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For the best Barrons.com experience, please update to a modern browser. Summary Summary U.S Europe Asia FX Rates Futures ETFs Crypto Text size Bank of America continues its long run as the largest provider of wealth management services to wealthy individuals—but Morgan Stanley is narrowing the gap between No. 1 and No. 2. BofA, including its Merrill Lynch and U.S. Trust wealth management units, has held the top spot in our Top 40 for 10 consecutive years. This year, for the first time, however, the second-place firm has narrowed the gap to less than $100 billion in client assets. Morgan Stanley was able to make up some ground by growing its assets under management in accounts of $5 million and more by 14% in the past year. Bank of America grew at an 8% rate. The two firms are a league unto themselves; they are the only ones in our survey topping $1 trillion in wealthy-client assets. Still, they are hardly the only ones thriving in a wealth management market that rewards firms with the scale and breadth of services to serve the increasingly complex needs of wealthy clients. The top 10 as a group grew by 13%, outpacing the average growth from the entire Top 40 by a full percentage point. Together, the top 40 firms manage just shy of $8 trillion dollar in assets for wealthy clients. Among the other big gainers in this ranking: No. 6 Charles Schwab , 34%; No. 7 Vanguard, 21%; No. 8 Fidelity, 26%; No. 20 Baird, 23%; No. 22 LPL Financial, 29%; No. 24 Brown Advisory, 24%; and No. 34 William Blair, 20%. The Top 40 Wealth Management Firms ranking is based on survey data submitted to Penta by the listed firms. Firms interested in participating next year should contact Matt Barthel at matthew.barthel@dowjones.com. Bank of America continues its long run as the largest provider of wealth management services to wealthy individuals—but Morgan Stanley is narrowing the gap between No. An error has occurred, please try again later. Thank you This article has been sent to
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Andrei Robu
Top 40 Wealth Management Companies
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