What are the top 10 wealth management firms in the US?

The top 10 US wealth management firms typically include UBS, Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, J.P. Morgan Private Bank, Wells Fargo, Charles Schwab, Fidelity Investments, Vanguard, and Raymond James, though the exact order may vary by ranking methodology.

How are wealth management firms ranked in the Top 10 lists?

Rankings are usually based on assets under management (AUM), number of advisors, revenue, client satisfaction, or a combination of these criteria, with firms like Forbes and Barron's publishing annual lists.

What minimum assets are required to use a top wealth management firm?

Minimum asset requirements vary by firm, ranging from $250,000 to $10 million or more, with many top firms requiring at least $1 million for their private wealth services.

Do the top wealth management firms charge fees?

Yes, most charge fees as a percentage of assets under management (typically 0.5% to 2% annually) or flat retainer fees, with some also charging commissions on trades.

What services do top wealth management firms offer?

They offer comprehensive services including investment management, financial planning, tax optimization, estate planning, retirement planning, and fiduciary advice tailored to high-net-worth clients.

Top 10 US Wealth Management Firms

Top 10 US Wealth Management Firms | Top10Grid

1. Morgan Stanley Wealth Management — Morgan Stanley Wealth Management is the world's largest full-service brokerage, overseeing $4.9 trillion in client assets as of 2024. Its 15,000+ financial advisors serve ultra-high-net-worth individuals, families, and institutions globally. The firm's E*TRADE acquisition in 2020 added 5.2M retail clients.
2. Merrill Lynch (Bank of America) — Merrill Lynch, operating as Merrill under Bank of America since 2009, manages approximately $3.4 trillion in client assets. Founded in 1914, it employs over 19,000 financial advisors across the US. Merrill's Private Banking & Investment Group serves clients with $10M+ in investable assets.
3. UBS Wealth Management Americas — UBS Americas manages roughly $1.6 trillion in invested assets, making it one of the largest wealth managers in the region. The Swiss banking giant's US division focuses on ultra-high-net-worth clients through its roughly 6,000 financial advisors. UBS completed its $3.2B acquisition of Credit Suisse in 2023.
4. Goldman Sachs Private Wealth Management — Goldman Sachs Private Wealth Management oversees over $1.1 trillion in AUM and targets clients with a minimum $10M investable portfolio. Founded in 1869, Goldman's advisors provide bespoke investment strategies, alternative assets, and family office services. The division accounts for a significant share of Goldman's consumer and wealth revenue.
5. J.P. Morgan Private Bank — J.P. Morgan Private Bank manages more than $800 billion in client assets and caters to individuals and families with $5M+ in investable wealth. Part of JPMorgan Chase, the largest US bank by assets ($3.9T), the private bank offers investment management, lending, and philanthropy advisory across 160+ offices globally.
6. Charles Schwab — Charles Schwab manages $8.5 trillion in total client assets, positioning it as the largest US retail brokerage by assets. Founded in 1971 by Chuck Schwab, it pioneered discount brokerage and later eliminated trading commissions in 2019. The 2020 TD Ameritrade merger added 12M accounts and $1.3T in assets.
7. Fidelity Investments — Fidelity Investments holds $12.6 trillion in total customer assets and administers $2.4 trillion in retirement assets, making it a top provider of 401(k) plans. Founded in 1946 and still privately held, the Boston-based firm serves 43M individual investors and 23,000 businesses. It launched zero-expense-ratio index funds in 2018.
8. Raymond James Financial — Raymond James Financial oversees approximately $1.4 trillion in client assets through its network of 8,700+ financial advisors across the US, Canada, and Europe. Founded in 1962 and headquartered in St. Petersburg, Florida, the firm reported $11.1 billion in net revenue in fiscal 2023. It's one of the largest independent broker-dealers in North America.
9. Edward Jones — Edward Jones manages over $1.7 trillion in client assets through a unique branch-office model with more than 15,000 locations across the US and Canada. Founded in 1922 and headquartered in St. Louis, the firm focuses on long-term individual investors. Its 19,000+ financial advisors typically operate as sole practitioners in community offices.
10. Vanguard Personal Advisor Services — Vanguard Personal Advisor Services manages approximately $290 billion, making it the largest robo-advisory by AUM globally. Launched in 2015, it pairs algorithm-driven portfolios with human advisor access for a low 0.3% annual fee. Vanguard's unique investor-owned structure keeps costs minimal across its $8T+ total asset base.

