High-net-worth individuals often seek a professional to manage their money. While the size of a wealth management firm isn’t everything, a large sum of assets under management is a strong signal that the firm attracts an affluent clientele that invest their trust in addition to their money. In 2020, ADV Ratings released its ranking of the world’s largest wealth management firms, ranked by assets under management (AUM) as of June 30, 2020. The rankings below reflect the top 10 wealth management firms by assets under management.
UBS Wealth Management
UBS Wealth Management is ranked number one on the list, with $2.6 trillion in AUM. Although UBS is a Swiss company, it operates in over 50 countries and from all major international financial centers. UBS has 286 branch locations in the United States. UBS financial advisors offer planning, investing, and banking services and private wealth management for individuals. For companies and organizations, UBS financial advisors can help with financial wellness, retirement plan services, equity plan services, institutional consulting, and workplace insights.
Credit Suisse is ranked second on the list, with $1.25 trillion in AUM. Like UBS Wealth Management, Credit Suisse is also a Swiss company. Wealth management solutions at Credit Suisse include preserving, accumulating, or transferring wealth. Previously, the company had investment-banking professionals in offices in Boston, Chicago, Houston, Los Angeles, New York, and San Francisco. However, in January 2015, Credit Suisse announced that it would be exiting its private banking and wealth management services in the U.S. The company offloaded its U.S. wealth business to Wells Fargo in the same year.
Morgan Stanley Wealth Management
Morgan Stanley Wealth Management ranks third on the list with $1.24 trillion in AUM. Morgan Stanley has 250 advisory firms that are committed to helping clients grow their financial, family, and social capital. Morgan Stanley Wealth Management operates in all 50 states and Washington D.C. It has more than 15,600 wealth managers in nearly 600 branches.
Bank of America Global Wealth & Investment Management
Banks of America Global Wealth & Investment Management (comprising Merrill Lynch Wealth Management and Bank of America Private Bank) ranks fourth on the list with $1.22 trillion in AUM. Bank of America offers investment management for individuals and families. Services that the company provides include portfolio management, access to capital markets, specialty asset management, and sustainable and impact investing. The Global Wealth & Investment Management division focuses on two types of clients: people with over $250,000 in total investable assets and high-net-worth individuals for whom Bank of America can provide comprehensive wealth management solutions. It has more than 20,000 wealth managers in 750 branches.
J.P. Morgan Private Bank
J.P. Morgan Private Bank ranks fifth on ADV Ratings’ list with $677 billion in AUM. Advisors, strategists, and investors at J.P. Morgan help individuals create custom financial plans and help achieve those goals. The company employs specialists who are focused on investing, banking, lending, and trusts and estates.
Goldman Sachs ranks sixth on the list with $558 billion in AUM. At Goldman Sachs, clients work with private wealth management teams to select from investment vehicles covering the entire asset spectrum—including cash, fixed income and equities, as well as a range of alternative offerings such as private equity and hedge funds. Goldman Sachs’ Investment Strategy Group (ISG) can also provide guidance to individuals on asset allocation and portfolio diversification. The company’s Wealth Advisory Group can also assist clients in estate planning, gift planning, generation-skipping tax planning, and philanthropy. It has 500 wealth managers operating in 13 branches.
Charles Schwab is ranked seventh on the list of wealth management firms, with $506.3 billion in AUM. Charles Schwab offers wealth management services through an entire team of advisors, called Schwab Private Client. These advisors consider individual clients’ retirement income planning, estate planning, and insurance needs. A dedicated member of a clients’ team is also tasked with monitoring a portfolio and suggesting adjustments as the market changes. The company employs over 2,000 wealth managers and has over 345 U.S. branch offices.
Citi Private Bank
Citi Private Bank is ranked eighth in ADV’s list of the world’s largest wealth management firms. Its AUM is $500 billion. Citi Private Bank offers services for professional investors, wealthy individuals, family offices, and lawyers and law firms. Citi maintains an extremely high ratio of advisors to ensure that every client’s portfolio gets the attention it needs. They craft customized investment strategies and help entrepreneurs, wealthy individuals, sophisticated investors, over one thousand family offices, and the legal profession with global banking and investment services.
BNP Paribas Wealth Management
BNP Paribas Wealth Management ranks ninth in this list, with $424 billion in AUM. BNP Paribas’ Wealth Management experience includes providing its clients with a portfolio that matches their long-term goals. The company’s team of investment strategists can manage, diversify, or personalize your financial portfolio, as well as provide advice for a wide range of solutions.
Julius Baer ranks tenth in this list, with $423.5 in AUM. Advisors at Julius Baer, together with a broad network of external experts, provide a holistic approach to managing wealth, from financial planning, wealth structuring, retirement, taxation succession, relocation, and philanthropy. Julius Baer employs a staff of over 6,700 worldwide. The group manages assets for private clients from all over the world.