Largest Wealth Management Firms by AUM in 2026

Wealth management firms have grown alongside the rising number of high-net-worth individuals globally, with the sector positioned as a premium service typically requiring substantial minimum investments.

Several metrics matter when assessing these firms: assets under management (AUM), client base, regulatory oversight, and the profile of clients served.

AUM is the most widely used, reflecting the total market value of client assets a firm manages and directly driving revenue, since fees are typically charged as a percentage of assets.

Two qualifications worth applying before reading the table. Wealth managers report on inconsistent bases: some publish assets under management (discretionary mandates), others assets under administration or client assets, which include custody and advisory relationships where the firm does not control allocation. The figures are therefore not always measuring the same thing.

Scale also says little about service quality or investment performance. A larger firm may offer greater stability and broader capability, but fee levels, minimum investment thresholds, and the quality of individual adviser relationships vary considerably and matter more to most clients than the headline AUM.

Some firms above are widely recognised for services well beyond wealth management. Charles Schwab and J.P. Morgan are known for brokerage and investment banking, and Citigroup and Bank of America are among the largest banks globally. What connects them is that each operates a specialised wealth management line within a broader business.

Morgan Stanley Wealth Management remains among the largest wealth managers globally, with $3.16 trillion in fee-based client assets as of 30 September 2026, alongside $2.05 trillion in its Investment Management segment. The third quarter brought record net new assets of $232.4 billion (just over half linked to IPO-related flows), with Wealth Management delivering record net revenues of $9.1 billion and a pre-tax margin of 30.4%.

UBS Group reported invested assets of $7.3 trillion at the end of Q2 2026, with Global Wealth Management attracting $36 billion in net new assets during the quarter and $73 billion across the first half, a reminder that the integration of Credit Suisse has now largely bedded in, with UBS reporting over 90% of legacy applications decommissioned.

Direct comparison between these two is harder than it appears, since Morgan Stanley reports fee-based client assets while UBS reports invested assets at group level, which spans Asset Management and Personal & Corporate Banking alongside wealth. Both figures indicate substantial scale, but neither settles which firm is larger on a like-for-like basis.

List of the largest wealth management firms

Charles Schwab (NYSE: SCHW) is best known for brokerage and custody, but operates a substantial wealth management franchise through Schwab Wealth Advisory. The service gives high-net-worth clients a personalised wealth strategy with a dedicated adviser supported by specialists across retirement planning, estate planning, tax-efficient investing, and risk management.

The minimum investment is $500,000, with fees starting at 0.80% and tapering at higher asset levels. Schwab is expanding its dedicated wealth advisory branch network from a handful of pilot locations toward roughly 30 offices by 2027, a notable strategic shift toward in-person service for wealthier clients from a firm built on low-cost self-directed investing.

Momentum in this part of the business has been strong: net flows into Schwab Wealth Advisory rose 55% year-on-year in the third quarter of 2026, managed investing solutions took in a record $24 billion and the firm as a whole gathered $190.4 billion of core net new assets.

Beyond Wealth Advisory, Schwab offers Schwab Managed Portfolios and Schwab Intelligent Portfolios, its automated service. Note that the hybrid Intelligent Portfolios Premium tier, which paired the robo-advisory service with unlimited CFP access, was discontinued in 2026.

UBS (NYSE/SIX: UBS) is the world’s largest pure-play wealth manager and a leading global financial services firm headquartered in Zurich. UBS Global Wealth Management serves high-net-worth and ultra-high-net-worth clients worldwide with tailored advice and investment services.

The platform spans investment management, estate planning, corporate finance advice, lending solutions, and specialist wealth products.

Following the 2023 acquisition of Credit Suisse, UBS expanded its scale and global reach considerably. The integration is now well advanced and on track for completion by the end of 2026, with more than 90% of legacy applications decommissioned and around 70% fully retired. UBS has delivered $12.6 billion in cumulative gross cost savings against a target of roughly $13.5 billion by year end.

Client momentum has held up through the integration, with Global Wealth Management attracting $36 billion in net new assets during the second quarter of 2026 and transaction-based income up 23% year-on-year.

