UBS maps where higher-tier wealth remains concentrated. Goldman Sachs, Wellington Management, Vanguard and Blackstone are building new private-market products for wealthy clients. BNY examines why many succession plans leave heirs outside the decisions that will shape their future.

July’s issue follows private wealth from creation to distribution to succession.

Let’s dive in. ⬇️

The biggest IPO in history is live — $1.75T valuation, $135 open, $75B raised. And history says the retail investors who chase day-one hype are the ones who get burned.

The SpaceX run created thousands of new millionaires. But it wasn't the people buying at the open. It was the ones positioned early, in the names set to ride the wave.

Our analyst pinpointed 3 stocks positioned to ride the SpaceX wave — with entry guidance and price targets, a bonus 4th pick (the most undervalued name in the sector), and a 3-phase playbook for when to buy and when to sell.

Over 2,500 investors have already read the report. Claim your free copy here.

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In June, I sat down with Ryan VanGorder, CEO of Opto Investments, at the firm’s New York office.

Ryan spent about 16 years at BlackRock, seeing how capital markets operate and how alternatives are delivered at scale. He joined Opto as CFO, became CEO and is now building private-market infrastructure for RIAs and Family Offices.

We discussed why private markets create an operational burden, how family goals complicate institutional portfolio logic and when a sourcing network begins to introduce bias. We also covered AI in diligence, from data extraction and memo generation to investment workflows.

The episode premieres next week.

UBS's Global Wealth Report 2026 counts nearly a million new dollar millionaires in 2025, about 57.5 million worldwide, over 40% of them in the U.S. But median wealth fell in most markets, and much of the new wealth came from rising home values, not liquid capital.

▌The ARONDIGHT Take: UBS measures net worth, not deployable capital. A rising home price manufactures a millionaire without producing a dollar anyone can move. The reachable market is smaller than the headline: roughly 7 million adults hold between $5M and $100M, more than 4 million of them in the U.S. The threshold is a filter, not proof of capital.

🔗 Read the report

Goldman consolidated its private-company investing. The next day, Wellington, Vanguard and Blackstone launched two closed-end funds putting private markets on the adviser shelf for Merrill and BofA Private Bank clients, with capped quarterly repurchases and no secondary market.

▌The ARONDIGHT Take: WVB may do to private-market access what index funds did to public exposure: turn participation into a utility. The fund spans four asset classes, yet at least 80% of net assets sit in Blackstone vehicles, in practice, one platform across four categories. Once advisers can buy the category in one allocation, packaged access loses its premium. Value moves to what a wrapper can't copy: sourcing, conviction and direct manager relationships.

🔗 Goldman | 🔗 WVB launch

BNY's Wealth in Motion study surveyed 501 U.S. families with $10M+. Just 20% call their heirs very prepared, 68% give heirs little or no input into transfer decisions, and two-thirds hold a single illiquid asset that stalls the handoff.

▌The ARONDIGHT Take: Families fear their heirs aren't ready, then build plans that keep them that way. Limited experience is the top reason heirs are called unprepared, and most families exclude them from the decisions that would build it. Succession is really three handoffs, ownership, authority and competence, and they rarely move together. The money and the say-so can arrive years apart.

🔗 Read the study

💬 Where do you see the Family Office edge moving next: manager selection, co-investment, operating expertise or governance?

👉 Read the full July 2026 Edition on LinkedIn and subscribe.

Best regards,
Ryan Austin
Founder, Arondight Advisors
Email: [email protected]

Disclaimer: This publication is created and distributed by Arondight Advisors and may not be construed as investment advice. This newsletter does not provide an analysis of any company’s financial position and is not a solicitation to purchase or sell securities in any company. Arondight Advisors is an investment research and marketing firm, and not a registered broker dealer.