Key Takeaways

• 46% of HNW investors plan to change or add a wealth relationship in the next 12–24 months. Advisors who offer a consolidated, specialized suite are best positioned to win their business.
• AssetMark’s Tax Management Services (TMS) delivered an average annual tax savings of 1.42% in 2025—an institutional-grade, daily optimization solution that turns tax management from a year-end conversation into a year-round value driver.
• Pairing TMS with access to Private Markets through Savos gives advisors a holistic HNW offering—public and private investments, tax-optimized, in a single account without adding operational complexity.

Something significant is happening in the high net worth (HNW) space. According to PwC, 46% of HNW investors plan to change or add a wealth relationship in the next 12–24 months—and nearly 40% have already done so in the past three years. These clients aren’t leaving because of poor performance. They’re leaving because they want more.

Recent Cerulli research finds that while advisors offer an average of more than six financial planning services, affluent clients report using fewer than three. But here’s the catch: the services clients are using often reflect what advisors are comfortable offering, not what HNW clients are actually looking for, including tax management, investment management (including private markets access), and legacy planning. The advisors winning the HNW migration are the ones building their offering around client needs, not advisor convenience.

Tax Management: From Value-Add to Core Expectation

Cerulli’s U.S. Managed Accounts 2025 report is clear: tax planning is no longer a differentiator. It’s an expectation. Yet most advisors are still approaching it periodically, catching up at year-end rather than optimizing throughout the year. For HNW clients, who feel the weight of taxes most acutely, that gap is a dealbreaker.

AssetMark’s Tax Management Services (TMS) is built around a different philosophy: while taxes may be due April 15th, AssetMark thinks about them every single day. TMS is an innovative, institutional-grade solution that scans portfolios daily for loss-harvesting opportunities, critical during volatile markets when those windows open and close quickly. Critically, it personalizes the tax overlay to align with each client’s tax planning objectives while adhering to their investment strategy and risk tolerances. Tax management that works with the portfolio, not around it.

The results speak for themselves: in 2025, TMS delivered an average annual tax savings of 1.42%, resulting in more than $60 million in taxes saved for investors, scalable across all taxable accounts, without adding burden to the advisor’s day.

What Advisors Are Saying

The advisors who’ve made TMS central to their practice describe the same shift: from explaining their approach to proving it.

Dane Winter, a partner at Sindrich & Associates and former CPA, puts it this way: “TMS has given us the ability to take back some of the control in that conversation and decide when and how we pay.” Erik Pederson of Epic Holistic Partners echoes the sentiment: “We’ve always been able to articulate our tax-loss harvesting strategy, but we weren’t able to show [clients] the results. [With TMS] we’ve seen a massive impact with people saying, ‘wow, I can actually see what rate of return this is helping me get.'” For Ryan Mary, partner at Landmark Financial Planning and Advisory, the value is even more direct: “One of the hardest things in our world is when you have great returns, but you have to apologize for the taxes it caused. TMS has legitimately taken that away.”

The engagement impact is just as compelling. Josh Leonard of Leonard Advisory Group recently sent a TMS report to a client who hadn’t been particularly engaged since onboarding. The result? “He responded back and scheduled a meeting within 15 minutes.” And Bill Hall of Hall & Catsouras Wealth Management describes the compounding effect: “This tax management is working every day. So we get diversification, we get tax management, we’ve been able to switch a large percentage [of clients] over.”

Private Markets: Completing the HNW Picture

Tax efficiency is powerful—but for truly comprehensive HNW service, it’s one piece of a larger puzzle. Historically, HNW clients have worked with multiple advisors to piece together tax management, private investments, legacy planning, and cash solutions. Today, 58% say they’d prefer to consolidate everything with a single provider, according to Cerulli. That’s the opportunity.

AssetMark’s Savos Private Markets Strategy gives advisors access to diversified private assets—managed by established specialists including Apollo, Carlyle, KKR, and StepStone, within a single account alongside public investments. Automatic rebalancing and liquidity window management are built in, so advisors aren’t left managing complexity manually. Savos brings $15B+ in AUM and more than 25 years of investment management experience, with in-person support exclusive to AssetMark advisors.

And the data backs the combination: AssetMark’s own analysis shows that pairing TMS with private markets exposure improves both base-case and worst-case wealth forecasts for clients, a meaningful outcome at any portfolio size.

The Platform Built for HNW Complexity

Here’s the challenge advisors face: only 28% report having deep in-house expertise across tax, estate, and advanced planning disciplines (Cerulli). Adding HNW-oriented services without the right infrastructure typically means more complexity, more cost, and less time for client relationships. Winter of Sindrich & Associates noted, “AssetMark is ahead of the pack on technology and investing to stay ahead. Partner intelligently and strategically, because going forward it’s going to be that much more important.”

Tax Management is Wealth Management

Providing wealth management without tax planning is like running a high-performance engine with the parking brake on. No matter how strong the returns, taxation creates drag that limits what clients actually keep. The great wealth transfer is expanding the universe of clients who need this now—and advisors who aren’t offering it are leaving both performance and clients on the table.

AssetMark gives advisors the tools to release that brake and to compete for the growing wave of HNW clients who are ready to consolidate with someone who can do it all.

Ready to elevate your HNW offering? Contact the AssetMark team to learn how TMS and Private Markets can set your practice apart.

©2026 AssetMark, Inc. All rights reserved.

8867656.1 | 04/2026 | EXP 04/30/2028