Top Wealth Management
There are close to 6 million high net worth individuals in the US. Smartly managing all of that wealth requires effort and expertise.
As much as Robo-advisories and fintech firms would like to convince you, managing significant wealth isn’t as simple as clicking a few buttons.
For our most comprehensive wealth management and finance planning guide, specifically written for families looking to invest between $5 million and $500 million, you should click here to request your free copy.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.
Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.
When millions of dollars are at stake, every decision matters. Some research about top wealth management in the USA will also reveal the same thing. If you are someone with $10 million or more in liquid assets, it may be helpful to check out this guide on choosing the best financial advisor.
To advise clients on these crucial decisions, there exists a wealth management industry in the US. There are many wealth managers spread out across the country. You can probably run a quick search online and find a few close to your zip code.
However, as a high net worth or an ultra-high net worth individual, you do not want to deal with any average financial advisor. You want the top wealth managers who have a healthy track record. PillarWM.com is one of the top ultra-high net worth wealth management firms in the USA. It has strategies geared towards a high and ultra-high-net-worth clientele with $5 million to $500 million in investible assets.
Wealth management is generally associated with super-wealthy and famous people. Wealth managers indeed require a minimum account size to work with. That minimum is usually $1 million or more. However, if you are within the wealth manager’s criteria parameters, you can engage his/her services for your financial planning and wealth management needs. You don’t have to be a celebrity. You need to have a specific account size.
Top wealth management? Where to find it? That must be the question on your mind if you are convinced that wealth management is for you. Before you go researching wealth managers, it will help to determine certain key aspects of wealth management. The way wealth management fees are charged makes a big difference.
When you want to compare two wealth managers, it can also help to know how to become a wealth manager. Knowing the background and the motivations of a wealth manager can be quite insightful.
In this article, we will explore all these topics so that you can make an informed decision.
Top 10 Wealth Management Firms
Based on ADV Ratings’ evaluations, the following companies are the 10 largest and best wealth management firms for 2022.
1. UBS Wealth Management ($2 trillion)
UBS, a Swiss company, operates in 40 countries with more than 23,000 employees. It has four divisions — Global Wealth Management, Personal & Corporate Banking, Asset Management, and Investment Bank.
UBS Wealth Way provides financial advice to wealthy individuals and families worldwide, transforming their aspirations into a strategy. The Wealth Way process begins with understanding your goals, the people who matter to you, and your hopes and aspirations.
With this information, your UBS financial advisor develops a financial plan around three strategies — liquidity, longevity, and legacy, centered on you.
2. Edward Jones ($1.3 trillion)
Founded in 1922, Edward Jones has its headquarters in St. Louis, Missouri. The financial advisory firm operates a network of more than 15,000 branches and has 19,000 financial advisors.
With about eight million clients, Edward Jones focuses on individuals and small businesses. The managing partner, Penny Pennington, is the only female head of a major US brokerage. In 2021, Edward Jones was ranked among the “100 best companies to work for” for the 22nd time.
With Edward Jones Advisory Solutions, the client delegates wealth management decisions to a team of Edward Jones research analysts, whereas Edward Jones Guided Solutions allows flexibility for the client to play a role in managing their investments.
3. Credit Suisse ($1.25 trillion)
Credit Suisse was founded in 1856 and is headquartered in Zurich, Switzerland. It operates in the US with over 7,000 employees and has hubs in New York and Raleigh.
The Credit Suisse wealth management division offers customized advisory services to high- and ultra-high-net-worth individuals and asset managers, covering all aspects of money management. The minimum account balance is 50,000 euros.
Credit Suisse wealth management includes investment, tax planning, philanthropy, foreign exchange, lending, and real estate.
In 2015, the company’s US wealth management division was sold to Wells Fargo.
4. Morgan Stanley Wealth Management ($1.23 trillion)
Morgan Stanley’s story begins in 1935 on Wall Street. In 1997, the Morgan Stanley Group merged with Dean Witter, forming the world’s largest securities firm.
Morgan Stanley offers various investment options, including the E*TRADE digital platform, online advisors, or dedicated financial advisors that create customized financial plans.
At Morgan Stanley, a LifeView Personal Wealth Advisor creates a strategy to meet your financial goals. A LifeView Plan can cost up to $10,000 for clients with plan assets valued at over $5 million.
5. Bank of America Global Wealth & Investment Management ($1.22 trillion)
In 2009, Bank of America acquired Merrill Lynch. Its Global Wealth and Investment Management division (GWIM) holds $1.6 trillion in AUM, with Merrill Lynch contributing $1.3 trillion. The bank has more than 200,000 employees.
