Most private wealth management firms set a minimum of around $1 million in investable assets to open a full-service relationship, though the real threshold depends on the firm and the level of service. Some large institutions will take you on with $500,000 for a lower-tier program. Boutique firms and family offices may want $5 million, $10 million, or more before they’ll talk. The private wealth management minimum you’ll actually face is really a series of thresholds, each one unlocking a different level of attention and a different menu of investments.
The Standard Asset Tiers
The industry loosely sorts clients into tiers, and the tier you land in determines what the firm offers you.
Below roughly $500,000, you’re in “mass affluent” territory. A step above retail banking, but you’re generally routed through a call center or digital platform rather than a dedicated advisor.
At $1 million in investable assets, most firms will assign you a dedicated advisor. This is the commonly cited entry point for private wealth management in any meaningful sense.
Between $5 million and $10 million, the service model shifts. You’re more likely to get a team than a single advisor, with specialists in tax strategy, estate planning, and concentrated stock positions.
At $10 million and above — what firms label “ultra-high net worth” — the doors open to private equity, co-investment deals, and multi-generational estate planning that simply isn’t offered at lower levels. Some elite family offices won’t consider a relationship below $25 million.
Two concrete examples from the market: one major firm requires $2 million invested through its platform plus $10 million in total investable assets for its full private wealth management service with a dedicated team. Another requires $5 million for a personal advisor service with a dedicated certified financial planner. Both offer lower-tier advisory programs starting around $500,000 with less customization.
What Counts as Investable Assets
Your total net worth and your investable assets are different numbers, and wealth managers care about the second one.
Investable assets are the liquid holdings a firm can actually manage, trade, or rebalance: cash, brokerage accounts, retirement accounts, stocks, bonds, and mutual fund holdings.
What doesn’t count: your house, your business equity, a car collection, fine art. Legitimate wealth, but a firm can’t charge a management fee on a building or rebalance a Picasso. Someone with a $10 million net worth but only $800,000 in liquid capital may not qualify for the tier they expect. Most firms will ask for account statements or a balance sheet to verify your liquid position before onboarding.
Illiquid wealth still matters to the plan. A good advisor will factor business interests, real estate, and concentrated positions into your overall strategy. They just won’t count them toward the entry minimum.
How Minimums Differ by Firm Type
Large wirehouses and global banks cast the widest net. Many run mass affluent programs starting at $250,000 to $500,000, designed to capture professionals and business owners whose assets are growing. These programs work as a pipeline: the bank builds the relationship early and moves you up as your account grows. At the top end, the same institutions may require $10 million or more for their dedicated private banking divisions.
Boutique firms and independent registered investment advisors tend to enforce stricter floors, often $2 million to $5 million. They don’t have the scale to profit from smaller accounts and compete instead on depth of attention. Some will decline a prospective client who falls slightly below their stated minimum. Others will negotiate if your earning trajectory or referral potential looks strong.
Regulatory Minimums That Gate the Best Investments
Clearing a firm’s asset minimum gets you in the door. Accessing the investments that make private wealth management most valuable — private equity, hedge funds, venture capital — requires clearing separate SEC thresholds.
Accredited Investor Status
Most alternative investments are sold under exemptions from public registration, and federal securities law limits who can buy them. To qualify as an accredited investor, you need either annual income above $200,000 individually ($300,000 with a spouse or partner) for the prior two years with a reasonable expectation of the same going forward, or a net worth above $1 million excluding your primary residence.1U.S. Securities and Exchange Commission. Accredited Investors The primary residence exclusion matters: you can’t count home equity toward the $1 million figure.2U.S. Securities and Exchange Commission. Accredited Investor Net Worth Standard
If you meet a firm’s minimum but don’t qualify as an accredited investor, you’ll get portfolio management and financial planning, but the sophisticated investment opportunities stay off the table.
