Most registered investment advisors say they serve wealthy clients. The CNBC Elite Advisors list aims to help ultra-high net worth investors narrow the field.
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Elon Musk's stake in SpaceX is worth more than $766 billion. Combined with his Tesla holdings, Musk's net worth as of Friday is roughly $1.05 trillion.
Wealth advisors say SpaceXers have unique ways of addressing their financial challenges, including whiteboarding, troubleshooting and AI.
Luxury stocks have been hard hit by the Iran war, as the Middle East had been a fast-growing market for the otherwise largely muted sector.
The deal marks a bold experiment in the wealth management industry that could shift the balance of power from advisory firms to wealthy groups of investors.