Nearly 50% of Wealth Managers Offered Concierge Services in 2025
The wealth management industry is rapidly expanding beyond financial portfolio management into comprehensive lifestyle services. A 2025 report from research firm Cerulli Associates revealed that almost half of wealth managers serving high-net-worth individuals now provide concierge services, a sharp increase from 35% in 2024. These offerings are designed to cater to every need of the world's richest families, ranging from booking last-minute private jets and managing vacation properties to paying bills and handling prenuptial agreements. This strategic expansion is a direct response to the anticipated generational wealth transfer, which is projected to exceed $100 trillion in the coming years. Firms are adding these high-touch services to retain assets when clients pass them to their children and to attract the next generation of the ultra-wealthy.
J.P. Morgan Formalizes Perks with "Lifestyle Services" Platform
Leading institutions are building formal structures to deliver these perks. In September, J.P. Morgan Private Bank launched its "Lifestyle Services" platform, connecting its clients—which it estimates includes more than half of U.S. billionaires—with vetted vendors for home staffing, art valuation, and private aviation. The bank's 2022 acquisition of luxury travel firm Valerie Wilson Travel further integrated these capabilities, enabling the planning of elaborate multi-generational trips. These services are less about direct revenue and more about building loyalty. As William Sinclair, J.P. Morgan's global co-head of the family office practice, noted, clients who use the platform receive benefits like discounts and fewer blackout dates. “Even billionaires love a discount,” Sinclair said.
Firms Pivot to Retention as Wealth Creates Complexity
For wealth managers, the core business remains investment advice, but lifestyle services have become a critical tool for client retention. Firms like Edward Jones, which recently launched a private client service for those with over $10 million, are embracing a role that extends into personal assistance. Ashley Agnew, a behavioral scientist at Edward Jones, recounted being the “emergency contact for five dogs” in a prior role, highlighting the all-encompassing nature of the client relationship. This evolution meets the growing complexity faced by wealthy families, who often establish dedicated family offices to manage their financial and personal affairs. By providing services that a family office would typically handle, wealth managers embed themselves deeper into their clients' lives, making their advisory relationship indispensable.
Edgen Stock·Mar 19 2026, 02:10