Wealth management is a scale business, and the latest figures show just how concentrated, operationally intense, and client-heavy the market has become.
Table of contents
- Fast facts
- Wealth management statistics at a glance
- Big firms, big balance sheets
- Adviser industry statistics
- Client demand and service activity
- What the numbers say about the market
Fast facts
- Fidelity reported $32.7 billion in revenue in 2024, up 16% from 2023 (Fidelity 2024 Annual Report).
- The Investment Adviser Association reported $144.6 trillion in assets under management in 2024, up from $128.4 trillion (IAA Industry Statistics).
- Schwab total client assets reached $10.1013 trillion at year-end 2024 (Schwab 2024 Annual Report).
- BNY wealth management client assets were $327 billion at year-end 2024 (BNY 2024 Annual Report).
- Ameriprise total client assets passed $1 trillion in 2024 (Ameriprise 2024 Annual Report).
Wealth management statistics are not just about asset totals. They also show how much client service, operating leverage, and adviser capacity sit behind every dollar of assets.
Wealth management statistics at a glance
Here is a compact view of the biggest headline figures from the dataset.
| Organization / measure | 2024 figure | Change or note | Source |
|---|---|---|---|
| Fidelity revenue | $32.7 billion | Up 16% from 2023 | Fidelity 2024 Annual Report |
| Fidelity assets under administration | $15.1 trillion | Up 20% from 2023 | Fidelity 2024 Annual Report |
| Fidelity discretionary assets | $5.9 trillion | Up 21% from 2023 | Fidelity 2024 Annual Report |
| Schwab total client assets | $10.1013 trillion | Year-end 2024 | Schwab 2024 Annual Report |
| BNY assets under custody and/or administration | $52.1 trillion | Year-end 2024 | BNY 2024 Annual Report |
| BNY wealth management client assets | $327 billion | Year-end 2024 | BNY 2024 Annual Report |
| IAA assets under management | $144.6 trillion | Up from $128.4 trillion | IAA Industry Statistics |
| Ameriprise total client assets | $1+ trillion | Passed the trillion-dollar mark | Ameriprise 2024 Annual Report |
A few numbers stand out immediately:
- Fidelity’s $15.1 trillion in assets under administration is paired with $698 billion in net asset flows (Fidelity 2024 Annual Report), showing both size and movement.
- Schwab’s $367 billion in core net new assets and 4.2 million new brokerage accounts point to persistent client acquisition and asset gathering (Schwab 2024 Annual Report).
- BNY’s $52.1 trillion in assets under custody and/or administration places the firm in a very different scale bucket from its wealth management client asset figure alone (BNY 2024 Annual Report).
Big firms, big balance sheets
Wealth management headlines often focus on client assets, but the operating model matters just as much. Firms at the top of the market are balancing revenue growth, service activity, and enormous asset bases.
Fidelity’s 2024 scale profile
Fidelity’s 2024 results show a business with broad reach and strong activity across multiple service channels.
- Revenue reached $32.7 billion, up 16% from 2023 (Fidelity 2024 Annual Report).
- Operating expense was $22.4 billion, up 14% from 2023 (Fidelity 2024 Annual Report).
- Operating income was $10.3 billion, up 21% from 2023 (Fidelity 2024 Annual Report).
- Assets under administration reached $15.1 trillion, up 20% from 2023 (Fidelity 2024 Annual Report).
- Net asset flows were $698 billion, up 8% from 2023 (Fidelity 2024 Annual Report).
- Discretionary assets were $5.9 trillion, up 21% from 2023 (Fidelity 2024 Annual Report).
Fidelity also reported a deep level of customer engagement:
- 8.8 million customer planning interactions in 2024, up 14% from 2023 (Fidelity 2024 Annual Report).
- 5.5 million customer appointments in 2024, up 13% from 2023 (Fidelity 2024 Annual Report).
- 39.2 million unique customers engaging with Fidelity.com, NetBenefits.com, or mobile apps, up 12% from 2023 (Fidelity 2024 Annual Report).
- 2.8 million social media service interactions, up 17% from 2023 (Fidelity 2024 Annual Report).
- 37.5 million calls handled, up 8% from 2023 (Fidelity 2024 Annual Report).
That mix of figures matters because it suggests a wealth-management operation that is not just asset-rich but interaction-heavy. More assets usually mean more complexity, and more complexity tends to show up in planning calls, service contacts, digital traffic, and appointment volume.
