A Complete Guide to Wealth Management Services in the United States

Finding the Top & Trustworthy Wealth Management Services Near You

last updated Tuesday, June 17, 2025
#wealth management #wealth managment near me

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by John Burson

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Finding the right wealth management services near you can be a crucial step toward achieving your financial goals. Whether you're looking to grow your wealth, plan for retirement, or preserve assets for future generations, understanding your options and selecting the right advisor is essential.

What is Wealth Management?

Wealth management is a comprehensive financial service that integrates investment advice, financial planning, estate planning, tax planning, and other specialized services tailored to help individuals build, maintain, and pass on their wealth effectively. Unlike basic financial advisory services, wealth management typically involves a more holistic approach that considers all aspects of your financial life.

The key difference between wealth managers and traditional financial advisors lies in their scope and clientele. Wealth managers primarily serve high-net-worth and ultra-high-net-worth individuals, offering services that extend beyond investment advice to include estate planning, tax optimization strategies, charitable giving guidance, and risk management. Financial advisors, on the other hand, cater to a broader range of clients and typically focus on services like retirement planning, investment management, budgeting, and insurance needs.

Table: Key Differences between financial advisory and wealth management

Aspect	Financial Advisory Services	Wealth Management Services
Client Focus	A broad range of clients, from all income levels and financial backgrounds,	Primarily high-net-worth individuals and families
Scope of Services	General financial planning, investment advice, retirement planning, budgeting, insurance,	Comprehensive, holistic services including investment management, tax strategies, estate planning, philanthropy, legacy planning, and wealth transfer.
Relationship Duration	Can be short- or long-term, often project or goal-based,	Typically long-term, ongoing relationships with close, personalized attention,
Complexity of Advice	Often focused on specific goals or needs (e.g., retirement, college funding),	Addresses complex, multi-generational wealth issues and sophisticated financial strategies,
Fee Structure	Hourly, flat fee, or percentage of assets (typically lower overall fees),	Usually, the percentage of assets under management (AUM), often around 1%, sometimes tiered,
Minimum Asset Requirement	Lower or no minimums; accessible to most individuals,	High minimums (often $1 million+ in assets)
Regulatory Oversight	Regulated (e.g., by SEC, FINRA, or equivalent)	Also regulated, but may be subject to additional oversight depending on the firm's structure.
Typical Services	Budgeting, investment selection, retirement planning, insurance, and tax basics,	Investment management, tax optimization, estate planning, charitable giving, succession planning,
Personalization	Varies; may be less tailored, especially for lower asset clients,	Highly personalized, tailored to the client’s entire financial picture and goals,
Examples of Providers	Independent advisors, banks, and online platforms,	Private banks, boutique wealth management firms, and multi-family offices,

Top Wealth Management Firms in the United States

Major National Firms

Charles Schwab

Charles Schwab stands out as a titan in wealth management, delivering a wide array of services including brokerage, banking, and advisory solutions. Known for affordability and accessibility, Schwab offers wealth advisory services starting at $500,000 with fees beginning at 0.80%. The firm provides comprehensive wealth management strategies backed by experienced teams of specialists.

Morgan Stanley Wealth Management

Morgan Stanley Wealth Management is recognized as one of the industry's premier global wealth management firms, serving over 6.1 million client accounts with $2.0 trillion in client assets under management. The firm has nearly 23,000 registered advisers and serves over 2.3 million retail investor accounts. Morgan Stanley focuses on high-net-worth individuals and their families, offering customized wealth management plans and access to world-class resources.

Merrill Lynch

Merrill Lynch (now part of Bank of America) excels in financial planning and advisory services, utilizing sophisticated technological tools and deep expertise to tailor solutions for individual and institutional clients. Bank of America Private Bank was ranked as the top wealth management firm worldwide in 2024, based on its client satisfaction rate, with an overall score of 96.67%.

Fidelity Wealth Management

Fidelity Wealth Management offers personalized wealth planning starting at $500,000 in eligible accounts, with gross advisory fees ranging from 0.20% to 1.50%. For ultra-high-net-worth clients, Fidelity Private Wealth Management requires $2 million managed through an eligible account and $10 million of investable assets.