J.P. Morgan’s wealth franchise spans J.P. Morgan Private Bank, serving high-net-worth and ultra-high-net-worth clients, and J.P. Morgan Wealth Management, serving affluent clients through Chase branches, digital channels, and dedicated advisors.

Beyond core banking, the franchise offers trust and estate planning, philanthropy services, family governance, private business advisory, executive compensation advisory, wealth structuring, and family office services. As part of JPMorgan Chase (NYSE: JPM), it draws on the broader firm’s research, product range, and global reach.

At the end of September 2026 the division managed $5.21 trillion and held $7.90 trillion in client assets, up 13% and 15% respectively year-on-year, after $51 billion of long-term net inflows in the third quarter plus $42 billion into liquidity funds.

Bank of America (NYSE: BAC) delivers wealth management through Global Wealth and Investment Management (GWIM), comprising Merrill Lynch Wealth Management, Bank of America Private Bank (formerly U.S. Trust), and the Merrill Edge self-directed platform. The majority of GWIM’s assets originate from Merrill Lynch, acquired in 2009 during the financial crisis.

GWIM revenues reached $7.1 billion in Q3 2026, up 13%, with asset management fees of about $4.5 billion on higher market valuations and $20 billion of AUM flows in the quarter. Merrill accounted for about $4.2 trillion of client balances and the Private Bank for about $816 billion.

Goldman Sachs Private Wealth Management sits within the Asset & Wealth Management division of Goldman Sachs (NYSE: GS). With around 3,000 advisors globally, it provides bespoke investment solutions to ultra-high-net-worth clients, typically requiring $10 million or more in investable assets.

The platform draws on Goldman’s institutional capabilities across alternatives, structured products, capital markets, and proprietary research.

The broader AWM division reached a record $4.10 trillion in assets under supervision at the end of Q3 2026 (preliminary), up from $4.04 trillion three months earlier, as $83 billion of net inflows more than offset $27 billion of market depreciation. Alternative investments alone stood at $491 billion.

Morgan Stanley Wealth Management is the wealth division of Morgan Stanley (NYSE: MS), among the largest wealth managers globally. It serves individual investors, families, ultra-high-net-worth clients, family offices, and institutions, drawing on Morgan Stanley’s integrated platform spanning investment banking, capital markets, and asset management.

The division delivered record net revenues of $9.1 billion in the third quarter of 2026, up 10%, with a pre-tax margin of 30.4%, $232.4 billion in net new assets and $80.5 billion of fee-based flows.

Edward Jones is a private partnership headquartered in St. Louis, Missouri, serving more than 9 million clients across the United States and Canada with over 20,000 financial advisors and around 55,000 associates.

The firm is distinctive for its branch-based model, with offices in 68% of US counties and every Canadian province, complemented by digital tools for tracking goals and working with advisors. That local presence is unusual in an industry that has moved steadily toward centralised and digital service, and appears to serve it well: Edward Jones ranked first for advised investor satisfaction among 23 firms in the 2026 J.D. Power U.S. Investor Satisfaction Study.

It offers two main wealth management routes: Advisory Solutions for discretionary managed accounts, and Guided Solutions for collaborative advisor-client decisions. The firm also launched Edward Jones Generations in 2025 for clients with $10 million or more in investable assets, and received conditional FDIC approval for Edward Jones Bank in early 2026.

Julius Baer (SIX: BAER) is Switzerland’s leading pure-play wealth management group, headquartered in Zurich with origins dating to 1890. It operates across roughly 25 countries and 60 locations, including hubs in Dubai, Singapore, Hong Kong, Frankfurt, London, Luxembourg, Monaco, Mumbai, and Tel Aviv.

The firm offers wealth planning across a broad range of situations, from securing children’s financial future and tax clarity to succession, retirement, philanthropy, and international relocation. Discretionary mandates, advisory portfolios, and alternative investments are tailored to high-net-worth and ultra-high-net-worth clients.

