Wealth management firms have experienced significant growth over the years, aligning with the increasing number of millionaires. This cause-and-effect relationship is supported by the perception of wealth management as a high-end service, with certain firms requiring a specific minimum investment level.
Key metrics, including Assets Under Management (AUM), the number of customers, regulatory oversight, the prominence of clientele, and others, are crucial for evaluating wealth management firms’ performance, security, and reputation.
AUM, in particular, stands out as a key indicator of a firm’s performance, representing the aggregate market value of assets under the firm’s management on behalf of its clients. The significance of AUM extends to its direct influence on the firm’s revenue generation. Many wealth management firms charge fees based on a percentage of AUM, making the size of AUM a critical factor in sustaining the firm’s financial health.
Here’s the list of the largest wealth management firms in the world by Assets Under Management (AUM):
|Wealth Management Firm
|Number of Clients
|Date Reported (AUM)
|Morgan Stanley Wealth Management
|UBS Global Wealth Management
|J.P. Morgan Private Bank
|Over 62 million
|Goldman Sachs Private Wealth Management
|Over 8 million
|Over $1.5 trillion
|Over 20 million
|Bank of America GWIM
|Over 39 million
|Over 14 thousand
|Charles Schwab Wealth Management
|BNP Paribas Wealth Management
|Over 2 million
|Edelman Financial Services**
Some companies mentioned above are widely recognised for services beyond wealth management, including Charles Schwab and J.P. Morgan, which provide brokerage services. Renowned banks like Citi Bank and Bank of America are also on the list. What ties these examples and others in the table together? They all offer wealth management services through specialised service lines.
Morgan Stanley Wealth Management, headquartered in the United States, stands out as the largest wealth management provider globally, with substantial total Assets Under Management (AUM) of $4.8 trillion. With a client base of 18 million individuals, the firm has demonstrated remarkable success since its inception nearly a decade ago, as illustrated in the table above.
Following closely behind Morgan Stanley is the Swiss-based UBS. UBS has a total AUM of $3.6 trillion. While the exact number of clients remains undisclosed, it is reasonable to assume a substantial figure given the magnitude of UBS’s presence in the financial landscape.
List of the Largest Wealth Management Firms
Morgan Stanley Wealth Management is the wealth and asset management division of the U.S based Morgan Stanley. It stands out as the largest wealth management firm in the world, with a total AUM of $4.8 trillion, offering a wide range of services and products that fit everyone, from institutional clients to families.
UBS offers high net worth and affluent individuals around the world a complete range of tailored advice and investment services. Our spectrum ranges from investment management to estate planning, corporate finance advice, and specific wealth management products and services.
J.P. Morgan Private Bank not only provides clients with standard banking services but also offers a comprehensive Wealth Management Service. This service encompasses Trust & Estate Planning, Philanthropy Services, Family Governance, Private Business Advisory, Executive Compensation Advisory, Wealth Structuring and Strategy, as well as Family Office Services.
Goldman Sachs Private Wealth Management is part of the investment management division of Goldman Sachs Bank. With over 2,400 financial advisors, Goldman Sachs provides access and guidance to high-net-worth clients, aiming to influence and enhance their wealth growth.
Edward Jones is a financial services firm catering to the U.S. and Canada. Edward Jones is renowned for its web and mobile apps, enabling clients to track retirement goals in real-time and collaborate with their financial advisors. Edward Jones provides two options for wealth management: Edward Jones Advisory Solutions and Edward Jones Guided Solutions.
FNZ Group is a global wealth management firm tousher wealth management into the digital era. As the company states, its objective is to unlock wealth by dismantling barriers that cause friction, thereby creating a more transparent and personalised experience for every investor with a modern, digital-first approach.
Bank of America provides wealth management services through Merrill Lynch, its private bank, and the consumer investments segment. The majority of assets under management at Bank of America originate from its subsidiary Merrill Lynch, which boasts a total of $1.24 trillion as of May 2022 and was acquired by Bank of America in 2009.
Citibank offers a service known as Citi Personal Wealth Management, wherein one of its over 3,000 Financial Advisors provides high-net-worth clients with personalised planning and investment guidance.
- AUM: 578B USD
- Number of clients: n/a
- Number of Financial Advisors: n/a
- AUM reporting date: October 2023
Credit Suisse is a Swiss bank that provides an international wealth management service. It’s important to note that recently, Credit Suisse has been acquired by UBS. At this moment, they are listed as separate entities because they have released individual quarterly reports in 2023. It is expected that in 2024, the AUM of UBS will increase significantly due to this acquisition.
Charles Schwab is renowned for its brokerage services, and it also provides Wealth Management through its Schwab Wealth Advisory™ service. This service offers high-net-worth clients a comprehensive and personalised wealth management strategy. The minimum investment for this service is $500,000.
Julius Baer is an international reference in wealth management, based in Switzerland. Julius Baer offers wealth planning for a wide range of situations, from securing children’s financial future to gaining clarity on tax situations and guidance on succession, retirement, or relocation. The company’s wealth planners possess both local expertise and a global network to provide the necessary support for its high-net-worth clients.
BNP Paribas is the leading private bank in Euro Zone, offering wealth management services across 18 countries. BNP Paribas’ wealth management service enables high-net-worth clients to have a portfolio that aligns best with a long-term perspective. It also facilitates planning for the future of both wealth and values.
Insignia Financial is a British wealth management firm that assists clients in achieving their financial goals. The company provides extensive wealth management products and services, with a high degree of individual tailoring. In addition to traditional wealth management services, Insignia Financial truly focuses on enhancing the financial literacy of its clients.
- AUM: 279B USD
- Number of clients: n/a
- Number of Financial Advisors: n/a
- AUM reporting date: September 2023
CI Financial is a Canadian investment management firm that offers wealth management services through CI Private Wealth, which focuses on deeply personal service, creativity, and objective advice.
Edelman Financial Services is a US-based wealth management firm that provides a comprehensive range of services, including financial planning, retirement planning, investment management, insurance guidance, tax planning, and estate planning. It is important to note that Edelman Financial Services has recently acquired PRW Wealth Management, which has a total AUM of $500 million and a client base of over 600 individuals.
AUM is a crucial indicator for wealth management firms, given its direct impact on revenue generation. These firms typically charge fees based on a percentage of AUM, making the size of AUM a critical factor in sustaining financial health.
In this article, we highlighted the world’s largest wealth management firms based on AUM. As high-end services, the specifications can vary from customer to customer. If you’re interested in the services of any company mentioned above, we recommend reaching out to the respective firm.
We hope this article has clarified your doubts and sparked curiosity about these companies, helping you make an informed decision if you’re searching for such services.
What is a Wealth Management Firm?
A wealth management firm is a financial institution that provides extensive services tailored to assist individuals and families in effective wealth management. These encompass investment management, financial planning, retirement planning, tax planning, estate planning, and bespoke financial services. Wealth management is designed for individuals with substantial net worth, typically considered a high-end service, aiming to elevate their financial well-being and achieve specific financial objectives.