When it comes to offering the financial services to the clients, then seeking the assistance of the top wealth management firms is a good step to take. These firms are known to offer reliable services and this has created the essence of ranking them in order to make it easier for the clients when selecting a partner to work with.. 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 listing 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. Wescott Financial Advisory Group takes the third position and it has reported a significant growth over the years. This firm has an account size of $2 billion. It is followed by Burt Wealth Advisors 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.
Using profits as a basis for ranking
In this list of the top wealth management firms, the ranking is based on the amount of pre-tax profit. According to the 2011 reports, at the top position, is the UBS and this has been categorized based on the amount of pre-tax. 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.
Conclusion on the various top ranked firms
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.