Wells Fargo Private Bank

Wells Fargo Private Bank provides comprehensive wealth management solutions, including advice and planning, investment and asset management, private banking, and fiduciary services. The firm offers specialized services for business owners, family wealth management, and philanthropic planning.

Table:  List of Trusted Wealth Managment Resources

#	Resource Name	Type/Description	Website/Contact
1	Charles Schwab Wealth Management	National Wealth Management Firm	schwab.com
2	Morgan Stanley Wealth Management	National Wealth Management Firm	morganstanley.com
3	Merrill Lynch (Bank of America)	National Wealth Management Firm	ml.com
4	Fidelity Wealth Management	National Wealth Management Firm	fidelity.com
5	Wells Fargo Private Bank	National Wealth Management Firm	wellsfargo.com
6	US Bank Wealth Management	National Wealth Management Firm	usbank.com
7	JP Morgan Private Bank	National Wealth Management Firm	privatebank.jpmorgan.com
8	Creative Planning	Leading Independent RIA	creativeplanning.com
9	Pathstone	Independent RIA	pathstone.com
10	Moneta Group	Independent RIA	monetagroup.com
11	Savant Wealth Management	Independent RIA	savantwealth.com
12	EP Wealth Advisors	Independent RIA	epwealth.com
13	Bernstein Private Wealth Management	Ultra-High-Net-Worth Specialist	bernstein.com
14	Cresset Private Wealth Management	Family Office/Independent	cressetcapital.com
15	CFP Board’s Let’s Make a Plan	Certified Financial Planner Database	letsmakeaplan.org
16	NAPFA (National Association of Personal Financial Advisors)	Fee-only Advisor Database	napfa.org
17	Zoe Financial	Online Advisor Matching Service	zoefin.com
18	Wealthramp	Online Advisor Matching Service	wealthramp.com
19	Harness Wealth	Advisor Matching for Complex Needs	harnesswealth.com
20	XY Planning Network	Network of Fee-Only Advisors	xyplanningnetwork.com
21	Garrett Planning Network	Network of Fee-Only Advisors	garrettplanningnetwork.com
22	Paladin Registry	Financial Advisor Directory	paladinregistry.com
23	SmartAsset Advisor Match	Online Advisor Matching Tool	smartasset.com
24	FeeOnlyNetwork.com	Directory of Fee-Only Advisors	feeonlynetwork.com
25	WealthManagement.com	Industry News & Resources	wealthmanagement.com
26	Barron’s Top 100 RIA Firms List	Annual Ranking	barrons.com
27	Forbes Top RIA Firms List	Annual Ranking	forbes.com
28	Investopedia Best Wealth Management Firms	Review/Ranking	investopedia.com
29	Kiplinger’s Best Financial Advisors	Review/Ranking	kiplinger.com
30	US News Best Financial Advisors	Review/Ranking	usnews.com
31	FINRA BrokerCheck	Advisor Background Check Tool	brokercheck.finra.org
32	SEC Investment Adviser Public Disclosure	Advisor Background Check Tool	adviserinfo.sec.gov
33	Betterment	Robo-Advisor Platform	betterment.com
34	Wealthfront	Robo-Advisor Platform	wealthfront.com
35	Personal Capital	Digital Wealth Management	personalcapital.com
36	Vanguard Personal Advisor Services	Hybrid Robo/Human Advisor	investor.vanguard.com
37	Empower (formerly Personal Capital)	Digital Wealth Management	empower.com
38	Ellevest	Robo-Advisor for Women	ellevest.com
39	Facet Wealth	Subscription-Based Financial Planning	facet.com
40	Facet Wealth	Subscription-Based Financial Planning	facetwealth.com
41	Edelman Financial Engines	National RIA	edelmanfinancialengines.com
42	Aspiriant	Independent RIA	aspiriant.com
43	Plancorp	Independent RIA	plancorp.com
44	Brighton Jones	Independent RIA	brightonjones.com
45	AdvicePeriod	Independent RIA	adviceperiod.com
46	Mercer Advisors	National RIA	merceradvisors.com
47	LPL Financial	Independent Broker-Dealer	lpl.com
48	Raymond James	National Wealth Management Firm	raymondjames.com
49	BNY Mellon Wealth Management	National Wealth Management Firm	bnymellonwealth.com
50	Northern Trust Wealth Management	National Wealth Management Firm	northerntrust.com

