Top wealth management firms of May 2024
We've compiled a list of the best wealth management companies, and an overview of their minimum account size, assets under management (AUM), and overall facilities.
Summary
The top five wealth management firms have assets under management of between $5.1 billion and $40.8 billion.
These firms have minimum account requirements of between $2.5 million and $50 million.
The top 5 are: 545 Group, Jones Zafari Group, The Polk Wealth Management Group, Hollenbaugh Rukeyser Safro Williams, The Erdmann Group.
What are the top 5 wealth management firms in the US?
According to Forbes America’s Top Wealth Management Teams ranking, the current best five private wealth management firms are as follows, based on their various teams’ performances:
1. 545 Group
Parent firm: Morgan Stanley Private Wealth Management
Head office: Menlo Park, California
Minimum account size: $5 million
Assets under management (AUM): $40.8 billion
Clientele: Private investors, highly accomplished entrepreneurs, family offices, and multi-generational families.
Capabilities:
Comprehensive wealth planning
Pre-liquidity planning
10b5-(1) programs
Risk assessment and management
Investment advice and management
Family governance and wealth education
Philanthropic activity advice and management
2. Jones Zafari Group
Parent firm: Merrill Private Wealth Management
Head office: Century City, California
Minimum account size: $10 million
AUM: $25.6 billion
Clientele: Ultra-high-net-worth individuals, endowments, foundations, and institutions.
Capabilities:
Financial planning and management (liability reduction, cash flow management, retirement planning, and more)
Insurance advice and management
Loans/credit services
Philanthropic activity advice and management
Trust and estate planning and management
3. The Polk Wealth Management Group
Parent firm: Morgan Stanley Private Wealth Management
Head office: New York, New York
Minimum account size: $50 million
AUM: $34.2 billion
Clientele: Ultra-high-net-worth individuals, their families, foundations, and businesses.
Capabilities:
Comprehensive wealth planning
Investment planning and management
Wealth education and family governance
Financial lifestyle advice
Philanthropic activity advice and management
Tax, trust, and estate advice and management
Tailored lending
4. Hollenbaugh Rukeyser Safro Williams
Parent firm: UBS Private Wealth Management
Head office: New York, New York
Minimum account size: $10 million
AUM: $5.1 billion
Clientele: A select group of highly successful individuals, entrepreneurs, business owners, hedge funds, private equity principals, endowments, and foundations.
Capabilities:
Planning (education, estate, insurance, retirement, wealth)
Investment advice and management
Banking advice and planning
Charity management
Private wealth management
Workplace wealth solutions
5. The Erdmann Group
Parent firm: Merrill Private Wealth Management
Head office: Greenwich, Connecticut
Minimum account size: $2.5 million
AUM: $12.6 billion
Clientele: Business owners, corporate executives, and high-net-worth families.
Capabilities:
Financial planning
Investment advice and planning (including trading individual securities)
Executive services and equity compensation
Insurance planning
Trust and estate planning and management
Philanthropic activity advice
Banking services and advice
Retirement planning
What is a wealth management firm?
A wealth management firm is typically a cross-disciplinary financial advisory team that operates within a greater financial advisory firm.
For example, the 545 Group is a private wealth management team that operates within the Morgan Stanley Private Wealth Management firm. The top wealth management firms assist clients in preserving and increasing their wealth.
Wealth management encompasses investment advice, estate planning, tax planning, risk management, retirement planning, and more.
American wealth advisors typically serve clients with high and even ultra-high net worth. Such individuals require these services because financial management becomes increasingly complicated as wealth grows.
What does a wealth advisor do?
Within a wealth management firm, a financial advisor may also be referred to as a wealth advisor or wealth manager.
Wealth advisors familiarize themselves with their clients’ financial situations and goals in order to provide a customized service. Depending on the client, an American wealth advisor may offer one or more of the following services:
Comprehensive financial planning
Investment advice and portfolio management
Financial risk assessment and management
Legal advice surrounding finances
Insurance advice and planning
Tax consulting and accounting services
Trust, legacy, and estate planning
Insurance planning
Charitable giving
Retirement planning
Finding the right wealth management firms: what to look for
Before you settle on the best wealth management firm for you, you should investigate the following elements of their operations:
Fees: Does the firm in question take compensation in line with your best interest? In this regard, it is important to be on the lookout for conflicts of interest within the firm’s compensation structure.
Experience and capabilities: Does this wealth management firm have the expertise and experience to tend adequately to your financial interests?
Resources: Does this firm have the means necessary to cope with your wealth management needs?
Historical performance: Has the firm yielded consistently strong results with regard to wealth and portfolio management over a substantial period?
Sustainability: Is your chosen firm positioned to continue to support and guide you for the rest of your life?
How to manage your wealth
The leading wealth management firms help the ultra-wealthy to manage their complex financial situations.
Wealth advisors work in multi-disciplinary teams to offer a comprehensive suite of financial and related services.
Whether you are a high-net-worth individual or not, it is important to get expert financial advice to help protect and grow your money.
Let Unbiased match you with a financial advisor who understands your unique needs and goals and can help you grow your wealth.
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.