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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.
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.
Note that most firms don’t disclose their investment minimums and fees for private wealth management services, as those can vary by the services provided and can often be negotiated between clients and advisors. The fees and minimums listed in the table below generally apply to online or self-directed investment accounts.
| Firm | Fees | Account Minimums |
|---|---|---|
| Morgan Stanley | As low as $0 | As low as $0 |
| JPMorgan Chase | As low as $0 | As low as $0 |
| UBS | 0.70% to 5% of principal amount, plus fixed fee; depending on size of trade, max commissions range from $100 to $7,175 or even more | Variable depending on program selected |
| Wells Fargo | As low as $0 | As low as $0 |
| Fidelity Investments | As low as $0 | As low as $0 |
| Charles Schwab | As low as $0 | As low as $0 |
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.
Those looking for elite-level services from nationally ranked advisors might not want to look anywhere else than Morgan Stanley, as the firm boasts six of the top 10 wealth management firms according to Barron’s. This includes the top two, which manage a whopping $49.5 billion and $44.2 billion in customer assets, respectively.
Other investors might prefer the Morgan Stanley Access Direct Brokerage Account. This self-directed investment account has no fees or minimums and charges $0 commission on online trades for stocks and ETFs.
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.
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On the high end, JPMorgan Chase offers private wealth management services that provide everything from:
- Wealth planning
- Investing
- Lending
- Banking
- Family wealth services
But JPMorgan Chase also offers self-directed, online investment accounts that have no fees or minimums and charge $0 commissions on stock and ETF trades, as is becoming the norm in the industry.
3. UBS
UBS is one of the largest wealth management firms in the world, with over $3.1 trillion in assets under management. Generally speaking, the Switzerland-based firm focuses on affluent individuals and institutions in need of higher-end wealth management services. The company operates in four main divisions:
- Global Wealth Management
- Personal & Corporate Banking
- Asset Management
- Investment Banking
Although UBS does manage accounts for individual investors, it is more focused on global wealth management. It’s one of the few firms that doesn’t offer zero-commission online trading.
In other words, if you’re a large investor, or a corporation, you’ll likely find a high level of wealth management services at your disposal, but if you’re a smaller investor, you’ll have to pay relatively high commissions just to execute basic trades. 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 $1.9 trillion in assets and more than 5,600 branches in 22 countries across the globe. 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 ($25 if you require the assistance of an advisor)
The firm offers a variety of wealth management services, including separately managed accounts and traditional full-service brokerage options. Fees vary greatly depending on the type of relationship and the terms of the individual advisor.
The Wells Fargo robo-advisor, dubbed the “Intuitive Investor,” charges an annual advisory fee of 0.35% of assets and access to personalized service and professional advice.
5. Fidelity Investments
Fidelity Investments made its name with its top-tier, no-load 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.
For self-directed accounts, Fidelity has no minimums or account service fees, in addition to $0 commissions on stocks and ETFs. Unique in the industry, Fidelity also offers five index mutual funds with expense ratios of zero, each of which has no investment minimum.
On the personal wealth management front, they offer two options: planning and advice from either a dedicated advisor or an advisor-led team. Fees range from 0.50% to 1.50%. Investment minimums are $500,000 and $2 million, respectively.
Fidelity’s robo-advisor, dubbed “Fidelity Go,” has no minimum to open an account but requires at least $10 to actually invest. Fees are an impressive $0 for accounts under $25,000, and 0.35% annually for balances of $25,000 or more. However, at this level, clients also gain access to unlimited 1-on-1 coaching calls.
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.
The top tier of Charles Schwab wealth management is Schwab Wealth Advisory. This services requires a minimum investment of $500,000 and pricing starts at 0.80% of assets annually. Larger balances incur smaller fees, with fees for the top $5 million tier running just 0.30% annually.
Schwab offers two tiers of robo-advisory services. The first, Schwab Intelligent Portfolios, requires a $5,000 minimum but doesn’t charge any advisory fees or commissions. Schwab Intelligent Portfolios Premium, on the other hand, requires a $25,000 minimum but allows unlimited 1-on-1 guidance from a Certified Financial Planner, in addition to robo-advisory services. The premium service requires a $300 one-time planning fee and a $30 per month advisory fee afterwards.
The standard Schwab brokerage account has no account or trade minimums and charges $0 for listed stocks and ETFs, along with thousands of mutual funds.
Are Wealth Managers Worth the Fees?
When it comes to wealth management, a service will likely be worth it if it provides more value than what you’re paying. 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 Aug. 12, 2024.
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- Barron's. 2023. "2023 Top 100 Private Wealth Management Teams."
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