Top Wealth Management Firms

In selecting the best wealth management firms to work for, one reasonable way to narrow the field is to focus on the top wealth management firms in terms of profitability. Indeed, wealth management traditionally offers a much more stable stream of revenues and profits than the rather volatile and cyclical investment banking and securities trading functions.

Accordingly, here is a listing of the top competitors in this field, ranked by the amount of pre-tax profit generated by their wealth management divisions. While the definition of the wealth market is a highly elastic one, varying by firm, a generally accepted variant includes clients with at least $1 million in financial assets. Many firms set the bar lower, at $250,000.

Note that the profits ascribed to the wealth management divisions of these firms can be heavily influenced by internal transfer pricing policies and procedures. Odds are that transactions originating with wealth management clients may be contributing to significant profits ascribed to other divisions of these firms, such as investment banking and securities trading.


Swiss-based UBS is a leading global financial giant.
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UBS generates roughly $3 billion in pre-tax profit from wealth management activities (exclusive of extraordinary items for unauthorized trading losses), which represents over half of total pre-tax profit for the firm as a whole.

While UBS has been in the financial news for aggressive cost and headcount cutting in recent years, these initiatives are aimed at paring back investment banking and securities trading in order to place increased focus and emphasis on wealth management.

UBS has a large footprint among wealth management clients in the Americas, with about half of all its wealth management assets coming from clients in the western hemisphere. Meanwhile, around 10% of these assets come from Swiss clients and 25% from other Europeans.

Bank of America

The famous bull logo was adopted by Merrill Lynch in 1974. © Bank of America Merrill Lynch

Bank of America, the parent company of Merrill Lynch, also includes its U.S. Trust and Bank of America Private Wealth Management divisions in its segment reporting for Global Wealth & Investment Management. Merrill Lynch and Morgan Stanley (see below) are in close competition for the largest force of financial advisors in the United States market, with over 15,000 each. Merrill Lynch, however, has the most productive financial advisors, averaging $1 million in revenue each. More

Wells Fargo

Wells Fargo is now a major player in wealth management.
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Wells Fargo ranks third with over $2 billion in wealth management pre-tax profits. Its banking operations are so large that this represents under 10% of the corporate total. The acquisition of Wachovia made a major national player in securities brokerage.

Credit Suisse

Zurich Paradeplatz Credit Suisse
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Credit Suisse leads this field regarding the percentage of total pre-tax profits originating with wealth management, a robust 75%. A major player in private banking as well as securities brokerage, Credit Suisse has a diversified wealth management business.

JPMorgan Chase

JPMorgan Chase
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JPMorgan Chase, an amalgamation of Banc One, Chase Bank and old-line Wall Street investment banking and wealth management firm J.P. Morgan & Co., earns about $1.5 billion in pre-tax profits from wealth management activities, around 6% of the company total. More

Morgan Stanley

Morgan Stanley is a major financial advisory firm.
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Morgan Stanley's wealth management operations have been greatly enhanced in scope by the acquisition of Smith Barney from Citigroup. The wealth management division contributes over 50% of total pre-tax profit. Morgan Stanley has increased its ownership stake in the former Smith Barney to 100% ownership. More


HSBC is a major global player.
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HSBC is a global banking giant that earns nearly $1 billion of pre-tax profits from wealth management, but that represents only a modest 5.0% of total earnings. More

Deutsche Bank

Deutsche Bank is a global wealth management giant.
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Deutsche Bank: This Frankfurt-based bank garners about 8% of its overall pre-tax profits from wealth management, or just under $500 million. More


Barclays' reach extends far beyond its home base of London.

Headquartered in London, Barclays generates about $400 million of pre-tax profits from wealth management or around 7% of its overall bottom line. More

BNP Paribas

BNP Paribas, based in Paris, reports high client satisfaction.
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BNP Paribas: Its Wealth Management unit has been named the best private bank in France and the best bank globally for philanthropic services, according to the Global Private Banking Awards jointly organized by The Banker and Professional Wealth Management magazines.

The firm reports nearly $300 million in pre-tax wealth management profits or about 3% of the company total.

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