Bank of America’s wealth management is offered through Bank of America Private Bank and Merrill Lynch (a registered broker-dealer). Merrill advisors build personalized investment portfolios that reflect the client’s financial goals and circumstances. The advisor can provide lifestyle planning, tax consulting, investment management, trusts and estates management, strategic philanthropy, and banking.
6. J.P. Morgan Private Bank ($677 billion)
JP Morgan Private Bank has offices in major cities around the country and is the largest private bank in the US. It offers both in-person and digital banking services.
JP Morgan Private Bank acts as a single financial advisory source for tax management, business strategies, estate planning, and charitable giving. Its comprehensive wealth management strategies are either tax-smart, thematic, or alternative.
In banking, JPMorgan Private Bank provides lending options that include life insurance premiums, real estate, fine art, and aircraft.
7. Goldman Sachs ($558 billion)
Goldman Sachs was founded in 1869 and has its headquarters in New York City. The firm provides wealth management, asset management, and banking services to individuals, businesses, corporations, and institutions. The firm has over 40,000 employees worldwide.
The firm began managing pension funds in 1988; it managed Microsoft’s IPO, which generated $61 million, and it now has a real estate division.
A Goldman Sachs Private Wealth Management financial advisor works with the client to create a customized portfolio and provide trust and estate planning. The company offers lines of credit, philanthropic education, and lending.
8. Charles Schwab ($506 billion)
Founded in 1971, Charles Schwab was purchased by Bank of America in 1983, but it was bought back by the original owner in 1987.
Charles Schwab Wealth Advisory focuses on the client, providing wealth management services aimed at achieving the client’s goals, with strategies that change along with changes in the client’s situation. The client is assigned to a dedicated advisor backed by a team of experts.
Charles Schwab has a policy of refunding fees and commissions if the client is not completely satisfied, reflecting on the firm’s dedication to quality.
Charles Schwab Wealth Advisory has an account minimum of $1 million, with fees starting at 0.80% of AUM.
Charles Schwab acquired TD Ameritrade in 2020.
9. Citi Private Bank ($500 billion)
Citi Private Bank is a subsidiary of Citigroup; it has 60 offices in 23 countries and provides private banking services to over 14,000 ultra-high-net-worth individuals, including 25% of the world’s billionaires. Citi’s services are aimed at protecting and expanding the wealth of the firm’s clients, using personalized services that focus on clients averaging a net worth of $100 million.
10. BNP Paribas Wealth Management ($424 billion)
The French banking group BNP Paribas Wealth Management employs 6,800 professionals in Europe, Asia, and the US. It is ranked as the largest bank in the Eurozone.
BNP Paribas Wealth Management provides a one-stop solution to meeting the financial needs of wealthy individuals and business owners. One option is discretionary portfolio management, where clients delegate their portfolio management to a BNP team. BNP Paribas Wealth Management also advises investors on over 850 international stocks in the US, Asia, and Europe.
Wealth managers offer a range of services that cover every aspect of a high net worth individual’s financial life. The services can range from retirement planning, financial planning, estate planning, philanthropy, succession planning, investment management, legal advice, business sale, real estate transaction advice, etc.
You can read about the entire gamut of wealth management services in this detailed book called The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets.
In return for these services, the wealth manager charges a fee. Wealth management fees generally follow three main structures. The first is commission-only. The second is fee-based. And the third is fee-only.
According to ADV Ratings, the largest wealth management firm by AUM in the US is Edward Jones. Edward Jones has over 8 million clients served by nearly 19,000 advisors. About a third of Edward Jones advisors are limited partners in the firm.
According to bankdirector.com, Bank of America has the best wealth management. Thanks to the acquisition of Merrill Lynch, Bank of America is the premier bank for wealth management, with over 14,000 advisors.
NerdWallet rates Vanguard Personal Advisor Services as the best wealth manager in the US, with an account minimum of $50,000 and a management fee of 0.30%.
The Rule of 72 is used to calculate how many years it will take to double an investment—simply divide 72 by the interest rate you expect to earn.
Wealth management is financial management for high- and ultra-high net worth individuals, while asset management applies to any investor.
Wealth management includes financial planning, investment planning and monitoring, asset diversification, retirement planning, estate planning, charitable giving, and tax management.
A typical investment account balance of at least $50,000 would be required to qualify for wealth management services, but many investment firms require at least $1 million.
The amount you need to open a wealth management account depends on the investment firm or platform. It can vary from $50,000 to $1 million or more.
An average return of 7% to 10% is considered a good return since a well-diversified portfolio, which has less risk, does not earn as much at high-earning, high-risk investments.
A high-net-worth individual is someone who has at least $1 million in investable assets, which are assets that can be easily converted to cash and, thus, do not include a home or other major hard goods.
