The $25T market opportunity in mid-market and mass-affluent households

Middle-market and mass-affluent households are becoming increasingly important for providers and advisors as their wealth grows and they represent a $25 trillion market opportunity. This is according to The Cerulli Report—U.S. Retail Investor Solutions 2026.

While the share of financial assets of this group has fallen from 43% in 2013 to 24% in 2025, middle-market and mass-affluent households who have between $100,000 and $2 million in financial assets have seen their wealth grow from $14 trillion to $25 trillion in that same period, the survey said. Typically younger and less advised, this $25 trillion market comprising 46.9 million households seeks involved advisor relationships. This interest in relationships will benefit providers that can best offer streamlined advisory services at scale.

“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,” said Scott Smith, senior director 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.”

Why this market is important

Why are mid-market and mass-affluent households becoming increasingly important for financial advisors?

“Middle-market and mass-affluent households (an estimated 45 million households) are becoming increasingly important for financial advisors for a number of reasons,” explained John McKenna, senior analyst, Retail Investor, Cerulli Associates. “Aside from the fact that their financial wealth has grown to an estimated $25 trillion by year-end 2025, they tend to skew younger on average than high net worth households.”

“We have found this group to be the most likely to actively seek out greater advice relationships given the increasing complexity of their financial lives, as well as the fact they are still accumulating wealth,” McKenna continued. “The potential for long-term advisor-client relationships is high with this cohort, making them a critical demographic for advisors to tap into.”

The need to start early

The survey also pointed out that advisors should start earlier rather than later in offering their services to middle-market and mass-affluent households. So why is there a need for an early start? Starting earlier is important for advisors because they are catching them at a time of significant change in their lives, explained McKenna. “When a potential client is in their 30s, they are establishing strong banking relationships, investing in 401(k)s or other workplace investment opportunities, buying homes, hiring accountants and even starting families,” he said.

“According to our research, we have found that 45% of affluent investors in their 30s are prospects looking for advice, which falls sharply to just 24% of those in their 50s who are approaching retirement. Starting earlier, particularly with those who are mass affluent, gives advisors  a greater chance of building successful, long-term advice relationships right when prospective clients need them the most,” McKenna added.

Attracting and retaining these clients

To best attract and retain this group of households, wealth managers would do well to ensure that their advice operations are streamlined to ensure they can deliver timely and efficient advice, McKenna said. If they are with a firm that has multiple business lines, being able to target those with high brokerage or banking balances will be paramount, as it can provide an opening for clients to speak to an in-house advisor regarding their finances and potentially lay the groundwork for a long-term advisor-client relationship.

“Retaining these clients will require advisors to be able to offer more than just investment management,” added McKenna. “Whether it is in-house or through a trusted third-party referral, having access to services such as tax planning, estate planning or insurance services can increase the chance of the client doing most, if not all, of their financial business in one place rather than across multiple different providers. Deepening the client relationship will make clients less likely to change firms or advisors, while consolidating different assets will make it easier for advisors and the client to stay on top of their financial plans.”

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