Julius Baer reported record net profit of CHF 673 million in the first half of 2026, up 128% year-on-year, with AUM reaching an all-time high of CHF 547 billion. The cost-income ratio improved to 62.6% and the CET1 capital ratio strengthened to 18.5%. Under CEO Stefan Bollinger, appointed in 2024, the firm has continued rebuilding its risk and compliance framework following earlier credit losses.

BNP Paribas Wealth Management is the largest private bank in the Eurozone, headquartered in Paris and operating across Europe, Asia, and the Middle East. Over 6,700 professionals support high-net-worth and ultra-high-net-worth clients in protecting, growing, and transferring wealth across generations.

The division helps clients build portfolios aligned with long-term objectives, alongside planning around family governance, sustainable investing, and intergenerational transfer.

As part of BNP Paribas Group (Euronext Paris: BNP), operating in 64 countries, the wealth franchise draws on the group’s investment banking, asset management, and corporate banking capabilities.

Note that BNP Paribas discloses wealth management AUM less frequently than its listed peers, so the figure above is the most recent published rather than a current-quarter number.

Corient (formerly CI Private Wealth) is the wealth arm of CI Financial, taken private by Mubadala Capital in August 2025 in a $4.7 billion transaction. It operates as a US-based integrated wealth manager headquartered in Miami, providing fee-only services to high-net-worth and ultra-high-net-worth families.

Following the acquisitions of Stonehage Fleming and Stanhope Capital, Corient now reports over $535 billion in client assets across 300+ partners, positioning it among the largest independent advisory firms focused on ultra-high-net-worth clients globally.

The firm operates on a partnership model, with acquired advisory businesses becoming equity partners rather than employees, an approach intended to retain advisers and align incentives, and one that has driven rapid consolidation across the US independent advisory market.

What is a wealth management firm?

A wealth management firm provides comprehensive financial services to individuals and families, typically spanning investment management, financial planning, retirement planning, tax planning, estate planning, philanthropic advisory, and bespoke solutions for complex situations such as business succession or international relocation.

The service is generally designed for those with substantial assets, classified as affluent, high-net-worth, or ultra-high-net-worth. Minimum thresholds scale with the depth of service, from around $250,000 to $500,000 for entry-level advisory programmes, to $10 million or more for ultra-high-net-worth platforms, and $25 million and above at top-tier private banks.

Worth understanding what you are paying for. Fees typically run from 0.25% to over 1% annually, and on a $2 million portfolio a 1% fee costs $20,000 a year, compounding into a substantial sum over decades. That can be entirely justified where genuine tax, estate, or succession planning is involved, since the value there often exceeds the fee. It is harder to justify where the service amounts largely to portfolio management that a low-cost index approach would replicate. The question worth asking any prospective adviser is which of the two you are actually buying.

Bottom line

AUM is a central metric for wealth managers, given its direct link to revenue. Most firms charge a percentage of assets, typically 0.25% to 1.5% annually and tapering at higher balances, which makes scale a determinant of both profitability and competitive position.

This article covers the world’s largest wealth managers by AUM, using third-quarter 2026 figures where already published and second-quarter figures otherwise. Two caveats apply throughout: firms report on different bases, so the figures indicate scale rather than being strictly comparable, and size is not a proxy for service quality. Wealth management is a deeply personal service, and the quality of your individual adviser relationship will matter more to your outcome than the firm’s headline AUM.

If you are considering any of the firms above, we would suggest:

• Contacting the firm directly to confirm current minimums, fees, and service tiers for your situation.
• Comparing several providers against your investment philosophy, location, tax jurisdiction, and long-term objectives.
• Checking regulatory standing in your jurisdiction: SEC (Securities and Exchange Commission) registration in the US, FCA (Financial Conduct Authority) authorisation in the UK, BaFin in Germany, CSSF in Luxembourg.
• Asking directly how the adviser is paid, and whether they are fee-only or earn commission on products they recommend. This is the single most useful question you can ask, and the answer shapes everything that follows.
• Considering alternatives: independent fee-only RIAs, robo-advisors, and self-directed platforms with advisory add-ons can deliver strong service at materially lower cost, particularly for portfolios below the ultra-high-net-worth threshold.