Schwab’s asset base and client activity
Schwab’s 2024 annual report shows a similarly large platform with a strong asset-gathering profile.
- Revenue was $19.6 billion, up 4% from 2023 (Schwab 2024 Annual Report).
- Net income was $5.9 billion, up 17% year over year (Schwab 2024 Annual Report).
- Core net new assets were $367 billion, up 20% from 2023 (Schwab 2024 Annual Report).
- Total client assets were $10.1013 trillion at year-end 2024 (Schwab 2024 Annual Report).
- Investor services client assets were $5.7216 trillion (Schwab 2024 Annual Report).
- Advisor services client assets were $4.3797 trillion (Schwab 2024 Annual Report).
- Total net new assets were $361.6 billion in 2024 (Schwab 2024 Annual Report).
- Net growth in client assets was $1,584.7 billion in 2024 (Schwab 2024 Annual Report).
- 4.2 million new brokerage accounts were opened in 2024, up 10% from 2023 (Schwab 2024 Annual Report).
- 5.9 million daily average trades were recorded in 2024, up 9% from 2023 (Schwab 2024 Annual Report).
BNY’s institutional scale
BNY’s numbers show a business built for enormous institutional flow.
- Assets under custody and/or administration were $52.1 trillion at year-end 2024 (BNY 2024 Annual Report).
- Assets under management were $2.0 trillion at year-end 2024 (BNY 2024 Annual Report).
- Average daily clearance value was $16.3 trillion in 2024 (BNY 2024 Annual Report).
- Average daily U.S. dollar payment value was $2.4 trillion in 2024 (BNY 2024 Annual Report).
- Average triparty balances were $5.4 trillion in 2024 (BNY 2024 Annual Report).
- Wealth management client assets were $327 billion at year-end 2024 (BNY 2024 Annual Report).
- Market and Wealth Services reported a 46% pre-tax margin (BNY 2024 Annual Report).
Those figures make BNY’s wealth management business look modest relative to its broader custody and payment infrastructure, which is the point: in wealth management, some firms win through direct retail reach, while others sit behind the scenes supporting much larger asset and payment ecosystems.
Adviser industry statistics
The adviser industry data gives useful context for the firms above. It shows how many advisers are in the market, how large their businesses are, and how concentrated the industry still is.
Adviser count, assets, and staffing
The Investment Adviser Association reported these 2024 figures:
- 15,870 advisers in 2024 (IAA Industry Statistics).
- 68.4 million clients served, up 6.8% (IAA Industry Statistics).
- $144.6 trillion in assets under management, up from $128.4 trillion (IAA Industry Statistics).
- 1,032,455 non-clerical employees, up 2.6% (IAA Industry Statistics).
Here is a simple comparison of the most useful adviser-industry benchmarks.
| Adviser industry metric | 2024 figure | Source |
|---|---|---|
| Advisers | 15,870 | IAA Industry Statistics |
| Clients served | 68.4 million | IAA Industry Statistics |
| Assets under management | $144.6 trillion | IAA Industry Statistics |
| Non-clerical employees | 1,032,455 | IAA Industry Statistics |
| Advisers with 100 or fewer employees | 92.7% | IAA Industry Statistics |
| Advisers managing less than $1 billion | 68.5% | IAA Industry Statistics |
| Advisers managing less than $5 billion | 87.7% | IAA Industry Statistics |
What the structure of the industry suggests
A few structural takeaways stand out from the IAA figures:
- 92.7% of advisers employed 100 or fewer employees (IAA Industry Statistics), which means the industry remains heavily weighted toward smaller organizations.
- 68.5% of advisers managed less than $1 billion in assets (IAA Industry Statistics), reinforcing how many firms operate below the mega-scale level.
- 87.7% of advisers managed less than $5 billion in assets (IAA Industry Statistics), which shows the middle of the market is still broad.
- Advisers focused on individuals averaged 8 employees and $393 million in assets under management (IAA Industry Statistics).
That pairing of employee count and AUM matters. It suggests a service model where a relatively small staff can still support a meaningful asset base, but only if workflows, technology, and client engagement are highly efficient.
Alternative market segments inside advisory services
The same industry dataset also points to growth in specialized funds and alternative asset segments:
- The number of private equity funds increased 8.1% in 2024 (IAA Industry Statistics).
