The largest wealth management company
1. Bank of America
The Global Wealth Management and Investment division of Bank
of America Corp. ranks first on the list with $ 1.35 trillion in assets under
management. One of the reasons Bank of America ranked so high is that it
acquired Merrill Lynch in the wake of the 2008 financial crisis.
The global wealth management and investment division focuses
on two types of clients: people with more than $ 250,000 in total investable
assets and high net worth individuals for whom Bank of America can provide
comprehensive wealth management solutions.
It has over 20,000 wealth managers in 750 branches. In 2018,
Bank of America's Global Wealth Management and Investment division generated a
net income of $ 4.1 billion, up 33% from the previous year.
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Merrill Lynch was
absorbed by the Global Wealth and Investment Department of Bank of America
during the 2008-2009 financial crisis.
2. Morgan Stanley
Morgan Stanley Wealth Management ranked second on the list
with $ 1.26 trillion in assets under management. It has more than 15,600 wealth
managers in nearly 600 branches.
In 2018, net revenue increased 6% from 2017 to $ 40.1
billion. Asset management revenue and net interest income increased, which
helps explain the company's growth. Its net income was $ 8.9 billion in 2018,
an increase of 44% over the previous year.
3. JP Morgan
GB Morgan Private Bank, now part of GBMorgan Chase &
Co., is the third largest wealth management company with $ 774 billion in
assets under management. The Wealth Management division has 1,300 wealth
managers in just 48 branch offices. In 2018, GB Morgan private bank assets
accounted for 28% of its total assets under management.
4. Wells Fargo
Wells Fargo & Company is just behind UBS with $ 604
billion in AUM. The company has approximately 15,000 wealth managers in 1,468
branches.
In 2018, its total revenue was $ 86.4 billion, down nearly
2% from the previous year. However, net income increased 1% to $ 22.4 billion
for the same period.
5. UBS
UBS Wealth Management ranks fifth in the Wall Street
Journal's 40 largest wealth management companies with $ 601 billion in assets
under management. It has 7,100 wealth managers in 208 branch offices in the
United States.
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Since UBS is not an American company, it offers 20-F instead
of 10-K. According to that report, for fiscal year 2018, UBS had operating
income of $ 30.2 billion, up 2% from the previous year.
6. Charles Schwab
With $ 421 billion in AUM in assets, Charles Schwab is sixth
on the list. The company employs 2,000 wealth managers and has 345 branch
offices in the United States.
In Charles Schwab's current structure, wealth management
falls under the investor services umbrella. In 2018, net investor services
revenue increased by 18% over the previous year. This growth is due in large
part to increases in asset management and administration fees.
7. Vanguard Group
In sixth place, The Vanguard Group came in with $ 406
billion in AUM.
Vanguard differs from its competitor on this list because it
is customer-owned and not publicly or privately owned. As a result, Vanguard is
able to focus more on clients while offering them a plethora of investment
opportunities such as low-cost mutual funds, ETFs, advice, and other related
services.
8. Sincerity
Fidelity Investments ranks eighth on this list, with $ 400
billion in assets under management. It has around 2,400 wealth managers in
about 200 offices.
Fidelity has two types of wealth services: wealth
management, which requires a minimum investment of $ 250,000, and private
wealth management, which requires a minimum investment of $ 2 million.
9. Goldman Sachs
Goldman Sachs Group, Inc. The eighth largest wealth
management fund with $ 300 billion in assets under management. It has 500
wealth managers working in 13 branches.
Goldman Sachs requires a minimum of $ 10 million in
accounts.
Like Charles Schwab, Goldman Sachs reports its wealth
advisory services under an umbrella segment: investment management. In 2018,
Goldman Sachs reported net income of $ 7 billion for the sector, an 11%
increase over the previous year.
10. Northern Trust
Out of the top ten, the Northern Trust had $ 260 billion in
assets under management. It has 680 wealth managers in 62 branches.
The company caters to high net worth individuals. In 2018,
Northern Trust revenue was $ 5.96 billion, an 11% increase over the previous
year.
