establish a formal family council, create an investment committee including qualified family members, and implement a structured program preparing the next generation for eventual leadership. This deeper level of planning protects both the assets and the family relationships that matter most.

How to Choose Service Providers as a High Net Worth Individual

High net worth individuals can work with private banks, independent registered investment advisors (RIAs), multi-family offices, or a combination of providers. The right structure depends on your financial needs, complexity of your situation, and desired level of control over your wealth.

Key evaluation criteria for providers:

Questions to ask during due-diligence meetings:

• “How do you coordinate tax, estate, and investment planning across my entire wealth picture?”

• “What percentage of your clients have over $10 million in investable assets?”

• “How are you compensated on private funds, structured products, and referrals to other services?”

• “Can you show me a sample reporting package for a client with similar complexity to mine?”

• “What happens if my primary advisor leaves the firm?”

Compare at least two or three providers before making a decision. Review sample reporting packages that show consolidated performance, risk metrics, and multi-currency holdings. Meet the broader team who will support your relationship, not just the lead advisor. Given that 70% of high net worth clients use multiple advisors, clarify how providers will coordinate—or whether you need a central coordinator such as a family office or lead wealth manager.

The best interests of your family should guide every provider decision. Independent RIAs with fiduciary duty offer transparency and reduced conflicts, typically charging 0.5-1% in fees. Traditional private banks provide global scale and proprietary deal flow but may push in-house investment products. Multi-family offices deliver comprehensive solutions at reasonable cost but require you to share resources with other families.

The right mix of services—spanning wealth management, tax and estate planning, family office support, specialized advisory in areas like alternative investments and philanthropy, and next-generation education—creates a framework that preserves wealth while aligning it with your family’s values through the coming decades.

Start by evaluating your current provider relationships against the criteria outlined above. Identify gaps in coordination, expertise, or personalized strategies. Schedule consultations with at least two or three potential providers, coming prepared with specific questions about their experience, compensation, and approach to serving high net worth clients.

Your wealth represents decades of work, disciplined decisions, and often family legacy. The services you choose to protect and grow that wealth deserve equally thoughtful consideration.