Aligning Service and Value: Client Segmentation and the Mass Affluent

Half of mass-affluent households are projected to cross the high-net-worth threshold (US$1 million or more in assets) within the next decade. Yet legacy segmentation frameworks struggle to serve this cohort profitably. Meanwhile, digital natives are forming financial relationships earlier—prior to asset accumulation—intensifying competitive pressure on traditional models.

This report evaluates strategic pathways for wealth managers targeting the mass-affluent segment. It delivers actionable market intelligence on segmentation models and decision frameworks, anchored in organizational capabilities, competitive positioning, and the economics required for scalable, profitable service delivery. Insights are drawn from executive interviews, technology provider briefings, and advisory firm conversations, supplemented by analysis of regulatory filings, press releases, investor presentations, industry publications, and relevant media coverage.

This report is available for download to clients of Datos Insights’ Wealth Management service.

This report mentions AdvisorEngine, Alight Solutions, American Financial Systems, Ameriprise, Bank of America, Bank of America Investments, Bank of America Merrill Lynch, Bank of America Private Bank, Betterment, Black Diamond, Blackrock, Blackrock Aladdin, Capital Group, CAPTRUST, Carta, Charles Schwab, Citizens Bank, Ed Jones, eMoney, Empower, Envestnet, Envestnet MoneyGuide, Envestnet/Tamarac, E-Trade, Fidelity, Fidelity Go, Fidelity Investments, HealthEquity, HSA Bank, J.P. Morgan Self-Directed Investing, Merrill Edge, Merrill Lynch, Merrill Lynch Guided Investing, Merrill Lynch Private Wealth Management, MoneyGuide Pro, Morgan Stanley, Morgan Stanley E-Trade, Morningstar, Northern Trust, Optum, Orion Advisor Services, Pershing Albridge, Raymond James, Redtail, Robinhood, Salesforce, Schwab, Schwab Advisor Network, Schwab Family Office, Schwab Intelligent Portfolios, Schwab Private Client Services, Schwab Private Wealth Services, Schwab Trading, Schwab Wealth Advisory, SoFi, SoFi Invest, Solium, State Street, Tamarac, Tastytrade, TIAA-CREF, TradeStation, Vanguard, Vanguard Digital Advisor, Vanguard Personal Advisor, Wealthbox, Wealthfront, and Wells Fargo.