Explain what sets ultra-high-net-worth clients apart from other private wealth clients

Industry definitions vary, but the distinguishing features are complexity rather than size alone. Ultra-high-net-worth families often hold operating businesses, concentrated or illiquid positions, real estate and private investments across several jurisdictions and legal entities, and they may run a single family office or use a multi-family office. Their horizon is typically multigenerational, so governance, succession, philanthropy and education of heirs feature strongly. They demand privacy and security, access to direct and co-investment opportunities, and institutional-quality reporting, and they have the bargaining power to negotiate fees. The trap is treating such clients as larger versions of high-net-worth clients, instead of planning around their structures, jurisdictions and governance.