Mass-affluent and middle-market households with $100,000 to $2 million in assets represent about a $25 trillion market opportunity for advisors, according to a Cerulli report released Wednesday.
Cerulli estimates that U.S. financial wealth exceeded $102 trillion as of Dec. 31, a 12% increase from 2024, the research firm said in “The Cerulli Report—U.S. Retail Investor Solutions 2026.”
Mass-affluent and middle-market client wealth represents a “potentially undertapped market for financial advisors,” according to the report.
Those households saw their wealth grow from $14 trillion in 2013 to $25 trillion in 2025, the research firm said.
Although ultra-high net worth households are the “most likely to reap the benefits of this continued growth, middle-market and mass-affluent households are becoming increasingly important for providers and advisors as their wealth grows,” according to Cerulli.
“Typically younger and less advised,” this market made up of 46.9 million households “seeks involved advisor relationships, which will benefit providers that can best offer streamlined advisory services at scale,” Cerulli said.
“Traditionally, wealth management firms have preferred to begin client relationships only after prospects have reached addressable asset minimums ranging from $250,000 to more than $1 million,” according to Scott Smith, Senior Director, Advice Relationships at Cerulli.
“Though this strategy has proven effective, it faces increased pressure as competitors seek additional options to connect with prospects earlier in the financial lifecycle,” he said in a news release announcing the report’s findings.
“Acting earlier matters,” according to Cerulli, which said, “Opportunities for providers to engage new clients drop sharply as these prospects age, from 44% among the affluent under 30 to just 24% among those in their 50s.”
Also significant is that 32% of affluent respondents to a Cerulli survey reported they prefer the same provider for their investing and banking needs, it said.
“To optimize long-term client acquisition, providers will need to engage with prospects earlier or find more effective strategies to displace incumbents.” – Scott Smith, Senior Director, Cerulli
“Future prospects are likely to have several financial services provider relationships, including banking, retirement plans, insurance, mortgages, and tax preparation, before meeting wealth management minimum asset-under-management benchmarks,” Smith went on to say.
He added, “To optimize long-term client acquisition, providers will need to engage with prospects earlier or find more effective strategies to displace incumbents. As mass-affluent households continue to accumulate wealth, providers must define for clients and prospects what a premium experience entails as a starting point, rather than hoping a minimum viable offer will be perceived as offering differentiated value.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
