Insights · Published 25 September 2026 · The Investing King
Once investable wealth passes about $10 million, the market for advice changes. Global private banks, independent multi-family offices, wealth-focused boutiques and the private-wealth arms of investment banks all compete for the relationship, and each is built differently. There is no single “best” firm at this level. There is a best fit, and it can be found with a disciplined process.
The main types of firm
- Global private banks (for example J.P. Morgan Private Bank, UBS Global Wealth Management and Goldman Sachs Private Wealth Management): balance-sheet strength, lending, global booking centres and in-house investment capability. Watch for product conflicts and the difference between the brand and the team you are actually assigned.
- Independent multi-family offices and RIAs: often fee-only, with open architecture and fewer product conflicts. They typically use third-party custodians and have less lending capacity of their own.
- Boutique private banks and regional specialists: strong in particular jurisdictions, such as Swiss, Singapore or Middle East booking, often with high service continuity.
- A single-family office (your own): usually justified only at much larger scale, because of fixed staffing and governance costs.
Seven criteria that actually decide it
- Jurisdiction fit. Where you live, pay tax and hold assets determines which entities and booking centres can serve you well.
- Total cost. Ask for an all-in figure covering advisory or mandate fees, underlying fund fees, custody, FX and trading, on your actual portfolio size.
- Conflicts. How much of the proposal uses the firm’s own products, and how are advisers paid?
- The team. Meet the people who will serve you. Ask about their experience and tenure, and what happens if they leave.
- Lending and liquidity. If you will borrow against assets, compare real term sheets.
- Custody and safety. Understand which entity holds your assets, how they are segregated, and which regulator and protection schemes apply.
- Reporting. Can the firm consolidate everything you own, including assets held elsewhere, into one clear view?
A practical selection process
- Write a one-page brief: assets, jurisdictions, goals, liquidity needs, and what you want the firm to do (and not do).
- Shortlist three or four firms of different types.
- Ask each for a written proposal on the same brief, including an all-in cost estimate.
- Check regulatory records. In the US, FINRA BrokerCheck and the SEC’s adviser database cover firms and individuals (BrokerCheck, IAPD). In the UK, the FCA register. In Singapore, the MAS Financial Institutions Directory.
- Meet the actual team, not only the senior relationship lead.
- Start with part of the assets, review after twelve months, and scale up only if the relationship earns it.
Red flags
- Reluctance to give an all-in cost figure in writing.
- Proposals built mostly from house products without a clear rationale.
- Pressure to move all assets at once.
- Promised returns or “guaranteed” outcomes.
If you are comparing specific institutions, see J.P. Morgan Private Bank vs UBS and J.P. Morgan vs Goldman Sachs. If you would like to discuss your situation privately, write to us.
Frequently asked questions
What is the best wealth management firm for someone with over $10 million?
There is no single best firm. Global private banks, independent multi-family offices and boutique private banks each suit different needs. The best fit depends on your jurisdictions, costs, conflicts, the team you are assigned, lending needs and reporting.
How much do wealth managers charge at $10 million or more?
Fees vary widely by firm type, mandate and country, and there are often several layers (advisory or mandate fee, fund fees, custody, FX and trading). Ask every firm for an all-in annual cost estimate in writing on your actual portfolio.
How can I check a wealth manager’s regulatory record?
Use the relevant regulator’s public register: FINRA BrokerCheck and the SEC’s IAPD in the US, the FCA register in the UK, and the MAS Financial Institutions Directory in Singapore.
Should I split my wealth between several firms?
Many families above this level use two or more institutions for counterparty diversification and to compare pricing. Keep consolidated reporting so the total allocation stays coherent.
This article is general information about publicly described services. It is not financial, legal or tax advice, and not a recommendation of any institution. Service ranges, minimums and pricing change and differ by country and booking centre. Confirm them directly with each institution. The Investing King has no commercial relationship with the institutions named here.