BlackRock: Millennial Advisers Lead Industry Shift Toward High-Net-Worth Clients

The advisory industry is transforming, as wealth consolidates among the richest U.S. households and Millennial advisers take the lead on growth and expanding their high-net-worth clients, according to BlackRock’s inaugural Advisor Trends Survey, published Wednesday.

According to the survey, nearly 54% of U.S. household financial assets are now held by high-net-worth and ultra-high-net-worth families, up from 27% 10 years ago. Millennial advisers are recognizing the growth potential in the sector, according to the survey. They are providing high-net-worth clients with model portfolios, now being used as essential and customizable tools, according to the survey. Nearly 80% of surveyed advisers, including 87% of Millennial respondents, said using model portfolios helps them spend more time with complex or high-net-worth clients.

Compared with Generation X and Baby Boomer advisers, Millennial advisers reported being more likely to prioritize growth, operational efficiency, and the use of sophisticated investment and tax strategies such as concentrated stock solutions.

The survey found Millennial advisers were also more likely to offer sophisticated key services for high-net-worth clients. For example, 67% of Millennial advisers offer risk management services for high-net-worth clients, compared with 58% of Generation X advisers and 50% of Baby Boomers.

Customization of model portfolios is also on the rise. More than half of advisers of high-net-worth clients who use model portfolios in their practice said they utilize separately managed accounts, and more than 30% reported incorporating alternative investments, including private markets or liquid alternatives, in their model portfolios.

“Our research shows advisers are increasingly customizing model portfolios with SMAs and private markets to meet the complex needs of wealthy clients. However, the findings show there is a notable gap in what clients are saying they need help with and what advisers are offering,” Jaime Magyera, head of BlackRock’s U.S. wealth and retirement businesses, said in a statement. “The advisers positioned to grow will be the ones who create capacity for deeper relationships and modernize how they deliver investment, planning and retirement outcomes.”

BlackRock’s 2026 Advisor Trends Survey was conducted by Escalent, an independent research firm, between August 22 and September 7, 2025. More than 1,000 U.S. financial advisers participated, and 92% served clients with at least $5 million in assets under management.