BlackRock Survey Reveals Shift in Advisor Priorities for High-Net-Worth Clients

Customized model portfolios, private markets, and tax planning emerge as key focus areas for advisors serving wealthy clients

Jan. 29, 2026 at 6:55pm

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A new survey from BlackRock shows that financial advisors are increasingly customizing model portfolios, incorporating private markets, and prioritizing tax planning to better serve their high-net-worth (HNW) clients. The survey of over 1,000 U.S. advisors found that 92% of those serving HNW clients are being asked for tax guidance, yet only 17% consider after-tax returns a primary driver of portfolio decisions, suggesting an opportunity for advisors to differentiate through tax-management strategies.

Why it matters

As wealth among high-net-worth and ultra-high-net-worth families continues to grow, accounting for over half of U.S. household financial assets, advisors are facing pressure to deliver more personalized, sophisticated solutions to meet the complex needs of their wealthy clients. The survey highlights key areas where advisors can adapt their practices to better serve this lucrative client segment and drive organic growth.

The details

The survey found that nearly 90% of advisors use model portfolios, with over 50% of HNW advisors customizing these models by adding separately managed accounts (SMAs) and over 30% incorporating alternative investments like private markets. Advisors report that model portfolios are freeing up time to focus on higher-value client work, with 87% of Millennial advisors saying model portfolios allow them to spend more time with complex or HNW clients. While tax considerations are top-of-mind for HNW investors, with 92% of HNW clients requesting guidance, only 17% of advisors say they consider after-tax returns a primary driver of portfolio decisions. This suggests an opportunity for advisors to differentiate through more robust tax planning and management strategies. Private markets adoption is also on the rise, with over half of all advisors and three in four wirehouse advisors now investing client assets in private markets. However, average portfolio allocations remain modest at around 7%, as advisors cite liquidity concerns and a lack of confidence as key barriers.

  • The 2026 BlackRock Advisor Trends Survey was conducted between August 22 and September 7, 2025.

The players

BlackRock

A global investment management corporation and one of the world's largest asset managers, with over $10 trillion in assets under management.

Jaime Magyera

Head of BlackRock's U.S. Wealth and Retirement Businesses.

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What they’re saying

“As high‑net‑worth wealth rises, advisors face a clear mandate – deliver more personalized, tax‑managed solutions.”

— Jaime Magyera, Head of BlackRock's U.S. Wealth and Retirement Businesses

The takeaway

The survey findings highlight the evolving needs of high-net-worth clients and the areas where advisors can differentiate their practices to better serve this lucrative segment. By prioritizing customized portfolio solutions, tax-aware strategies, and access to private markets, advisors can position themselves to grow their HNW client base and deliver more comprehensive, personalized advice.