Have you ever considered how individuals with significant wealth manage and grow their financial portfolios over time? In many cases, they work with private wealth management firms that specialize in serving high-net-worth and ultra-high-net-worth individuals. These firms offer more than standard financial planning—they provide structured strategies designed to reflect each client’s long-term goals, risk tolerance, and lifestyle considerations.
Rather than offering a one-size-fits-all approach, private wealth management firms focus on building personalized financial plans, combining investment management, estate planning, and tax efficiency. Clients in this wealth tier often seek firms that offer access to institutional-grade investment opportunities, integrated reporting, and multi-generational planning services.
As your financial needs become more complex, working with a provider of wealth advisory services may help you build, preserve, and transition wealth effectively. Whether you’re entering a new phase of wealth accumulation or looking to optimize your existing portfolio, partnering with an experienced wealth management team can help align your financial plan with your long-term priorities.
Table of Contents
- What is a Wealth Management Firm?
- What does a wealth advisor do?
- Top 9 Private Wealth Management Firms
- Investment Strategies
- Finding the Right Wealth Management Firms: What to Focus On
- How to Manage Your Wealth
What is a Wealth Management Firm?
A wealth management firm is a specialized financial services provider that helps clients manage, preserve, and grow their assets through a range of integrated financial strategies. These firms typically serve individuals and families with significant wealth and offer a comprehensive approach that goes beyond basic investment advice.
Services provided by private wealth management firms often include investment management, estate and tax planning, retirement strategy development, risk assessment, and long-term financial planning. These firms are structured to provide ongoing, personalized support, particularly for high-net-worth and ultra-high-net-worth individuals with complex financial needs.
As wealth increases, so does the complexity of managing it. That’s why wealth advisory services are often tailored to reflect the client’s specific financial objectives, family considerations, and long-term legacy plans. Advisors within these firms work collaboratively to align financial decisions with a holistic strategy designed to support sustained financial security across generations.
What does a wealth advisor do?
In the context of wealth management, a wealth advisor—also referred to as a wealth manager—plays a central role in helping individuals and families navigate complex financial decisions. These professionals offer personalized strategies that align with each client’s unique financial situation, objectives, and long-term goals.
A wealth advisor typically assists with financial planning, investment strategy, portfolio management, and retirement preparation. Their role often extends beyond investments to include estate planning, risk assessment, and charitable giving strategy. By coordinating with legal, tax, insurance, and accounting professionals, a wealth advisor can help ensure that each component of a client’s financial life is managed cohesively.
For individuals seeking high-net-worth wealth management, wealth advisors often contribute to legacy planning and multigenerational wealth transfer. This includes evaluating trusts, developing philanthropic strategies, and helping ensure wealth is preserved and structured appropriately for future beneficiaries.
The scope of wealth advisory services reflects the multifaceted needs of affluent individuals, offering integrated support across all aspects of wealth strategy, risk mitigation, and long-term financial planning.
Top 9 Private Wealth Management Firms
Here are the top wealth management firms:
1. 545 Group
For over four decades, the 545 Group has focused on serving the wealth management needs of entrepreneurs, private investors, multigenerational families, and family offices. The team manages over $45 billion in client assets for approximately 150 families. Their approach emphasizes client-specific strategies tailored to long-term preservation, growth, and legacy planning. Many of their clients value independent thinking and seek expertise to help navigate evolving financial markets while maintaining a multi-generational vision for their wealth.
2. The Polk Wealth Management Group
A division of Morgan Stanley Private Wealth Management, The Polk Wealth Management Group provides advisory services to ultra-high-net-worth individuals and family entities. The group integrates global insights with personalized strategies, operating with the depth and structure of a family office. With more than 370 collective years of experience at Morgan Stanley, the team supports clients in building customized plans for long-term wealth, philanthropy, and legacy objectives.
3. Kuttin Wealth Management
Headquartered in Hauppauge, New York, Kuttin Wealth Management operates as a franchise of Ameriprise Financial. Founded in 1994, the firm has expanded to include around 100 professionals across several locations. It manages over $11.3 billion in client assets and offers a comprehensive suite of services, including financial planning, investment advisory, annuities, insurance, and money management. The firm emphasizes a client-first approach and is also active in community-based nonprofit initiatives.
