The No. 1 question ultra-high net worth families should ask a financial advisor

PhotoAlto | Sigrid Olsson | Getty Financial advisors increasingly want to add the super-rich to their client lists. Not only do ultra-high net worth households offer a level of cachet to financial advisors , but there's also growing demand for advice from this client segment, according to experts. There were about 442,000 households with $20 million or more in financial assets as of 2024, according to the latest data from Cerulli Associates, a consulting and market research firm. They represent about 0.3% of the U.S. population. Those households collectively held $22.5 trillion of investable assets, accounting for nearly 25% of such wealth across all U.S. households — up substantially from a 10% share in 2010, according to Cerulli. "High net worth is the holy grail in many ways" for financial advisors, said Vlad Golyk, a partner at McKinsey & Co., who leads the consulting firm's wealth management practice in North America. "The money is sticky, and there's prestige as well," he said. 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: However, not all financial advisors are well suited to work with ultra-high net worth households, experts said. …