Independent advisors and RIAs face tough competition. The biggest wealth management companies in the US set the pace for the industry. They have deep pockets, strong brands, and the latest technology. But they also offer lessons that independent advisors and RIAs can use to improve their practice.
This article looks at the country's top wealth management companies. We'll look at what they've been doing to stay ahead, and how RIAs can use their own strengths to compete against these giants.
We searched the internet and looked at other sources to come up with this list. We're unable to do an apples-to-apples comparison, as the firms used different metrics to measure the scale of their business (some used total assets while others used AUMs). So, we're presenting these wealth management companies in alphabetical order.
Total client assets: $327 billion (as of Dec 2024)
Core services: Investment management, wealth planning, family office, trust and estate services
Client focus: Individuals, families, business owners and entrepreneurs
BNY Mellon Wealth Management is part of BNY, one of the oldest banks in the US, founded in 1784. The firm is both a wealth manager and asset manager, and is also the world's largest custodian bank. It has $2 trillion in assets under management and $49.5 trillion in assets under custody as of June 2024.
BNY Mellon Wealth Management serves individuals, families, business owners, and institutions with investment management, planning, and lending solutions. Clients benefit from the firm's global reach, technology, and commitment to personalized service.
Total client assets: $11.23 trillion (Charles Schwab Corporation) (as of Aug 2025)
Core services: Investment advisory, financial planning, brokerage, retirement planning
Client focus: Retail and high-net-worth clients
Charles Schwab is a US-based financial firm that offers wealth management services to individuals and families. Clients work with dedicated advisors who help create personalized investment and financial plans.
The firm's wealth management team provides a range of strategies, including portfolio management and retirement planning, for a minimum investment of $500,000. They also offer a security guarantee, reimbursing clients for losses in their accounts due to unauthorized activity.
Total client assets: $2.2 trillion (assets under care) (as of Mar 2025)
Core services: Investment management, retirement planning, financial planning, advisory solutions
Client focus: Individuals, families, high-net-worth client segment
Edward Jones is a US-based financial services firm with a network of local offices from coast to coast. Its wealth management services include investment advice, financial planning, and retirement strategies for individuals and families.
Edward Jones has expanded its focus on private client service through Generations, a program for high-net-worth families seeking more tailored support.
Total client assets: $1.6 trillion (as of 2024)
Core services: Investment management, wealth planning, trust and estate services
Client focus: Ultra-high-net-worth individuals, families
Goldman Sachs Wealth Management serves high-net-worth individuals and families, offering investment advice, tax-efficient planning, and trust and estate services. Clients receive access to private banking, alternative investments, and lending solutions.
The firm is known for its deep research capabilities and ability to handle complex financial needs. Advisors work closely with clients to develop strategies for preserving and transferring wealth across generations.
Total client assets: $3 billion (as of 2024)
Core services: Investment management, trust and estate planning, lending, family office, philanthropy
Client focus: Ultra-high-net-worth individuals, families, executives, institutions
J.P. Morgan Private Bank is the wealth management arm of J.P. Morgan Chase, one of the largest financial institutions in the world. It has been in the business for over 200 years, serving as a reliable advisor and fiduciary to the wealthiest families in the US and overseas.
Total client assets: $3.6 trillion (client balances as of end 2024)
Core services: Investment management, retirement planning, trust and estate services, banking
Client focus: Individuals, families, business owners, institutions
Merrill caters to high-net-worth and ultra-high-net-worth individuals and families with a minimum investment of $250,000. Clients have access to the expertise of an advisor and the resources of Bank of America, its parent company.
Total client assets: $8.9 trillion (wealth and investment management)
Core services: Investment management, financial planning, lending, banking, estate planning
Client focus: Individuals, families, institutions, ultra-high-net-worth clients
Morgan Stanley was founded in 1935 in New York after Harold Stanley and Henry Morgan left J.P. Morgan & Co. to set up their own firm. Today, Morgan Stanley is a global financial firm with over 80,000 employees in more than 40 countries.
Morgan Stanley Private Wealth Management serves affluent individuals and families. It was the first US financial institution with plans to make Bitcoin available to its wealthiest clients.
Total AUM: $1.7 trillion (as of June 2025)
Core services: Wealth management, asset servicing, fiduciary solutions, trust and estate services
Client focus: Ultra-high-net-worth individuals, families, institutions
Northern Trust Wealth Management is part of Northern Trust, a Chicago-based firm established in 1889. This wealth management company is known for its focus on serving wealthy individuals, families, and business owners with tailored investment, trust, and banking solutions.
