The wealth management industry has long focused on high and ultrahigh net worth clients to boost profitability. Despite their scale, the largest firms are struggling to increase average client wealth. Some exceptions like Savant Wealth Management and EP Wealth Advisors have seen success through strategic partnerships and service expansion.

Experts attribute slower growth in assets per client to the “law of large numbers,” making it challenging for firms managing clients with $100 million+. Shrewd acquisitions and personalization decisions have helped firms like EP Wealth improve average client wealth. Firms that rely too heavily on scale without specialization may offer a commoditized experience and face challenges in long-term growth.

Data from the SEC’s Investment Adviser Information Reports between December 2021 and 2025 shows that the largest RIAs have increased client counts, but average assets per client have declined for some firms. Firms like Aspiriant have seen a decline in average assets per client despite an increase in client count, raising concerns about long-term growth strategies.

Read more at Yahoo Finance: Giant RIAs lose ground in battle for HNW and UHNW concentration