Wealth management firms cater to the financial needs of high-net-worth individuals. These folks have at least $1.1 million invested with their advisor or a net worth of at least $2.2 million, according to the Securities and Exchange Commission.
Each wealth management firm offers different services at different price points. Finding the right one requires research and comparison.
Our team reviewed some of the largest wealth management firms to rank the best. We considered factors such as client profile, firm profile and services.
Best wealth management firms
Best overall wealth management firm
Best for client-to-advisor ratio
Best for cryptocurrency
Best for philanthropy
Goldman Sachs Asset Management
Best for investing and banking
Merrill Lynch, Pierce, Fenner and Smith
Best for retirement planning
Fidelity Management and Research Co.
Best for specialized expertise
Northern Trust Investments
Best for a broad range of services
Compare the best wealth management firms
Our team reviewed and researched some of the largest wealth management firms in the U.S. to rank the best available today.
For our rankings, we used the most recent ADV filings by registered advisors, as available from the SEC. Our researchers verified the data and confirmed any missing points by contacting each company directly.
The firms that made our list excelled in the following categories:
- Client profile.
- Firm profile.
- Services (e.g., portfolio management, financial planning, educational seminars).
- Other broker or advisory services.
Why other wealth management firms didn’t make the cut
We reviewed 25 companies to create this list of the best wealth management firms. The ones that didn’t make the cut fell short on features most clients want. For example, they may have had a client-to-advisor ratio that was too high to ensure personalized attention. Others didn’t serve enough high-net-worth clients for us to feel confident in their services. And some didn’t offer enough services overall.
Firms that were too small or didn’t operate in most states were cut. So were firms that served mostly clients with smaller account balances. We gave more points to firms that offered wrap fee programs, which simplify fee structures. It was also a point in favor of the firm if it offered educational seminars. But this wasn’t a deal breaker.
We also checked the firm’s rating on the BBB website. Almost all the firms that made our list have a rating of A-minus or higher.
Final verdict
The best overall wealth management firm of 2024 is Morgan Stanley. It has a long history of serving clients around the globe and offers both in-person and virtual guidance.
The firm has 13,000 advisors, so you’re likely to find a good fit. It also offers services sure to satisfy every investor’s needs. These include some of the most comprehensive educational offerings of the firms we reviewed.
How to find the best wealth management firm
Wealth managers offer a wide range of services and fees. Finding the best wealth management firm for you may require due diligence.
Start by considering what services you want. Is cash flow planning important to you? Do you need help finding the right insurance coverage? What about philanthropy? Chances are, a firm out there can meet your needs.
“Focus on their track record with high-net-worth clients, their access to exclusive investment opportunities and their ability to offer holistic services,” said Brian McGraw, a senior wealth advisor at Hightower Wealth Advisors. These holistic services should “encompass tax strategy, estate planning and risk management tailored to preserve and grow your wealth.”
You’ll also likely want a firm that operates under the fiduciary standard. This ensures that your advisor will always act in your best interest. It’s important to have reassurance when you give someone discretionary trading authority over your account.
When to consider a wealth management advisor
Not everyone needs a wealth manager. Most people probably don’t. But there may come a time when you consider hiring one.
McGraw said this typically occurs when your financial portfolio becomes too complex to manage independently. Consider hiring a wealth manager as you accumulate assets, investments and business interests.
“A wealth manager can provide strategic oversight that aligns with long-term financial goals, especially during transitional life events such as retirement or inheritance,” McGraw said.
Services a wealth management firm offers
Wealth management firms are designed to provide all the services high-net-worth individuals need. These services often extend beyond investment management, although that’s a core component.
The services you can expect from a wealth management firm include:
- Investment management.
- Portfolio construction.
- Risk management.
- Retirement planning.
- Tax planning.
- Insurance.
- Cash flow planning.
- Legacy and estate planning.
- Philanthropy.
Some firms help with cybersecurity and digital assets. Many provide guidance for business owners, such as succession planning and exit strategization.
Wealth management firms may also offer specialized services for certain groups. For example, some firms work with professional athletes or business executives.
Frequently asked questions (FAQs)
How are wealth management firms compensated?
Wealth management firms can be compensated in a few ways. They earn fees from their clients for financial planning or investment management. They may also earn marketing or partner fees from mutual fund companies for using their products. These revenue-sharing payments can generate hundreds of millions of dollars for wealth management firms each year.
Can wealth management firms help with tax planning?
Wealth management firms can help with tax planning. Minimizing taxes is a key concern for many high-net-worth individuals, so firms often prioritize it. Some firms employ in-house tax professionals, while others coordinate with third-party experts.
Do I need a wealth manager if I already have a financial advisor?
You may not need a wealth manager if you already have a financial advisor. But a wealth manager often provides a wider range of services. This integrated approach is particularly suited to high-net-worth individuals.