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#1
Morgan Stanley Wealth Management
Morgan Stanley Wealth Management is the world's largest full-service brokerage, overseeing $4.9 trillion in client assets as of 2024. Its 15,000+ financial advisors serve ultra-high-net-worth individuals, families, and institutions globally. The firm's E*TRADE acquisition in 2020 added 5.2M retail clients.
SEC Form ADV — Morgan Stanley Smith Barney LLC Barron's Top Advisor Firms — Morgan Stanley Rankings Morgan Stanley Wealth Management Official
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source: wikipedia
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#2
Merrill Lynch (Bank of America)
Merrill Lynch, operating as Merrill under Bank of America since 2009, manages approximately $3.4 trillion in client assets. Founded in 1914, it employs over 19,000 financial advisors across the US. Merrill's Private Banking & Investment Group serves clients with $10M+ in investable assets.
SEC Form ADV — Merrill Lynch, Pierce, Fenner & Smith Forbes: Best Wealth Management Firms Review Merrill Wealth Management — Official
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source: wikipedia
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#3
UBS Wealth Management Americas
UBS Americas manages roughly $1.6 trillion in invested assets, making it one of the largest wealth managers in the region. The Swiss banking giant's US division focuses on ultra-high-net-worth clients through its roughly 6,000 financial advisors. UBS completed its $3.2B acquisition of Credit Suisse in 2023.
SEC Form ADV — UBS Financial Services Inc Barron's: UBS Wealth Management Review UBS Wealth Management Americas — Official
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source: wikipedia
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#4
Goldman Sachs Private Wealth Management
Goldman Sachs Private Wealth Management oversees over $1.1 trillion in AUM and targets clients with a minimum $10M investable portfolio. Founded in 1869, Goldman's advisors provide bespoke investment strategies, alternative assets, and family office services. The division accounts for a significant share of Goldman's consumer and wealth revenue.
SEC Form ADV — Goldman Sachs & Co. LLC Forbes: Goldman Sachs Private Wealth Review Goldman Sachs Private Wealth Management — Official
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source: wikipedia
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#5
J.P. Morgan Private Bank
J.P. Morgan Private Bank manages more than $800 billion in client assets and caters to individuals and families with $5M+ in investable wealth. Part of JPMorgan Chase, the largest US bank by assets ($3.9T), the private bank offers investment management, lending, and philanthropy advisory across 160+ offices globally.
SEC Form ADV — J.P. Morgan Securities LLC Barron's: J.P. Morgan Private Bank Rankings & Review J.P. Morgan Private Bank — Official
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source: wikipedia
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#6
Charles Schwab
Charles Schwab manages $8.5 trillion in total client assets, positioning it as the largest US retail brokerage by assets. Founded in 1971 by Chuck Schwab, it pioneered discount brokerage and later eliminated trading commissions in 2019. The 2020 TD Ameritrade merger added 12M accounts and $1.3T in assets.
SEC Form ADV — Charles Schwab Investment Advisory NerdWallet: Charles Schwab Wealth Advisory Review Charles Schwab Wealth Management — Official
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source: wikipedia
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#7
Fidelity Investments
Fidelity Investments holds $12.6 trillion in total customer assets and administers $2.4 trillion in retirement assets, making it a top provider of 401(k) plans. Founded in 1946 and still privately held, the Boston-based firm serves 43M individual investors and 23,000 businesses. It launched zero-expense-ratio index funds in 2018.
SEC Form ADV — Fidelity Personal and Workplace Advisors NerdWallet: Fidelity Wealth Services Review Fidelity Private Wealth Management — Official
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source: wikipedia
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#8
Raymond James Financial
Raymond James Financial oversees approximately $1.4 trillion in client assets through its network of 8,700+ financial advisors across the US, Canada, and Europe. Founded in 1962 and headquartered in St. Petersburg, Florida, the firm reported $11.1 billion in net revenue in fiscal 2023. It's one of the largest independent broker-dealers in North America.
SEC Form ADV — Raymond James & Associates Barron's: Raymond James Top Advisor Ranking Raymond James Wealth Management — Official
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source: wikipedia
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#9
Edward Jones
Edward Jones manages over $1.7 trillion in client assets through a unique branch-office model with more than 15,000 locations across the US and Canada. Founded in 1922 and headquartered in St. Louis, the firm focuses on long-term individual investors. Its 19,000+ financial advisors typically operate as sole practitioners in community offices.
Edward Jones Investment Management Official NerdWallet: Edward Jones Review — Fees, Services & Alternatives SEC Form ADV — Edward Jones (Edward D. Jones & Co.)
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source: wikipedia
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#10
Vanguard Personal Advisor Services
Vanguard Personal Advisor Services manages approximately $290 billion, making it the largest robo-advisory by AUM globally. Launched in 2015, it pairs algorithm-driven portfolios with human advisor access for a low 0.3% annual fee. Vanguard's unique investor-owned structure keeps costs minimal across its $8T+ total asset base.
SEC Form ADV — Vanguard Advisers Inc NerdWallet: Vanguard Personal Advisor Services Review Vanguard Personal Advisor Services — Official
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source: wikipedia