4. The 650 Team
The 650 Team at Morgan Stanley Private Wealth Management is based in San Francisco and Menlo Park. With over 120 years of combined experience and more than $14 billion in assets under management, the team serves entrepreneurs, executives, and long-term investors. They have advised on over 60 corporate liquidity events and provide access to Morgan Stanley’s global platform, combining portfolio design, risk management, and estate planning within a client-driven framework.
5. Team Global
Team Global comprises 25 professionals with experience in planning, investment management, and client services. The team oversees more than $13 billion in assets for a global client base that includes individuals, families, and businesses. Their approach involves developing long-term wealth planning strategies that account for legacy goals, income needs, philanthropy, and generational wealth preservation. Founding partners Ron Basu and Rachael Naylor each bring recognized industry experience to the team, supporting their collaborative planning model.
6. The Erdmann Group
A division of Merrill Lynch Private Wealth Management, The Erdmann Group serves high-net-worth individuals, families, and institutions with a range of customized wealth advisory services. These include personalized financial planning, investment management, and estate strategy. The team emphasizes long-term client relationships and transparent communication. Their digital platform offers educational materials, team insights, and access to service details designed to inform and support prospective clients.
7. Jones Zafari Group
With offices in Los Angeles, San Diego, Palo Alto, and Dallas, the Jones Zafari Group provides financial planning and investment strategies for individuals, families, businesses, endowments, and private institutions. As of March 2023, the team managed $28.8 billion in client assets. Their clients include a broad spectrum of professionals, executives, and business owners with portfolios ranging from $10 million to over $1 billion. The group offers services that support long-term financial planning, legacy goals, and cross-generational wealth management.
8. Mainsail Wealth Partners
Mainsail Wealth Partners operates within UBS Private Wealth Management, delivering a range of services such as alternative investments, business liquidity solutions, and philanthropic planning. The team supports high-net-worth clients including entrepreneurs, executives, and multigenerational families. Advisors and family office consultants such as Drew Freides, Michael Kanigher, and Steven Westerman work closely with clients to navigate estate complexity, business transitions, and investment planning using UBS’s global infrastructure.
9. The Fowler Bull Group
Based in Denver, The Fowler Bull Group is part of Morgan Stanley Private Wealth Management and serves clients primarily in the Mountain West region. The team works with individuals and families who have built significant wealth through business ventures, providing tailored investment strategies to preserve wealth and plan for multigenerational continuity. Their philosophy emphasizes tax-efficient planning, liquidity, and transparency, drawing from Morgan Stanley’s broader platform to support client goals through changing market cycles.
Investment Strategies
Active Investing
Active investing involves a hands-on approach where investors—or their portfolio managers—make frequent adjustments to holdings with the goal of outperforming market benchmarks. Unlike passive strategies that aim to track index performance, active investing relies on real-time market analysis, economic forecasts, and individual asset selection to make decisions.
This strategy may appeal to investors seeking more control and responsiveness in their portfolios. However, it also introduces a higher risk due to frequent trading and reliance on timing and judgment. Consistent performance and careful risk management are essential components of a successful active investment approach.
Diversification Strategies
Diversification helps build a more resilient portfolio by allocating investments across various asset classes, industries, and geographic regions. This strategy is designed to reduce exposure to risk associated with any single asset or market.
By spreading investments, diversification aims to offset losses in one area with gains in another. Wealth managers play a key role in helping clients determine the appropriate asset mix that aligns with their financial goals and tolerance for volatility.
Risk Management
Risk management in wealth advisory services focuses on identifying and mitigating risks that may affect portfolio performance. This includes market risk, interest rate risk, inflation risk, and geopolitical factors. Key strategies often include:
- Diversification across asset classes and sectors
- Use of hedging tools like options and futures
- Implementing stop-loss orders to minimize downside exposure
- Conducting stress testing to assess how portfolios perform in hypothetical adverse conditions
For high-net-worth individuals, proactive risk management is a foundational aspect of wealth preservation.
Long-Term Growth Opportunities
Long-term growth strategies focus on achieving capital appreciation over time. Private wealth management firms often use research and market analytics to identify sectors, companies, or geographies with strong potential for sustained expansion.
These strategies may include investing in innovation-driven industries, infrastructure development, or global opportunities aligned with emerging economic trends. A diversified, long-term approach allows investors to participate in growth while managing associated risks in line with their objectives.
