The new arms race in wealth management: Winning the ultra-wealthy

Thomas Barwick | Digitalvision | Getty Images The wealth management industry is in the middle of a sweeping shift, as more firms move up the wealth ladder to serve the richest individuals and families. Technology, competition and industry consolidation are pressuring fees and profitability, experts say. At the same time, the population and fortunes of ultra-high net worth investors are soaring, data shows. To survive and grow, more wealth management firms are chasing the surging ranks of the extremely wealthy and their more profitable accounts. CNBC's inaugural Elite Advisors list for 2026 recognizes 25 firms that have extensive experience helping the wealthiest investors with their complex financial goals. Selected for their expertise in advising clients with investable assets of $25 million or more, the firms and advisors have the proven histories, products, services and expertise in solving the unique challenges of multigenerational wealth. More from CNBC Elite Advisors: Here's a look at more coverage of the CNBC Elite Advisors list of top investment advisors serving ultra-high net worth individuals and family offices: Their expertise comes at a pivotal moment. Soaring stock markets have fueled a historic wealth boom . The wealth of the top 1% — or those with a net worth of more than $14 million — has nearly doubled since 2019 to roughly $56 trillion, according to the Federal Reserve . …