All of these structures have their own plusses and minuses. Some wealth managers use the fee-based model, while some use the fee-only. The top wealth management in the USA uses the fee-only model. Pillarwm.com is a fee-only fiduciary wealth manager for clients with $5 million to $500 million in liquid investible assets.
In a commission-only structure, a wealth manager does not charge any direct fee to the client. Instead, the manager earns commissions from investment products and services offered to you – the client. This is great from the point of view of not paying any direct fees and may sound like a really low-cost option.
However, the wealth manager’s incentives are aligned towards earning commissions rather than giving you the best possible recommendations. You might feel the pressure of certain products or funds being pushed aggressively to you. After all, that is what earns the wealth manager a living.
The second model, the fee-based structure, is a mix between the commission-only and the fee-only structures. Here, the wealth manager earns direct fees based on the work done as well as commissions. The direct fee can be in the form of an hourly compensation or a milestone-based arrangement.
In the hourly compensation model, an hourly rate is decided before initiating the engagement. The number of hours worked on a particular task is recorded, and an invoice is generated accordingly. In the milestone method, a task is assigned to the wealth manager as a milestone. Upon completing the task, the milestone is approved, and a pre-determined amount is released for payment to the wealth manager.
Lastly, the fee-only structure involves no commissions. Rather, a direct fee is paid based on the client’s assets that engage a wealth manager to manage. The amount of the fee is determined by a fixed percentage of the total assets under management.
Usually, once the asset size goes above a certain limit, the fixed percentage number may drop. For example, a wealth manager may charge 1% of total assets under management for up to $10 million in portfolio size. However, for clients who bring more than $10 million, the fee might go down to 0.8% of the assets under management.
The fee-only model aligns the monetary incentive of the wealth manager to the best interests of the client. Since no commission is to be made, there is no reason to “push” products. Only products that make complete sense for the client are recommended. You are more than welcome to schedule a free conversation with Pillar Wealth Management and learn about the various fee structures’ pros and cons.
How to become a wealth manager, and what does it mean.
Wealth management is a more specific form of financial advisory. All wealth managers are financial advisors, but not every financial advisor is a wealth manager. Wealth management focuses on providing financial advice to affluent clients. Therefore, to become a wealth manager, one needs to know how to work with high net worth individuals.
Affluent individuals have their own set of financial issues. Those issues are different from the ones that the average American would face. The decisions involved in managing a high net worth portfolio can have far-reaching impacts.
Simply churning the portfolio too frequently by shifting from one stock to another can result in short-term capital gains tax. We have written a special guide on improving portfolio performance for investors with $5 million to $500 million in investible assets. There, you can read how short-term capital gains tax can erode investor return vs. long-term capital gains tax.
Top wealth managers in the USA also places special emphasis on people skills. To be a successful wealth manager, you need to be able to provide personalized services. Whether that means knowing the client and his/her family by name or everything about their financial situation whenever you take any decision, “knowing the client” is on the next level when it comes to high net worth wealth management. After all, the client needs to trust a wealth manager to entrust him/her with making decisions that can affect millions of dollars.
Besides, every high net worth individual’s financial situation is unique. The financial goals are unique, and the motivations are different. Therefore, every client needs to be understood deeply before any meaningful advice is given.
To achieve this level of insight, time and effort need to go into communicating with the client. Get in touch with Hutch Ashoo to know how Pillar Wealth Management is able to manage high net worth better.
Lastly, establishing a breadth of knowledge and services is important. One of the major appeals of wealth management firms is that the client has to deal with only one person. So, whatever is the financial issue, a top wealth manager should either be proficient in that area or have the capacity to bring in an expert to get the job done.
Top wealth manager? Where to find one
You know how the top wealth managers work, how they earn their fees, and what skills they possess. You might ask, top wealth management? Where do I find it? There are a few ways you can find great wealth managers that you can trust and work with. Going online and finding wealth managers is the most obvious first step. However, there is tons of information about wealth managers online. So, where do you look?
You can check websites like the Financial Planning Association (FPA) and the National Association of Personal Financial Advisors (NAPFA). These two websites have a financial planners database that can be filtered with metrics like location and fee structure. Once you shortlist, you can then check individually to see which one of the financial planners is a wealth manager for the kind of account sizes you have.
You can also find top wealth managements in the USA by making use of your personal network. Ask your friends, college buddies, or business partners about any wealth managers that they know of. You can also speak to your relatives and family members to discover top wealth managers.
Since you will speak to your own people, the reviews they share with you about specific wealth managers will be genuine. You won’t be reading the glossy testimonials that are commonly displayed on websites. You will hear straight from the person who is a client with a wealth manager.
You can check out this downloadable guide on choosing the best financial advisor for individuals with $5 million to $500 million to get more information on how to find wealth managers and what to talk about when you meet one. Especially read the part about the non-negotiables of a good wealth manager.
