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.
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.
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.
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.
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.