Growing Independent Firms in Wealth Management Services

According to the 2024 rankings, Creative Planning leads the list of top wealth managers in terms of growth, managing $175.2 billion in assets with a 34% increase. Pathstone ranks second with $48.3 billion in assets and impressive 94% growth, while Moneta Group holds third place with $37.5 billion in assets and 22% growth.

Other notable growing firms include Savant Wealth Management ($24.4 billion in assets under management, 82% growth) and EP Wealth Advisors ($22.3 billion in assets under management, 31% growth).

Specialized Wealth Management Options

Bernstein Private Wealth Management

Bernstein Private Wealth Management focuses exclusively on ultra-high-net-worth investors, offering personalized solutions backed by nearly 60 years of experience. The firm operates in 21 cities across the US and provides flexible approaches that combine elite Bernstein managers with top-tier external experts.

Cresset Private Wealth Management

Cresset Private Wealth Management operates as an independent family office firm with over $65 billion in assets under management. Ranked #3 by Barron's Top 100 RIA Firms and #14 by Forbes' Top RIA Firms, Cresset offers comprehensive financial planning, private investment opportunities, and tax strategies.

How to Find a Wealth Manager Near You?

Professional Networks and Databases

1. The CFP Board's Let's Make a Plan website provides a search tool to help you locate Certified Financial Planners (CFPs) in your area, with options to filter results by distance and expertise, including investment planning and estate planning. CFPs undergo rigorous training in virtually all aspects of financial planning.
2. The National Association of Personal Financial Advisors (NAPFA) offers a search tool that allows you to enter your zip code to find fee-only advisors in your area. This ensures you're working with advisors who are compensated solely by client fees, rather than product commissions.

Online Matching Services

Several reputable online platforms can match you with qualified advisors in your area. Zoe Financial connects consumers to financial advisors who meet specific criteria, requiring professionals to hold CFP, CFA, or CPA certifications with a minimum of five years of experience 16. Wealthramp helps you find local, fee-only financial planners through a brief quiz about your finances and investment style.

Harness Wealth specializes in connecting clients with financial firms based on their assets and the complexity of their financial situations, particularly serving entrepreneurs, small business owners, and those with multi-state or international complexities

Recommendations and Referrals

Getting recommendations from family, friends, or colleagues who have had positive experiences with financial advisors can be an excellent starting point. They can provide insights into the advisor's communication style and personality that you won't find on websites. You might also leverage existing financial services connections, such as your tax preparer or CPA, who may work with or consult financial advisors.

Understanding Minimum Investment Requirements

Wealth management firms typically have varying minimum investment requirements, depending on the services they offer.

Here's what you can expect:

Major Firm Minimums

• US Bank Wealth Management: Ranges from $1,000 for the Automated Investor Program to $250,000 for the Unified Managed Portfolio.
• JP Morgan: Varies by program, from $500 for Automated Investing to $1,000,000 for certain fixed-income strategies.
• Fidelity: $500,000 for standard Wealth Management, $2 million for Private Wealth Management.
• Charles Schwab: A minimum of $500,000 is required for Wealth Advisory services.

Independent Wealth Management Firms

Many independent wealth managers offer more flexible minimums and personalized service. Independent wealth managers focus solely on wealth management services and operate independently of banks, providing more flexibility in designing investment strategies since they're not tied to specific internal products.

Fee Structures and Costs

Understanding how wealth managers charge for their services is crucial for making an informed decision.

Assets Under Management (AUM) Fees

Most wealth managers charge between 0.25% and 2% of your account balance annually. According to the 2024 State of Financial Planning and Fees study, the average fixed-percentage fee for a human advisor is 1.05% 21.

For example:

• A client with $100,000 invested, paying a 1% fee, would pay $1,000 annually.
• A client with $1 million invested would pay $10,000 annually at the same rate.

