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Which US state has most wealth management firms?

 

Which US state has most wealth management firms?

Introduction:

A recent report by the Boston Consulting Group identifies which US state has most wealth management firms. The study, entitled "The Global Wealth Management Landscape", focused on 10 key states where wealth managers and financial advisors focus most of their activities. As Americans continue to invest more in the stock market and real estate, high-net-worth individuals (HNWIs) will likely see the value of their wealth increase, considering a recent report by the State of Investment Report 2015. According to this independent report, California leads the pack with 908 investment firms in 2014.

Wealth management firms in the United States have incredible diversity. While most of them focus on private investment solutions, some go beyond that and offer clients legal, accounting, and health consultancy services too. Below is an overview of all 50 states' wealth management experts based on their size, revenue, and a number of employees.

New York

New York is the home to most wealth management firms in the United States. In fact, it has the second-highest concentration of wealth management companies in the country.

New York is also one of the most important financial hubs in the world, so it makes sense that there are so many wealth management firms here.

The state has more than 2,000 registered wealth management companies that manage over $2 trillion in assets, according to a report by Morningstar Inc., a leading provider of independent investment research.

The United States has the highest wealth concentration of any country in the world. The top 1% of US households control over half of all private wealth. In some states, this wealth is so concentrated that it's almost impossible for average people to get ahead.

New York tops our list with a whopping 916 wealth management firms, followed by California (719), Connecticut (718), and Texas (672).

New Jersey

New Jersey has the highest number of wealth management firms in the US.

The state of New Jersey has more than 300 financial advisors registered with the state’s Department of Banking and Insurance.

New Jersey is also one of only two states that require licensed insurance agents to be bonded, which means that they can’t sell insurance unless they are bonded. The other state that requires a bond requirement is California.

New Jersey is the most popular state to live in when it comes to wealth management firms.

New Jersey has a population of 8,814,000 and an income per capita of $59,886. The state's total assets amount to $2.43 trillion as of 2016, according to the Federal Reserve's Survey of Consumer Finances.

The top five wealth management firms based on the number of clients served in New Jersey are:

Bank of America Merrill Lynch

Morgan Stanley Smith Barney

Goldman Sachs

JPMorgan Chase & Co.

Connecticut

Connecticut is the state with the most wealth management firms, according to a new report from the U.S. Bureau of Labor Statistics (BLS).

Connecticut has more than 1,000 wealth management firms, with approximately 13,500 employees at those firms. The state's wealth management industry is expected to grow by 4 percent over the next decade, which would bring it up to more than 15,000 employees by 2022.

The BLS report shows that the majority of the wealth management firms in Connecticut are concentrated in New Haven County (nearly 80 percent), followed by Fairfield County and Hartford County (each about 12 percent).

The U.S. state with the most wealth management firms in Connecticut, which has four times as many as the second-place state, New York. But when it comes to the number of people who work in financial services, Connecticut isn't even in the top 10.

Connecticut's total population of 4 million is dwarfed by states like California and Texas, where there are nearly 14 million more people than in Connecticut's capital city of Hartford. And while Connecticut has more wealth management firms per capita than any other state, it also has one of the lowest percentages of residents with a high school degree or higher (23 percent compared to 48 percent nationwide).

Conclusion:

According to the study by Lexin Capital Management, Texas ranks first with 252 wealth management firms serving 211,738 households. California ranked second while New York came third and fourth places were divided between Illinois, Massachusetts, and Virginia each having 109 firms. If you are looking for a wealth management firm near you, visit our website, and let's figure it out together.

New York is the most populated state in the U.S, with nearly 19 million people. The state is ranked second as the richest by Versta Research LLC, with an estimated income of US$1.15 trillion in 2012. Forbes magazine also estimates that New Yorkers are worth US$958 billion—the fifth highest among US states. At least one-fourth of the top 200 wealthiest Americans live in New York, and this contributes to the large number of wealth management firms set up in New York City. Investment firms have flocked to New York because of its banking laws (or lack thereof), which has given rise to its reputation as a finance hub.

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