When you’re a high earner with $2 to $5 million (or more) in invested assets, the decisions you make around wealth management aren’t just about money. They’re about time, legacy, efficiency, and peace of mind. You want to sleep at night too, right?
The firm you partner with should not only reflect your values, lifestyle, and goals but equally have a deep understanding of them as well. And yet, many people tend to default to either the Goliath firms or that independent solo practitioner down the street. But what about the space in between? Is the medium-sized firm your hidden gem?
Just like seven inches down from the end of a baseball bat, I believe the middle is the sweet spot. Here’s why.
The Big Firm Problem: Scale Without Service
There’s a certain comfort in choosing a large, national brand. Big firms can afford sleek mobile apps, TV ads, and stadium sponsorships. But guess what? That’s just really good (and expensive) marketing getting your attention.
Once you’re in their system, that same scale can turn into a maze. Press 2 for a new advisor. Press 4 if your advisor left last month. Press 5 if you forgot your login credentials (again).
And when you finally get someone on the line, they may be able to see your portfolio, but they won’t know your story. Bigger is not always better, and although they’ll have the ability to handle something unique or complex, that often involves looping in someone from a different office and being added to their queue. You may have thought you’re paying for convenience, but is it really more convenient to have everything be automated or outsourced?
High-net-worth individuals often find that, at the mega-firms, they’re just one of hundreds (or more) in a book of business. Complex needs get crammed into standardized models. And any “team approach” feels more like a rotating cast of specialists who don’t really talk to each other.
Now, no one is doing this work for free, but the big firm’s obligation typically tilts towards the shareholders, not necessarily to their clients. Decisions to expand, retract, or merge are primarily based on shareholder needs; to keep the company profitable so the stock price is healthy. Those big decisions are not based on the client’s needs.
The Small Shop Tradeoff: Personal, But Limited
On the other side of the spectrum, individual advisors and boutique firms often offer fantastic personal service. You know your advisor well, they know your family, and meetings can feel like catching up with an old friend. But what happens when your needs go beyond what one person can handle?
Estate planning. Business succession. Multi-generational wealth transfer. Tax strategies. Risk management. Charitable giving.
These aren’t side topics. They’re core components of your wealth planning. One advisor, no matter how experienced, simply can’t wear every hat effectively. And when they try to, it’s you who pays the price for missed opportunities.
The small independent advisor may possibly have a few “back office” resources that can help with more complex projects, but retaining talent at a small firm is a challenge that can leave you with a revolving door of support staff.
Why the Middle Matters: The Power of a True Team
Yes, just like a well-adjusted middle child that learns what to do (or not to do) from their siblings, the middle may just be your best bet.
Medium-sized firms typically have a Wealth Manager as the primary lead for a client but also have the bench-depth needed for complex projects, in house and “just down the hall” so to speak.
The true beauty is when the team is small enough to be housed in one office, and they all know each other. You simply don’t get that advantage with a large firm or an independent advisor.
True magic happens when you can pull five people into one conference room with a pot of coffee. An hour later, they’ve hashed out a strategic plan and you're on your way with confidence.
Big firms and independents simply are not this nimble or efficient. It’s deep, personal attention without all the red tape, a balance that we strive to hold.
Big Firm Power with Boutique-Level Care
If you are a high earner with assets you care about, what should matter most is having a firm that can think holistically, act personally, be nimble and efficient, and definitely evolve with you over time.
That’s who we are at Plancorp Wealth Management. We’re built for complexity but grounded enough to care about your kid’s college visit or your dream of buying a lake house.
When you’re planning your future, don’t settle for feeling like a number or a test case. You want partners who show up, stay sharp, and work together on your behalf.
So, press 2 to hang up and call Plancorp.