Alternative Fee Structures

Some advisors offer flat annual fees (retainers), typically ranging from $2,000 to $7,500. Hourly fees range from $200 to $400, while one-time financial plans often cost between $1,000 and $3,000. Monthly subscription fees average around $ 215.

Fee-Only vs. Commission-Based

Fee-only advisors are compensated solely by client fees, eliminating potential conflicts of interest that arise when advisors earn commissions from product sales. Commission-based advisors may charge 3% to 6% of investment transaction amounts, which can create pressure to generate commissions rather than provide advice in your best interest.

Choosing Between Different Types of Financial Professionals

Wealth Managers vs. Financial Advisors

Wealth Managers

Wealth managers tend to be more focused on investment management and form comprehensive strategies, taking into account current circumstances, goals, and financial, legal, and tax considerations. They typically offer discretionary management, meaning they have the authority to make investment decisions without consulting you on every transaction.

Financial Advisors

Financial advisors are likely to offer a wider range of services beyond savings and investments, including mortgages, insurance products, and equity release. They primarily recommend financial products tailored to specific needs and may work with clients across a range of income levels.

Robo-Advisors vs. Human Advisors

Robo-advisors typically charge lower fees (ranging from 0.25% to 0.50% of assets under management) and have low or no minimum investment requirements. They offer standardized, algorithm-driven solutions that are ideal for straightforward needs, such as retirement savings or general investing.

Human advisors cost significantly more (1% to 2% of AUM) but offer personalized approaches factoring in complex financial situations, emotions, and life changes. They provide emotional support and behavioral coaching during market volatility, which can prevent impulsive decisions that harm long-term financial goals.

Key Questions to Ask Potential Wealth Managers

When evaluating wealth managers, consider asking these essential questions :

Service and Communication

1. How will we work together, and what is your investment philosophy?
2. How will you communicate with me, and how often will we meet?
3. What services do you offer, and do they meet my needs?

Credentials and Experience

1. What are your credentials and certifications?
2. How long have you been in practice, and what is your track record?
3. Are you a fiduciary, meaning you're legally obligated to act in my best interest?

Fees and Structure

1. How do you charge for your services, and what are all the associated costs?
2. Do you receive any commissions or compensation from product sales?
3. How is your compensation structured, and are there any potential conflicts of interest?

Frequently Asked Questions

1. What is the difference between wealth management and financial advisory services?

Understanding the distinction between wealth management and financial advisory services helps individuals choose the right solution for their financial needs.

2. How do I choose the best wealth management firm or financial advisor near me?

Selecting a reputable advisor or firm involves evaluating credentials, fee structures, and client reviews to ensure they align with your financial goals.

3. What are the typical fees for wealth management and financial advisory services?

Knowing the average costs and fee structures, such as assets under management (AUM) fees or flat rates, is crucial for making informed decisions.

4. What minimum investment is required for wealth management services?

Many wealth management firms have minimum asset requirements, so understanding these thresholds helps you identify suitable providers.

5. Are wealth managers and financial advisors regulated, and how can I verify their credentials?

Ensuring your advisor is properly regulated and checking their credentials through official databases protects you from potential fraud or conflicts of interest.

Getting Started

Finding the right wealth management professional requires careful consideration of your financial situation, goals, and preferences. Begin by assessing your net worth, investment timeline, and the complexity of your financial needs. If you have substantial assets, complex tax situations, or multi-generational planning needs, a dedicated wealth manager may be a suitable option. For more straightforward financial planning needs, a traditional financial advisor might suffice.

Remember that the relationship with your wealth manager is typically long-term, so finding someone whose communication style, investment philosophy, and service approach align with your preferences is crucial for success. Take the time to interview multiple candidates, verify their credentials through regulatory databases, and ensure they operate as fiduciaries in your best interest.

The wealth management landscape in the US offers numerous options, ranging from large national firms with extensive resources to boutique, independent practices that provide personalized service. By understanding your options and conducting thorough due diligence, you can find a wealth management professional who will help you achieve your financial objectives.

 
 
 

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