America is minting "everyday millionaires" faster than ever before — 1,000 per day in 2024, according to the UBS Global Wealth Report 2025.
But for many people, having a seven-plus-figure net worth doesn't necessarily translate into feelings of financial security.
In fact, according to Northwestern Mutual's Planning & Progress Study, only one-third (32%) of American millionaires consider themselves "wealthy," and nearly half (48%) say their financial planning needs improvement.
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This may seem like a paradox — despite having sufficient assets, high-net-worth (HNW) individuals often feel vulnerable.
The concern, however, is not so much about having enough money, but about managing it effectively and passing it along to the next generation efficiently and thoughtfully.
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This represents a huge opportunity for advisers interested in serving the HNW market.
But attracting and retaining HNW clients is no simple task. It requires a full complement of tools, services, expertise and skillsets to address these clients' sophisticated planning needs.
Whether an adviser is looking to bring in a new HNW client or support an existing one entering the HNW space, here are four actionable strategies they can implement to build that initial trust and deliver lasting value.
1. Elevate your capabilities
Wealthy clients have come to expect increasingly sophisticated financial planning solutions. They want an adviser who can offer a wide breadth of specialized skills and capabilities. Of course, they want a full suite of investment solutions — with access to alternative investments, separately managed accounts, direct indexing and more.
But they also want risk management, tax planning, business planning, family office services, legacy planning guidance, charitable giving advice and advanced banking capabilities.
These are nonnegotiable for many wealthy individuals today, and failing to deliver on them can be the difference between landing a client and losing their business.
But it's not enough for advisers to simply offer these products and services. They need to back it up with expertise to skillfully execute them. This is where continued education and advanced professional credentials become critical.
Obtaining designations like Certified Private Wealth Advisor® (CPWA®) and Tax Planning Certified Professional® (TPCP®), among others, not only deepen your subject matter expertise but instill confidence in HNW clients who seek that extra layer of credibility.
2. Deliver a comprehensive planning experience
It's not uncommon for HNW clients to work with multiple financial professionals — each managing a separate piece of their wealth puzzle. But this fragmented approach can be inefficient and deliver suboptimal results.
That's why more wealthy clients are seeking a one-stop-shop experience where all the different elements of their financial plans (investments, insurance, estate planning, etc.) are elegantly woven into one comprehensive strategy.
At the center of it all, they are looking for a trusted adviser to act as their financial quarterback — someone who understands the full scope of their financial lives and can serve as a point person to orchestrate a seamless, integrated plan.
To be successful in this market, aspiring HNW advisers need to clearly show how the different pieces of a comprehensive financial plan work together and help clients achieve their goals.
3. Build a strong, diversified team
To deliver the comprehensive planning experience HNW clients are looking for, you need to have the right team in place.
This means hiring talented people from diverse backgrounds — including highly credentialed investment professionals, experienced financial planners, tax and insurance experts and support players with top-notch soft skills.
The key is to build a strong, well-rounded team prepared to help clients with any situation that might arise in their lives — and do it with the level of white-glove service wealthy clients expect.
Some firms offer advisers access to specialized capabilities that reside within their corporate headquarters, which is a valuable benefit to advisers moving into the HNW space.
At Northwestern Mutual, for example, we have a dedicated team of sophisticated planners, as well as legal and tax professionals, advisers can tap for support when building bespoke plans to address HNW clients' complex goals and needs.
We also encourage advisers to participate in joint-work with their fellow advisers, where they can learn and work alongside national leaders who have more extensive experience serving the HNW market.
Advisers can also establish their own relationships with law firms, accounting firms and others to bring those specialized skills to clients and ensure there are no gaps in the planning experience.
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The most successful advisers I see working with HNW clients have strong, diverse networks around them that complement and deepen their team's capabilities. Teams have even hired concierge leaders from the hospitality industry to ensure their HNW client experience provides the service clients expect.
Just be sure to remain in the role of team captain, aware of all that is happening, to deliver an efficient and tailored experience for the client.
4. Prioritize family wealth education
Eighty-four percent of HNW clients are interested in expanding their financial knowledge. Embrace your role as a teacher. Affluent families are increasingly saying the challenge isn't just managing money — it's preparing the next generation to inherit it.
That requires education and open conversations about how wealth is structured, how it aligns with the family's values and how to sustain it responsibly.
That's easier said than done. Money is the taboo topic in America. Many clients avoid conversations about finances with loved ones knowing, at times, they can be uncomfortable and emotional.
But generational wealth is not indefinite wealth. Most affluent families (70%) lose their accumulated wealth by the second generation, and the majority of millionaires say they are "self made." So, it's critical for HNW clients to involve their adult children and other heirs in planning conversations early and often.
More and more, we are seeing HNW clients place a premium on advisers who can help them navigate these difficult discussions. They highly value having a trusted partner with a deep understanding of their unique family dynamics, able to coach their families through both the technical and psychological aspects of financial planning.
By embracing this role, advisers have the unique opportunity to build trust and relationships that span generations.
Looking ahead
The wealth management industry is undergoing a profound transformation. Sophisticated planning strategies once reserved for ultra-high-net-worth individuals with $100 million or more in assets are now considered table stakes for clients with a tenth of that level of wealth.
At the same time, the advancement of digital tools has made these services more accessible for clients across all segments.
As the playing field levels, advisers are facing more competition than ever before in the HNW market. Our advisers have found great success in this environment by focusing on organic growth and forming deep relationships with clients of great potential before those clients grow into the highly competitive HNW market.
To stand out, advisers need to go beyond offering investment products and deliver a truly exceptional planning experience. HNW clients are looking for someone they can trust to understand their full financial picture, guide them through difficult decisions and help them leave a legacy that endures.
Advisers who meet the moment by delivering on this trust will ultimately win the client relationships that stand the test of time and be best positioned to not just compete, but thrive in the HNW market.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries, including Northwestern Long Term Care Insurance Company (NLTC), Northwestern Mutual Investment Services, LLC (NMIS) (Investment Brokerage Services), a registered investment adviser, broker-dealer, and member of FINRA and SIPC, and Northwestern Mutual Wealth Management Company® (NMWMC) (Investment Advisory Services), a federal savings bank. NM and its subsidiaries are in Milwaukee, WI. Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of Northwestern Mutual Wealth Management Company (NMWMC) are credentialed as NMWMC representatives to provide advisory services.
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