A merger with BNY Mellon hit the news in June 2025, which Northern Trust has denied. The firm said that it was committed to remaining independent in the service of its clients and stakeholders.
Total client assets: $1.73 trillion (as of Sep 2025)
Core services: Investment management, financial planning, retirement planning, estate management
Client focus: Individuals, families, business owners, institutions
Raymond James is a US-based financial firm founded in 1962 and headquartered in Florida. Its wealth management division serves individuals, families, and business owners with financial planning, investment management, and banking services.
One of the firm's milestones in 2025: seven of its teams were named among the top wealth management teams in the US.
Total AUM: $6.1 trillion (over half comes from its US operations)
Core services: Investment management, financial planning, lending, philanthropy, family office
Client focus: High-net-worth and ultra-high-net-worth individuals, families, institutions
UBS is a Swiss financial firm with roots dating back to the 19th century and a presence in over 50 countries. Its wealth management arm serves individuals and families, offering investment advice, financial planning, and access to global markets.
According to the UBS website, what sets it apart from competitors is its Chief Investment Office. It's made up of 200 investment experts that offer 24/7 analysis to UBS advisors worldwide.
The biggest wealth management companies have a lot in common. They invest heavily in technology. They offer holistic, goals-based planning. They use strong brands and marketing to attract clients. Their teams include specialists in tax, estate, and investment planning. They keep innovating with new products and services.
These are not just big firms; they are industry leaders. They set trends that shape client expectations for everyone, including RIAs.
Let's take a closer look at these areas of strength and what RIAs can do to compete:
Top wealth management companies use technology to make life easier for clients and advisors. They offer digital onboarding, secure messaging, and real-time portfolio access. Clients can see their entire financial picture on a single dashboard. Advisors use advanced planning tools and research platforms.
What RIAs can do:
You don't need a billion-dollar budget to compete. Many affordable tech solutions exist for independent advisors. Use client portals, secure document sharing, and digital scheduling. Show clients that you are modern and responsive.
Visit our goRIA technology section for more ideas on what tech and tools your RIA can use.
The biggest firms have moved beyond selling products. They focus on comprehensive, goal-based planning. This means looking at the whole picture: investments, retirement, taxes, estate, and even philanthropy. Clients want advice that fits their lives, not just their portfolios.
What RIAs can do:
Here's an important step you can take: deepen your planning conversations. Offer regular reviews that cover all aspects of a client's financial life. Use planning software to show clients how their goals are progressing. Personalize your advice for each client's unique needs.
Big firms use their brand power to attract clients. They run national ad campaigns, sponsor major events, and publish thought leadership. Their websites are sleek and full of useful content. They use social media to connect with younger investors.
What RIAs can do:
Build your personal brand through community involvement, educational events, and online content. Use social media to share insights and success stories. Online reviews are a powerful way of sharing client testimonials, but keep the SEC marketing rules in mind.
The largest wealth management companies in the US set the standard for the industry. They have resources, technology, and brand power. But they also offer lessons for independent advisors and RIAs.
Focus on what you do best: personal service, trust, and independence. Highlight what sets you apart from other wealth managers – your fiduciary duty to put clients first. After all, that's what clients want most.
Visit and bookmark our practice management section for news, features, and tips on staying ahead in the RIA space.
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"It is clear that the industry is benefiting from strong tailwinds," one analyst notes.
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Deals by LPL underscore surge in price propelled by the ongoing movement to fee-based revenue from one-time commission charges.
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The firm reported that its average revenue per financial advisor increased almost 4% in 2022 compared to the year earlier.
The Swiss bank pulled out of the US financial advisory business in 2015 when it shuttered its private banking unit here.
Private equity firms Clearlake Capital Group and Motive Partners announced the acquisition of Beta+ this week and plan to use the tech to enhance wealth management firms they already own.
After a record-setting third quarter of 78 deals, Echelon Partners' data showed 2021 has already beaten last year's record for RIA transactions.
Cardinal Point Wealth Management targets Canadian snowbirds, but found a rich market of clients needing cross-border advice.
The deal marks the 18th RIA transaction in the U.S. for the Toronto-based aggregator. The transaction is expected to increase CI’s total U.S. assets to $63 billion, and to $230 billion, globally.
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