Bernstein Private Wealth Management, a retail wealth advisory firm under AllianceBernstein, is reorganizing and strengthening its senior leadership to achieve a goal of doubling its assets under management (AUM) in the ultra-high-net-worth space.

Currently managing $126 billion for all its wealth clients, the firm aims to reach this target within five years. According to AdvisorHub, the strategy involves recruiting experienced advisors, expanding relationships with existing clients, and targeting the ultra-wealthy segment with over $25 million in assets. About $40 billion of the unit's AUM, approximately 32 percent, comes from individuals and families with $25 million or more.

The firm's sales force, comprising 248 advisors and 50 client service advisors, focuses on achieving a 5 percent growth rate this year. As reported by AdvisorHub, Bernstein has reduced advisor attrition through significant steps in advisor compensation in 2020 and 2021.

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