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Choosing a wealth management firm is an important decision. One of the reasons that picking the best wealth management firm is hard is that there are so many excellent options. By and large, all of the biggest wealth management firms offer the same basic services, and there is no single firm that is the best. The key is finding out which firm is the best for you, as each person has their own unique personal financial situation.
Check Out: 3 Things You Must Do When Your Savings Reach $50,000
6 Best Wealth Management Firms
Navigating the world of wealth management is not an easy task. There are many options out there, but here is a look at six of the best wealth management firms for 2024.
- Morgan Stanley
- JPMorgan Chase
- UBS
- Wells Fargo
- Fidelity Investments
- Charles Schwab
1. Morgan Stanley
Morgan Stanley is one of the old guard of Wall Street, tracing its origins back to 1935. The company has a robust private wealth management division full of financial advisors, in addition to a wide range of other services. Merging the old with the new, Morgan Stanley completed its acquisition of E-Trade in October 2020. This means the firm can still be a top choice even if you’re a self-directed investor seeking the lowest trading costs possible.
2. JPMorgan Chase
JPMorgan Chase offers wealth management services through J.P. Morgan. It’s perhaps the most diversified wealth management firm on the list, seemingly offering every conceivable type of financial service. In fact, when it comes to diversified financial services and products, if you can’t get it at JPMorgan Chase, it may not exist. From its traditional banking division to its investment management side of private client advisors and commission-free online trading, JPMorgan Chase likely has some type of solution for your wealth management needs.
3. UBS
By some measures, UBS is by far the largest wealth management firm in the world. Generally speaking, the Switzerland-based firm focuses on affluent individuals and institutions in need of higher-end wealth management services. Although other options are available, it still charges per-trade commissions. As a result, it might not be the right fit for independent investors making frequent trades on their own.
4. Wells Fargo
Wells Fargo has come a long way since its founding way back in 1852. Its banking business remains huge, with 4,600 branches in most of the largest markets in the U.S. Its wealth management division offers all three advisory choices for its clients:
- Working one-on-one with a dedicated advisor
- Using a team via its Private Bank division
- Running your own online account with zero commissions
The firm also offers a low-cost robo-advisor, among many other wealth management services.
5. Fidelity Investments
Fidelity Investments made its name with its top-tier mutual fund division. It has since expanded into full-blown wealth management. Fidelity now offers everything from robo-advisory services to $0-commission trading and personal wealth management with a dedicated advisor.
6. Charles Schwab
To start, the J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study gave Charles Schwab the top score. The wealth management firm offers an integrated approach to personal finance, offering brokerage and retirement accounts, online trading and asset management under one roof. Its financial advisors help tailor wealth strategies and investment solutions — from investment and retirement planning to tax information and financial education — each aligning with its clients’ short- and long-term financial goals.
Are Wealth Managers Worth the Fees?
When it comes to wealth management, a service will likely be worth it if it provides value in excess of what you pay. For example, if you are using your wealth management company primarily to provide you with excess investment returns, it will be worth it if those returns are bigger than the amount you pay. If, on the other hand, you select a wealth management firm to create your estate plan and perform ongoing, holistic wealth management services, only you can determine if you’re getting your money’s worth out of it.
One area in which wealth management has lost its value is if you research and execute your own stock trades. In a world in which zero-commission stock and ETF trading is now the norm, firms that charge you a per-trade commission are dinosaurs. If your trading costs are tied to an asset-based fee, you’ll have to determine if the value you’re receiving beyond mere trade execution is worth the extra cost.
The Bottom Line
There’s no shortage of wealth management firms. All have their strengths, but the best one for you depends on your personal financial needs. If you’re just starting out, you might look for a firm that charges $0 commissions on trades and pays a generous yield on its savings accounts. If you’re already retired, you might favor a firm that has a robust estate planning division. Others might need a firm with a large international presence. This makes analyzing your own financial needs a good first step before you decide on the best wealth management firm for you.
Since the right manager can make all the difference in terms of your long-term financial success, don’t be afraid to shop around to find the products and services you need. There’s also no rule against working with multiple wealth managers, with each one serving a different purpose in your financial life.
FAQ
Here are the answers to some of the most frequently asked questions regarding wealth management firms.
- What are the top five wealth management firms?
- Wealth management firms can be ranked by any number of measures, from the number of advisors to assets under management to the best-reviewed. Here's a breakdown of wealth management firms in terms of global assets under management:
- UBS — $2.6 trillion
- Edward Jones — $1.6 trillion
- Bank of America — $1.6 trillion
- Morgan Stanley — $1.4 trillion
- Credit Suisse — $1.25 trillion
- Wealth management firms can be ranked by any number of measures, from the number of advisors to assets under management to the best-reviewed. Here's a breakdown of wealth management firms in terms of global assets under management:
- What is the biggest wealth management company?
- In terms of private wealth management, Morgan Stanley boasts four of the country's five largest individual wealth management teams. This makes it by far the largest private wealth management firm in the U.S. in terms of assets under management, according to Barron's. Its top team manages more than $35 billion in assets alone.
- Things change a bit, however, when you include all types of wealth management, from mutual funds to investment banking, corporate banking and private wealth management. Under this screen, UBS is by far the largest global wealth management company, with assets of over $2.6 trillion.
- How do I find a good wealth manager?
- You can search for good wealth managers in a number of ways. Simple internet searches will turn up the largest wealth managers, as defined by any parameter you set. But the biggest firms are not always the best for you. Look for wealth management firms that have products and services that you will use, advisors who listen to your needs and place your best interests ahead of their own, and pricing structures that provide value rather than simply making their managers wealthy.
Cynthia Measom contributed to the reporting for this article.
Information is accurate as of Feb. 16, 2024.
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- Barron's. 2023. "2023 Top 100 Private Wealth Management Teams."
