Core Insights - The wealth management industry has focused on moving "upstream" to enhance profitability by targeting high and ultrahigh net worth clients [1] - Despite their scale, large firms are lagging behind smaller firms in increasing average client wealth [2] Group 1: Industry Trends - The average client size for large Registered Investment Advisors (RIAs) exceeds $13 million, significantly higher than the industry average [2] - Over the past five years, large and midsize firms have seen average client wealth grow, but giant firms have primarily increased assets by adding more clients rather than enhancing wealth per client [3] Group 2: Performance Analysis - Elliot Dornbusch, CEO of CV Advisors, noted that the "law of large numbers" limits significant increases in account size for families with assets over $100 million [4] - CV Advisors has increased its average per-client AUM by nearly 9% since 2021, which is slightly below the median for its peer group, with an average client size of $96 million [4] Group 3: Exceptions to the Trend - Savant Wealth Management and EP Wealth Advisors have bucked the trend, increasing their per-client AUM by 42% and 37%, respectively [5] - Savant's growth is attributed to service expansion and strategic partnerships, emphasizing the need for personalized service in the high net worth segment [5][6]