Most Wealthy Investors Never Asked to Consolidate Accounts

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A 2026 survey by financial-technology firm SEI found that 71% of high-net-worth investors — those with at least $1 million in investable assets — say their financial advisor has never asked to manage a greater share of their household wealth, even though 63% of those investors already know that consolidating accounts can reduce their tax bill. The survey covered 302 adults aged 50 to 70 who have a financial advisor and at least $1 million invested; more than half were fully or partially retired. Only 10% of investors said their primary advisor manages all of their investable assets.

For investors who would consider consolidating, tax savings ranked as the top motivating factor (cited by 46%), followed by increasing retirement income (42%) and lower fees (38%). Key obstacles to consolidation include the desire to spread assets across multiple firms (cited by 39% of investors), inability to move employer-sponsored retirement plans (27%), and concern about concentration risk (34%). Advisors who can show clients a personalized dollar estimate of tax savings — through strategies like tax-loss harvesting (selling losing investments to offset gains) and tax-smart withdrawals — stand the best chance of starting that conversation, according to SEI's Arthur Worthington.