BNY Mellon Wealth Management

BNY Mellon refers to The Bank of New York Mellon Corporation, a global financial institution formed through the merger of The Bank of New York and Mellon Financial Corporation. It is recognized as the world’s largest custodian bank and a prominent player in the financial services industry.

The Bank of New York, founded in 1784, is one of the oldest banking institutions in the United States. Today, BNY Mellon Wealth Management represents a substantial arm of the company, offering services to high-net-worth individuals and institutions.

Today, BNY Mellon—including its wealth management division—operates in over 35 countries across North America, Asia, Europe, Africa, and the Middle East, employing more than 50,000 professionals globally.

The firm has two primary business segments. The first, Investment Services, includes broker-dealer services, corporate trust services, treasury solutions, and support for alternative investments. The second, Investment Management, encompasses BNY Mellon Wealth Management and offers a range of financial services. BNY Mellon is publicly traded on the New York Stock Exchange.

When comparing wealth management options, it’s worth noting that in addition to large, global firms like BNY Mellon, there are also boutique private wealth management firms that focus exclusively on high-net-worth clients—typically those with $5 million to $500 million in investible liquid assets. These firms often provide more personalized strategies tailored to complex financial needs.

Choosing the right wealth manager requires patience and thorough evaluation. It’s a significant decision, as the advisor you select will be involved in strategies that impact your long-term financial well-being.

In this section, we’ll explore the background of BNY Mellon Wealth Management, outline the types of clients they typically serve, and review their account offerings for high-net-worth individuals. You’ll also find key considerations to keep in mind when evaluating wealth managers—especially those working with portfolios of $10 million or more in liquid assets.

BNY Mellon Wealth Management Background

BNY Mellon Wealth Management was formed following the merger of Mellon Financial Corporation and The Bank of New York. Today, BNY Mellon oversees approximately $2 trillion in assets under management and serves high-net-worth and ultra-high-net-worth individuals across a broad range of financial services.

The firm generally requires a minimum fee of $25,000. Its services include portfolio management, tax planning, insurance and risk management, family governance, estate planning, and private banking.

While large institutions like BNY Mellon offer global resources and extensive reach, their business model often centers around scale and volume. As publicly traded entities, they may prioritize shareholder obligations alongside client services, which can influence how wealth management strategies are structured.

In contrast, boutique firms—such as those serving clients with $5 million to $500 million in investable liquid assets—often operate with a narrower client base. These firms may offer more tailored support, prioritizing depth of relationship over volume of accounts.

Experience with high-net-worth clients is a critical factor when evaluating a wealth manager. For many, the firm’s longevity and familiarity with complex financial needs are key indicators of trustworthiness.

Fees Under BNY Mellon Wealth Management

BNY Mellon, like many traditional institutions, typically charges fees based on a percentage of assets under management. Clients are also subject to a minimum annual fee, which starts at $25,000.

What Types of Clients Does BNY Mellon Wealth Management Accept?

If you’re evaluating large financial institutions like BNY Mellon Wealth Management, a common question might be: What types of clients does BNY Mellon Wealth Management serve? While BNY Mellon does not publicly state a required account minimum, it does impose a minimum annual fee of $25,000, suggesting its services are best suited for high-net-worth individuals and families.

The firm offers solutions across a broad financial spectrum, from middle-income households to affluent clients. However, managing significant wealth often requires specialized experience. Firms that focus exclusively on high-net-worth and ultra-high-net-worth individuals—such as those with $5 million to $500 million in investable liquid assets—tend to be more familiar with the unique planning, tax, and estate challenges these clients face.

It’s also important to assess not just the client profile a firm serves, but the background and experience of the advisors themselves. When comparing wealth management providers, consider the advisor’s qualifications, professional certifications, and career path. This background can provide insights into whether the advisor has the depth of expertise necessary to guide complex financial portfolios.

Understanding both sides of the relationship—the clients a firm supports and the advisors who guide them—can help you make a more informed decision when evaluating wealth management options.

Tips for Choosing a Top Wealth Manager

By now, you’ve explored how firms like BNY Mellon Wealth Management approach high-net-worth wealth management. If you’re considering working with a wealth manager, the next step is determining how to select the right one for your needs. This process requires thoughtful reflection and a careful review of your options.

Start by assessing your own priorities. Are you asking yourself why you want to engage a wealth manager? Which areas of your financial life require strategic planning—investment management, estate planning, tax strategies, or perhaps all of the above? What type of planning philosophy or approach are you seeking from a potential advisor?

