The top wealth management firms have a lot to offer to their customers when it comes offering financial services. These firms are known to offer reliable services and this brought up the idea of ranking the firms. When it comes to ranking the wealth management firms, there are certain factors that are taken into consideration. The factors of consideration include the assets under management, number of years in business, number of trained and certified staff and the past five years of annualized growth.
This article will give a list of the top wealth management firms and focus on the various services that each of them offers.
A ranking of the top wealth management firms
This ranking mainly relied on the assets that were under management in order to come up with the list of the firms. This means that a firm with the greater assets under management took the top position, and the same was followed until the ranking was completely done. Moreover, the ranking made sure that the contact information, location and average size of the account were indicated as well. At the top position is Creative Planning. This firm has the highest number of assets that are under management. Moreover, it has an account size that amounts to about $10 billion.
Halbert Hargrove comes in the second position with an account size of $4 billion. On third position is Wescott Financial Advisory Group. This firm has an account size of $2 billion. It is followed by Hard Money LLC with an account size of $500 million. When it comes to this form of ranking, there are many firms that have been left out. This is as a result of raising complaints and they had to be chucked off. However, there is another ranking that has been done, but it is not based on the assets under management.
Ranking of the wealth management firms based on profits
In this list of the top wealth management firms, the ranking is based on the amount of pre-tax profit. At the top position, is the UBS, according to the list created back in 2011. When it comes to the amount of pre-tax profit, it has an amount of $2.9 billion and this was generated from the wealth management activities. There have been many controversies, especially in the ranking of UBS at the top because there have been reports on its aggressive costs in the recent years.
49% of the UBS wealth management assets comes from the clients in the western hemisphere, 9% come from Swiss clients and 22% from Europeans.
Details of the Bank of America
The history of the Bank of America shows that it is the parent company of Merrill Lynch. It has reported pre-tax profits amounting to $2.6 billion and this makes up the 16% of its total profits. In conclusion, some people may have varying ideas when it comes to ranking the top wealth management firms. Above all, different authors and scholars may have different ideas on what to use as a basis for categorization.