- Hedge fund gross assets increased 14.6% in 2024 (IAA Industry Statistics).
- Private equity fund gross assets increased 9.2% in 2024 (IAA Industry Statistics).
These figures suggest the wealth management ecosystem is not just about traditional retail portfolios. It also includes a broader investment platform where alternative strategies and institutional structures continue to expand.
Client demand and service activity
One of the clearest themes in the data is that wealth management is increasingly service-led. Assets matter, but so does how often clients need help, planning, and interaction.
Planning and service activity are rising
Fidelity’s 2024 operating metrics show this clearly:
- 8.8 million planning interactions (Fidelity 2024 Annual Report).
- 5.5 million appointments (Fidelity 2024 Annual Report).
- 2.8 million social media service interactions (Fidelity 2024 Annual Report).
- 37.5 million calls handled (Fidelity 2024 Annual Report).
Those are not passive metrics. They show demand for advice, service, and issue resolution across digital and human channels.
Digital usage remains central
Fidelity’s 39.2 million unique customers engaging across Fidelity.com, NetBenefits.com, or mobile apps in 2024 (Fidelity 2024 Annual Report) is a strong reminder that wealth management now depends on digital entry points as much as traditional branch or adviser relationships.
Schwab’s account growth and trading activity reinforce the same message:
- 4.2 million new brokerage accounts opened in 2024 (Schwab 2024 Annual Report).
- 5.9 million daily average trades in 2024 (Schwab 2024 Annual Report).
The operational takeaway is straightforward: the most competitive wealth platforms are not simply collecting assets. They are running high-frequency systems for onboarding, trading, servicing, and planning.
Why the numbers matter
The dataset points to three practical realities in wealth management.
- Scale is now massive at the top end. Fidelity, Schwab, and BNY all report asset bases measured in trillions or, in BNY’s case, tens of trillions across custody and administration (Fidelity 2024 Annual Report; Schwab 2024 Annual Report; BNY 2024 Annual Report).
- The adviser industry is still structurally fragmented. Most advisers remain below major employee and asset thresholds, even while the total industry AUM is enormous (IAA Industry Statistics).
- Client service is a growth engine, not a cost center. Planning interactions, calls, appointments, and digital engagement all rise alongside asset growth, showing that wealth management is as much about relationship management as portfolio size (Fidelity 2024 Annual Report; Schwab 2024 Annual Report).
Fast facts for quick reference
- Fidelity revenue: $32.7 billion in 2024, up 16% (Fidelity 2024 Annual Report).
- Schwab total client assets: $10.1013 trillion at year-end 2024 (Schwab 2024 Annual Report).
- BNY custody and administration: $52.1 trillion at year-end 2024 (BNY 2024 Annual Report).
- IAA industry AUM: $144.6 trillion in 2024, up from $128.4 trillion (IAA Industry Statistics).
- Ameriprise client assets: more than $1 trillion in 2024 (Ameriprise 2024 Annual Report).
- IAA advisers with 100 or fewer employees: 92.7% (IAA Industry Statistics).
- Fidelity unique digital customers: 39.2 million in 2024 (Fidelity 2024 Annual Report).
- Schwab new brokerage accounts: 4.2 million in 2024 (Schwab 2024 Annual Report).
Notable company-level benchmarks
- Ameriprise total client flows reached $35 billion in 2024 (Ameriprise 2024 Annual Report).
- Ameriprise wrap flows reached $33 billion, up 37% (Ameriprise 2024 Annual Report).
- Ameriprise had more than 10,000 financial advisors in 2024 (Ameriprise 2024 Annual Report).
- Ameriprise advisor productivity exceeded $1 million in adjusted operating net revenue per advisor in 2024 (Ameriprise 2024 Annual Report).
- Ameriprise client satisfaction was 4.9 out of 5 in 2024 (Ameriprise 2024 Annual Report).
- Fidelity’s Green Client Score was 98.99% in 2024 (Fidelity 2024 Annual Report).
- Fidelity increased its HSA market share to 20% in 2024 (Fidelity 2024 Annual Report).
Taken together, these wealth management statistics show an industry defined by size, service intensity, and a wide spread between the largest platforms and the much larger body of smaller advisers. The market keeps growing, but the mechanics of that growth still depend on client flow, adviser capacity, and the ability to serve complex relationships at scale.