Once you’ve clarified your expectations, begin researching firms that offer the services you’re looking for. Explore their websites, review their service offerings, and take note of the types of clients they typically support. Be sure to distinguish whether their services align with high-net-worth individuals or a broader audience.

In addition to online research, consider reaching out to peers, business partners, or trusted contacts who may already be working with a reputable wealth manager. Personal referrals can often provide insights beyond what you’ll find on firm websites, which tend to highlight only positive testimonials.

Lastly, don’t make a decision without speaking directly with the advisor. A one-on-one conversation allows you to ask detailed questions, assess their experience with portfolios in your range, and evaluate how well their approach aligns with your personal goals.

Choosing the right wealth manager is a critical decision—taking the time to evaluate your options thoughtfully will help set the foundation for a successful long-term financial strategy.

BNY Mellon Wealth Management Services

BNY Mellon provides a broad range of financial offerings. In its capacity as a broker, the firm facilitates access to traditional investment vehicles such as stocks, bonds, mutual funds, ETFs, options, and real estate investments.

As part of its wealth management division, BNY Mellon offers services that may include private banking, tax planning, strategic research, cash management, estate planning, and general investment planning. The availability and scope of these services typically depend on the specific financial needs and objectives of the client.

BNY Mellon Wealth Management Investment Philosophy 

BNY Mellon Wealth Management describes its approach with the belief that sound financial planning contributes to measurable outcomes. The firm’s strategy for each client is built around what it refers to as five essential wealth practices: invest, borrow, spend, manage, and protect. This framework is designed to help clients navigate changing market conditions while working toward long-term financial goals.

BNY Mellon Wealth Management—Opening an Account

BNY Mellon Wealth Management has offices across multiple U.S. states. To explore their services or speak with a representative, you can visit their official website at bnymellonwealth.com or call their public line at (877) 385-9899.

Once an account is established, clients typically collaborate with a designated advisor to create a financial plan tailored to their long-term goals. This includes defining an asset allocation strategy aligned with the client’s risk tolerance and identifying additional services such as estate planning or tax optimization, depending on the client’s needs.

How Does BNY Mellon Make Money?

BNY Mellon generates revenue primarily through its two core divisions: Investment Services and Investment Management, which includes its wealth management operations. As of the end of 2020, the firm reported approximately $1.8 trillion in assets under management across these divisions.

With operations in 35 countries, BNY Mellon provides financial services to a wide range of clients, including 400 companies on the Fortune 500 list, as well as some of the largest pension funds and foundations in the United States.

Earnings Overview

The company reported revenue of $16.5 billion in 2019, slightly down from $16.4 billion in 2018. It earned $15.5 billion in 2017 and $15.2 billion in 2016. According to its latest annual report, BNY Mellon’s net income in 2020 was around $3.6 billion.

Business Structure

BNY Mellon operates through several subsidiaries and reporting entities. The firm’s wealth management division operates under the broader Investment Management arm, while the Investment Services division remains the primary driver of business activity.

Key subsidiaries include:

• BNY Mellon Investment Servicing Trust Company
• BNY Mellon Trust Company of Illinois
• BNY Mellon Trust of Delaware
• The Bank of New York Mellon Trust Company
• The Bank of New York Mellon SA/NV (primary European operation)

Investment Services

This division delivers asset servicing, alternative investment services, broker-dealer operations, corporate trust solutions, and treasury services. These offerings serve a broad range of clients—from individuals to corporations and government institutions.

Investment Management

While BNY Mellon provides wealth management and private banking for high-net-worth individuals, much of its revenue comes from broader investment services. These include managing retirement plans, securities portfolios, global equities, currency management, and fixed-income strategies. These services are distributed through various acquired subsidiaries.

Final Verdict

BNY Mellon Wealth Management offers a broad range of services suitable for individuals with mid-sized net worth. Its scale and institutional presence allow it to manage investments, address banking needs, and provide general financial planning. For many clients, this may be sufficient depending on their financial complexity and preferences.

However, individuals with $5 million to $500 million in liquid assets often face more nuanced challenges that extend beyond the capabilities of large-scale financial firms. For those seeking a more tailored and research-based approach to managing significant wealth, exploring independent options may offer greater alignment with long-term goals.

PillarWM Finder is an independent, research-driven directory designed to help you explore and compare options in today’s wealth management landscape. If you’re ready to explore a more personalized approach to financial planning, here’s where you can start:

Each step brings you closer to financial strategies that align with your vision, needs, and future.