Wealth Managers Expand to 12 Services in 2024 as Firms Chase Affluent Clients

3 articles · Updated · Hartford Business Journal · Jun 18

High-net-worth advisory practices offered an average of 12 services in 2024, up from 10 in 2017, as wealth managers moved beyond investment advice into estate planning, tax work, trust administration and business consulting.
Connecticut Wealth Management illustrates the shift: the 75-person firm merged with consulting firm DeLisaGroup and now offers business-owner services including executive coaching, recruiting, leadership development and succession planning.
Affluent clients—especially business owners—are driving demand because their personal, financial and operating needs increasingly overlap, while smaller firms also use outside partners to deliver a single point of contact.
Cerulli data shows the breadth of the change: estate planning rose to 73% of firms in 2024 from 56% in 2017, private banking to 59% from 34%, and trust administration to 61% from 42%.
Advisers say AI and industry consolidation are accelerating the model, with virtual family office-style offerings and concierge services likely to become standard within five to 10 years.