Pillar Wealth Management is one of the Top Ultra-High Net Worth Investment Management Firms in the USA.
As you begin your search for an experienced wealth manager, you may also consider Pillar Wealth Management one of your options. Pillar Wealth Management is one of the top ultra-high net worth wealth management firms in the USA. Like the top wealth managers in the USA, Pillar is a registered fiduciary.
To give you a quick intro, a fiduciary is registered with either the SEC or the state regulator and is obligated to act in the client’s best interest. If there is ever a conflict of interest, then it is the fiduciary duty to point that out to the client.
Pillar Wealth Management also offers a proposition that is unique in the industry. It commits to saving $100,000 for every $10 million in investible assets that the client brings in. We believe that controlling investment expenses, whether through smarter investment choices, tax planning, or otherwise, is as important as gunning for the highest return rate.
We realize that what matters to the client is the net return in hand after all the expenses and taxes are deducted. If we can save $100,000 by planning with some foresight, it will be like putting money in our client’s pockets. You are more than welcome to speak with Hutch about this unique commitment of ours.
Lastly, we measure the success of our wealth management strategies not in numbers but results. We believe that we are successful when our clients reach their financial goals. Every activity that we do and every discussion we have with our clients has the sole focus of reaching the client’s goals.
If that means offering more time and focus to our clients by taking in a limited number of clients, handholding and regularly stress testing portfolios, and using other time-tested strategies, then we do all of that to establish trust and make our wealth management decisions count.
Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management. If you would like to speak with them or ask any questions about how custom and trusted wealth management advice is offered to high net worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.
Wealth Management Firms
Private wealth management firms can help you with holistic financial planning. This is extremely important for high net worth individuals as a carefully thought-out financial plan can help give direction to your financial decisions and strategies. With the help of a financial plan, wealth managers can ensure that you stay on track to meet all your goals in the shortest time possible. Click here to book a consultation about your financial plan with our experienced managers.
Investments and asset portfolios play a huge role in helping high net worth individuals achieve their targets and sustainably grow their wealth. However, investment management is not easy. There are various products and securities to invest in, numerous ways to allocate your assets, and most importantly, many ways to align your portfolio growth strategies with your other long-term goals. Only the top private wealth management firms can help devise the best investment and portfolio growth strategy for you and provide long-term benefits such as Pillar Wealth Management.
A German proverb once said that “Starting is surely easy as always, but to be tenacious in providing the best is an art.” and that is what Pillar Wealth Management aims for your success from the very start. Indeed there are several other firms out there, such as Credit Suisse global wealth investment management, Morgan Stanley wealth management, Merrill Lynch, but are they able to give you the best experience and results in wealth management? We doubt that, especially if you are high net-worth individuals with $5 million to $500 million in liquid assets, you need to partner with an expert because you deserve to receive the best wealth management services and achieve the best results for your prosperity, investments, and other financial goals. Suppose you are a high net-worth individual with $5 million to $500 million in liquid assets. Pillar Wealth Management is the best wealth management firm in this case with years of experience in handling wealth management for high net-worth individuals. To provide clients with the best services while being fully dedicated is a must for us.
While high net worth individuals and families have a lot to gain with their vast wealth and assets, they also have a lot to lose. Any sudden critical illness or even market volatility can leave the most affluent individuals bankrupt. That’s why they need to prepare beforehand, and that’s where wealth management firms can help.
They diversify your assets, set up insurance plans, and take other precautionary measures to protect all your wealth. For more insights on how to protect your wealth, order a free copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.
Contrary to popular belief, retirement planning should start as early as possible. More importantly, you need to know what your retirement goals are to start planning for it early, and adopting the right strategy. Private wealth management firms can help in this regard by understanding your precise retirement needs and creating a customized plan for you accordingly.
Conclusion: American wealth management firms
America, as a big country, has a vast number of top-notch wealth management firms, including in New York, San Francisco, Los Angeles, Washington DC, Boston, and other memorable cities. You can find some top names like Morgan Stanley, Credit Suisse, Merrill Lynch wealth management, Deutsche Bank, UBS, Bank of America Private Bank, and many more. They offer regular management services like portfolio management, private banking, and wealth management. Suppose you are a business owner with a middle-range net income. In that case, you can find their information across the online environment regarding their asset under management (AUM), ranking, wealth management teams, or the user experience reviews. Otherwise, if you are a high net-worth individual with $5 million to $500 million in liquid assets, you need a wealth management firm that understands how to manage the assets of affluent people. Hutch Ashoo and Christopher Snyder are experts who have vast experience in ensuring prosperity for individuals with a high net income, like you. They work efficiently, listen to all of your needs, and provide the best options for you to maintain your wealth.
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
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