How do I find an ultra-high-net-worth financial advisor?

1 min read by Rachel Carey Last updated October 4, 2024

Learn how to find an ultra-high-net-worth financial advisor. Or, if you want to speak to a financial advisor, answer a few questions below, and we’ll find the one best suited to meet your needs.

Summary 

  • An ultra-high-net-worth (UHNW) financial advisor is an advisor who specializes in helping the ultra-wealthy navigate their complex financial needs.  

  •  UHNW individuals typically have complex financial needs that require specialized guidance.   

What is an ultra-high-net-worth financial advisor? 

An ultra-high-net-worth (UHNW) financial advisor is an advisor who specializes in helping the ultra-wealthy, those with over $30 million assets, navigate their complex financial needs.  

While a financial advisor can guide you on all aspects of your finances, including tax, retirement, estate, and investment planning, a UHNW advisor also provides extra support for the intricate needs that come with a higher net worth, such as legacy planning, charity giving, and wealth growth.  

It’s also common for UHNW individuals to work with a team of financial advisors rather than just one.  

According to Altrata’s World Ultra Wealth Report 2024, there are currently 147,950 UHNW individuals in the US, making up a third of the global population.  

With the global UHNW population set to grow by 38% over the next five years, there is set to be a greater volume of individuals seeking ultra-high-net-worth financial advisors.  

Why do ultra-high-net-worth individuals need specialist advice? 

UHNW individuals typically have complex financial needs that require specialized guidance.   

While professional financial advice can benefit any individual, regardless of wealth level, getting expert advice is essential for the ultra-wealthy as it helps ensure they are managing their wealth properly while also following the letter of the law.  

Intricate tax planning, multiple sources of income, diversified investment portfolios, estate and legacy planning, and philanthropic pursuits are synonymous with these types of individuals. 

All of which require dedicated and knowledgeable attention to detail to ensure they are executed correctly.  

An UHNW financial advisor will create a personalized plan and strategy to guide these individuals through their complex financial landscape.  

What should you look for in an ultra-high-net-worth financial advisor? 

As UHNW individuals require financial advisors with specialized skills, it’s important to consider the following when choosing an advisor: 

  • The advisor’s previous experience 

Your advisor should have relevant experience related to your unique financial needs.  

For example, if you want your advisor to help with long-term planning, ensure they can show you examples of how they have helped previous clients in this area.  

They should also have a proven track record of working with UHNW individuals to ensure they fully understand how to navigate the complexities of managing larger sums of wealth. 

  • A personalized approach 

There is no one-size-fits-all solution when it comes to financial advice; what works for one person may not work for another.  

Your advisor should create a tailored, personal financial plan for you based on your specific requirements. 

When searching for an advisor, you should narrow down your choice to someone who can meet your unique needs.  

  • The right credentials 

When hiring an UHNW financial advisor, you want a professional, certified advisor you can trust.  

There are a number of certifications that you should look for when choosing an advisor, such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA).  

You should also ensure your advisor is regulated by the Securities and Exchange Commission (SEC) and acts as a fiduciary. This means they are legally required to act in your best interest and according to the SEC’s standard of conduct.  

How much should an ultra-high-net-worth financial advisor cost? 

How much your financial advisor costs will depend on a variety of factors, including your unique financial situation and your advisor’s experience, resources, and specialization.  

There are a few fee structures that are generally applied to the cost of financial advice, including: 

  • Assets under management (AUM): This is one of the most typical fee structures, with the advisor charging a percentage of your AUM. This usually ranges from 0.5% to 2%.  

  • Fixed or retainer fees: Your advisor may choose to charge a fixed fee or retainer. This cost will vary and can range from anywhere between $1,000 and $20,000 annually.  

  • Hourly fees: Advisors can also adopt an hourly rate, which is typically between $100 and $400 per hour. However, this fee structure is not commonly used by UHNW individuals.   

While your advisor may follow one of these fee structures, it’s wise to clarify their fees and other costs before agreeing to work with them.  

It’s also important to remember that as a UHNW individual, you may pay higher than usual fees due to the additional services and expertise required to manage your finances.  

How do I find an ultra-high-net-worth financial advisor? 

When managing a vast amount of wealth, finding the right financial advisor to meet your needs is crucial. The right financial advisor can help you reach your goals, effectively manage your income and taxes, and implement a plan for the future.  

However, this process can often be time-consuming and overwhelming.  

Unbiased takes the grunt work out of finding a financial advisor. Using our unique matching algorithm, we find the most suitable single advisor to meet your needs. You will then receive a free initial consultation to make sure they’re the right fit for you.  

Let Unbiased match you with an SEC-regulated financial advisor.   

Get started now.   

Senior Content Writer

Rachel Carey

Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.