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#1
Morgan Stanley Wealth Management
Morgan Stanley Wealth Management is the world's largest full-service brokerage, overseeing $4.9 trillion in client assets as of 2024. Its 15,000+ financial advisors serve ultra-high-net-worth individuals, families, and institutions globally. The firm's E*TRADE acquisition in 2020 added 5.2M retail clients.
SEC Form ADV — Morgan Stanley Smith Barney LLC Barron's Top Advisor Firms — Morgan Stanley Rankings Morgan Stanley Wealth Management Official
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source: wikipedia
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#2
Merrill Lynch (Bank of America)
Merrill Lynch, operating as Merrill under Bank of America since 2009, manages approximately $3.4 trillion in client assets. Founded in 1914, it employs over 19,000 financial advisors across the US. Merrill's Private Banking & Investment Group serves clients with $10M+ in investable assets.
SEC Form ADV — Merrill Lynch, Pierce, Fenner & Smith Forbes: Best Wealth Management Firms Review Merrill Wealth Management — Official
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source: wikipedia
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#3
UBS Wealth Management Americas
UBS Americas manages roughly $1.6 trillion in invested assets, making it one of the largest wealth managers in the region. The Swiss banking giant's US division focuses on ultra-high-net-worth clients through its roughly 6,000 financial advisors. UBS completed its $3.2B acquisition of Credit Suisse in 2023.
SEC Form ADV — UBS Financial Services Inc Barron's: UBS Wealth Management Review UBS Wealth Management Americas — Official
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source: wikipedia
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#4
Goldman Sachs Private Wealth Management
Goldman Sachs Private Wealth Management oversees over $1.1 trillion in AUM and targets clients with a minimum $10M investable portfolio. Founded in 1869, Goldman's advisors provide bespoke investment strategies, alternative assets, and family office services. The division accounts for a significant share of Goldman's consumer and wealth revenue.
SEC Form ADV — Goldman Sachs & Co. LLC Forbes: Goldman Sachs Private Wealth Review Goldman Sachs Private Wealth Management — Official
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source: wikipedia
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#5
J.P. Morgan Private Bank
J.P. Morgan Private Bank manages more than $800 billion in client assets and caters to individuals and families with $5M+ in investable wealth. Part of JPMorgan Chase, the largest US bank by assets ($3.9T), the private bank offers investment management, lending, and philanthropy advisory across 160+ offices globally.
SEC Form ADV — J.P. Morgan Securities LLC Barron's: J.P. Morgan Private Bank Rankings & Review J.P. Morgan Private Bank — Official
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source: wikipedia
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#6
Charles Schwab
Charles Schwab manages $8.5 trillion in total client assets, positioning it as the largest US retail brokerage by assets. Founded in 1971 by Chuck Schwab, it pioneered discount brokerage and later eliminated trading commissions in 2019. The 2020 TD Ameritrade merger added 12M accounts and $1.3T in assets.
SEC Form ADV — Charles Schwab Investment Advisory NerdWallet: Charles Schwab Wealth Advisory Review Charles Schwab Wealth Management — Official
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source: wikipedia
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#7
Fidelity Investments
Fidelity Investments holds $12.6 trillion in total customer assets and administers $2.4 trillion in retirement assets, making it a top provider of 401(k) plans. Founded in 1946 and still privately held, the Boston-based firm serves 43M individual investors and 23,000 businesses. It launched zero-expense-ratio index funds in 2018.
SEC Form ADV — Fidelity Personal and Workplace Advisors NerdWallet: Fidelity Wealth Services Review Fidelity Private Wealth Management — Official
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source: wikipedia
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#8
Raymond James Financial
Raymond James Financial oversees approximately $1.4 trillion in client assets through its network of 8,700+ financial advisors across the US, Canada, and Europe. Founded in 1962 and headquartered in St. Petersburg, Florida, the firm reported $11.1 billion in net revenue in fiscal 2023. It's one of the largest independent broker-dealers in North America.
SEC Form ADV — Raymond James & Associates Barron's: Raymond James Top Advisor Ranking Raymond James Wealth Management — Official
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source: wikipedia
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#9
Edward Jones
Edward Jones manages over $1.7 trillion in client assets through a unique branch-office model with more than 15,000 locations across the US and Canada. Founded in 1922 and headquartered in St. Louis, the firm focuses on long-term individual investors. Its 19,000+ financial advisors typically operate as sole practitioners in community offices.
Edward Jones Investment Management Official NerdWallet: Edward Jones Review — Fees, Services & Alternatives SEC Form ADV — Edward Jones (Edward D. Jones & Co.)
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source: wikipedia
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#10
Vanguard Personal Advisor Services
Vanguard Personal Advisor Services manages approximately $290 billion, making it the largest robo-advisory by AUM globally. Launched in 2015, it pairs algorithm-driven portfolios with human advisor access for a low 0.3% annual fee. Vanguard's unique investor-owned structure keeps costs minimal across its $8T+ total asset base.
SEC Form ADV — Vanguard Advisers Inc NerdWallet: Vanguard Personal Advisor Services Review Vanguard Personal Advisor Services — Official
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source: wikipedia