Income Generation Strategies
Income-focused investment strategies are an important consideration for investors seeking reliable cash flow, particularly in retirement or during periods of reduced income activity. Wealth advisors develop plans tailored to deliver consistent income without compromising capital preservation goals.
Common income generation strategies include:
- Dividend Investing: Selecting established companies that issue consistent dividend payments to generate regular income
- Fixed-Income Investments: Allocating capital to bonds, treasury bills, and similar debt instruments that provide scheduled interest payments
- Real Estate Investments: Earning income through rental properties or by investing in Real Estate Investment Trusts (REITs) that distribute earnings
- Options Trading: Utilizing strategies such as writing covered calls to generate income through option premiums
- Income-Focused Mutual Funds: Investing in mutual funds that prioritize dividend- or interest-paying assets to deliver steady distributions
Finding the Right Wealth Management Firms: What to Focus On
When evaluating private wealth management firms, it’s important to assess several key criteria to ensure they align with your financial priorities and expectations.
Fees
Understand how the firm charges for its services. Look for transparency in fee structures and assess whether the firm’s incentives align with your financial interests. Clarify whether fees are based on assets under management, hourly rates, or commissions, and consider how that may influence the firm’s recommendations.
Experience and Expertise
A firm’s experience in managing high-net-worth portfolios plays a critical role in its ability to deliver strategic financial advice. Look into the firm’s history, qualifications of its team, and their familiarity with complex financial scenarios, including estate planning, risk mitigation, and multi-generational wealth management.
Resources
Consider whether the firm has the tools and infrastructure to support your specific needs. This includes access to a diverse range of investment products, tax planning resources, and a multidisciplinary team capable of addressing various aspects of your financial picture.
Track Record
Review how the firm has managed client portfolios over time. While past performance doesn’t guarantee future results, a consistent approach and well-documented strategy can reflect disciplined investment practices and client-centric planning.
Longevity
Choose a firm that demonstrates long-term stability and a clear commitment to ongoing client service. The ability to support your evolving financial goals over time—including retirement and legacy planning—often depends on the firm’s continuity and institutional strength.
How to Manage Your Wealth
Leading private wealth management firms support high-net-worth individuals in navigating complex financial decisions with tailored, multi-faceted strategies. These firms often bring together teams of financial advisors, tax specialists, and estate planning professionals to deliver comprehensive wealth advisory services that address a wide range of client needs.
Whether you meet the high-net-worth threshold or are working toward it, receiving strategic financial advice is key to protecting and growing your assets. Partnering with a financial advisor who understands your goals and can implement personalized strategies plays a critical role in achieving long-term financial stability and growth.
Frequently Asked Questions
Could you please explain what private equity is and how it varies from the usual modes of investment?
Private equity refers to capital investment made into private companies or used to acquire public companies with the intent of taking them private. These investments are typically made by private equity firms, funds, or groups of investors. Unlike traditional investments such as publicly traded stocks or bonds, private equity involves direct ownership and active involvement in a company’s operations, with the goal of enhancing value and eventually exiting the investment at a profit.
What points distinguish a private bank from a conventional retail one?
A private bank offers personalized financial services—including banking, investment advisory, and estate planning—to high-net-worth individuals. Unlike retail banks that serve the general public with standardized products, private banks focus on customized wealth management solutions, often delivered through dedicated advisors who manage more complex financial portfolios.
What do usual private banking services include, and who is their target market?
Private banking typically includes investment advisory, wealth planning, estate strategies, tax coordination, and concierge-level financial support. The primary audience for these services is high-net-worth individuals who require a more hands-on, tailored approach to managing their financial affairs and long-term objectives.
What exactly are hedge funds, and how is their structure defined?
Hedge funds are pooled investment vehicles that use diverse strategies—including leverage, derivatives, and short selling—to seek returns for accredited investors. Unlike mutual funds, hedge funds are less regulated, allowing more flexibility in asset selection and risk management. They often target institutional clients or high-net-worth individuals seeking alternative investment exposure.
Is it worth paying for wealth management or investing in wealth management?
The decision to engage with a wealth manager depends on your financial needs, the complexity of your assets, and your comfort managing them independently. For individuals navigating multi-faceted financial portfolios, estate planning, or tax strategies, working with a professional may provide structure and guidance that aligns with long-term goals.
