Ultra-high Net Worth Wealth Management Companies
The rich and wealthy remain so thanks to the wealth management firms that they hire. If you’re wondering what these top-ranking firms are, we’ve prepared a list of wealth management companies that handle accounts of the wealthiest. Generally, these companies are those that accept clients with a minimum of $250,000 in financial assets.
Whether you’re looking for a reliable firm to manage your own assets, or are simply curious, keep on reading the list below. This is a list of the top companies in the wealth management field.
At the top of our list is UBS Group AG or UBS. Handling over $2.43 trillion assets under management (AUM), this company is one of the top in the global asset management landscape. Most of its clientele are in the Asia Pacific region and in Latin America. However, in the US, UBS Group only ranks fourth among its competition.
Handling a whopping number of 24,000 employees, this global wealth management firm has amassed over $4.3 billion from last year. The numbers continue to rise this year as it continues to expand its endeavors, earning the trust of the ultra-high net worth individuals and corporations.
Bank of America Global Wealth & Investment Management or GWIM
Coming in second to UBS is the Bank of America Corporation. This wealth management company has over $1.25 trillion AUM in its division. This particular company has two divisions under its wing: the Merrill Lynch Wealth Management and the US Trust Bank of America Private Wealth Management. This classifies its clients then as those who have either over $250,000 investable assets and those who are considered as high net worth classified by the Bank of America.
From its almost 20,000 wealth managers in all its 750 branches, this is easily the most popular manager of the affluent citizens of the US.
Morgan Stanley Wealth Management
Next on the list is the Morgan Stanley firm. It is considered as the third largest wealth management company in the world, handling over $1.1 trillion AUM.
Its affluent customer-base is among the top tier all across the globe, totaling to about 3.6 millions clients. This number is divided among the 16,000 financial advisors that it keeps in its payroll.
Just last year, Morgan Stanley has raised a profit of over $17.24 billion, and the numbers aren’t going down this year. This company took off with a really great start in the first quarter of this year, amassing over $4.4 billion in revenue.
You might be more familiar with this firm through its private banking branch, but Wells Fargo is also a fierce competitor in the field of high net worth wealth management. It has a banking operation that is blown up, representing 10% of the corporate total.
This firm has made all the right moves in the past year ever since acquiring Wachovia banking operations. Since 2018, Wells Fargo & Company manages a total of $564 billion in AUM. Under its wing is over 15,000 wealth managers across all its 1500+ branches.
J.P. Morgan Private Bank
We move on to another popular asset management firm: JP Morgan Chase & Co. It handles a total of $677 billion in AUM.
This company has around 1,200 wealth managers in 47 branches worldwide. In the past year, JP Morgan Chae & Co has raked in $12.9 billion in net revenue–a quite impressive feat.
Another giant in the field is HSBC, a multinational banking and financial servicing firm. With a total of $512 billion in AUM under its care, it remains to be one of the trusted options for clients worldwide. This firm has is in a total of 26 locations and has been around for over 150 years.
The Vanguard Group
We move further down the line with the Vanguard Group at around $335 billion in AUM. What sets this company apart is that it is a client-owned company, not a publicly-traded nor privately owned one like its competitors.
Operated by a different set of rules and with a more client-centric focus, Vanguard is more forthcoming to clients in the lower-income bracket than any other company in this list. It offers various investment opportunities such as ETFs and even low-cost mutual funds.
Finally, we end this list with the Charles Schwab Corporation. This company manages over $315 billion in AUM. It is recognized by the Wall Street Journal as one of the Top 40 wealth management firms all across the US.
It employs a total of 3,100 wealth managers and operates in 335 branches all over the country. If we were to classify Charles Schwab’s wealth management scheme, it would probably fall under the investment management sector. It has increased its management and administration fees, resulting in a drastic increase in its revenue in the prior year.
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