Qualified Client Status
Some wealth managers charge performance-based fees, taking a percentage of the gains they generate on top of or instead of a flat management fee. Federal rules restrict this arrangement to “qualified clients,” a higher bar than accredited investor. Under SEC Rule 205-3, a qualified client must have at least $1,100,000 under the adviser’s management or a net worth exceeding $2,200,000, again excluding the primary residence.3U.S. Securities and Exchange Commission. Inflation Adjustments of Qualified Client Thresholds These thresholds are inflation-adjusted roughly every five years, and the SEC is scheduled to issue the next adjustment on or about May 1, 2026, so verify the current figures before signing any performance-fee agreement.4eCFR. 17 CFR 275.205-3 – Exemption From the Compensation Prohibition of Section 205(a)(1) for Investment Advisers
What You’ll Actually Pay
The headline cost is the assets-under-management fee, typically around 1% of your portfolio’s value per year. That rate drops as your portfolio grows. Clients at $1 million or more commonly pay 0.75% to 0.9%. Larger accounts can negotiate down to 0.5%.5Kiplinger. Should I Pay a Financial Adviser an Assets Under Management Fee Some firms impose a minimum annual fee of $10,000 to $25,000 to keep smaller accounts profitable. If your percentage fee comes out below that floor, you pay the flat rate instead.
The AUM fee isn’t the whole picture. Your portfolio will hold mutual funds and ETFs with their own internal expense ratios — management, distribution, and administrative costs deducted from fund assets before you see any return. Those typically add 0.10% to 0.75% depending on the funds. Some platforms also charge custody or “supermarket” fees ranging from 0.25% to 0.40% of assets held.6U.S. Securities and Exchange Commission. Report on Mutual Fund Fees and Expenses Stacked together, your all-in annual cost can reach 1.5% to 2% of your portfolio.
Every registered investment adviser is required to disclose fee structure, compensation methods, and conflicts of interest in Form ADV Part 2A, which functions as the firm’s brochure and must specifically disclose custodian fees and internal fund expenses.7U.S. Securities and Exchange Commission. Appendix C Part 2 of Form ADV Ask for it and read it before signing.
The Tax Cost of Getting In
Moving your existing investments into a new wealth management relationship can trigger a real tax bill. If your current holdings have appreciated, selling them to consolidate into a new advisor’s strategy realizes capital gains. Long-term gains (assets held more than a year) are taxed at 0%, 15%, or 20% depending on income, plus a 3.8% net investment income tax for high earners. Short-term gains are taxed at your ordinary income rate, which can push the combined rate above 40% at the top bracket.
A capable advisor will build a transition plan rather than liquidate on day one. Common tactics include phasing the transition across multiple tax years, directing new contributions into the target allocation while letting existing positions ride, and using tax-loss harvesting to offset gains elsewhere in the portfolio.
Tax-loss harvesting means selling positions at a loss to claim the deduction, then reinvesting in a comparable but not identical security to keep your market exposure. The constraint is the wash sale rule: repurchasing the same or a substantially identical security within 30 days before or after the sale voids the loss deduction.8Office of the Law Revision Counsel. 26 U.S. Code 1091 – Loss From Wash Sales of Stock or Securities Ask any prospective advisor how they handle this, especially if you hold concentrated positions with large embedded gains.
If You Don’t Meet the Minimum
Falling short of a firm’s threshold doesn’t leave you with only a robo-advisor. Several large firms run lower-tier advisory programs starting around $500,000 that still include a human advisor and customized portfolio management, with less dedicated attention than their top service. These often work as a proving ground: as your assets grow, the firm may move you up.
Well below the $500,000 mark, fee-only financial planners offer comprehensive planning on an hourly or project basis. Hourly rates for qualified planners typically run $250 to $400. A one-time comprehensive financial plan might cost around $3,000 as a flat project fee. Some planners offer annual subscription models averaging roughly $4,500 per year. You get professional planning without committing a percentage of your assets in perpetuity.
The honest reality: someone with $200,000 in investable assets doesn’t need most of what a private wealth management firm sells. A fee-only planner, a low-cost index fund portfolio, and a good estate attorney will cover most of your financial needs until your assets reach the level where more sophisticated strategies start earning their keep.