Direct Answer
30 SEC filers are classified under the Standard Industrial Classification code that describes the wealth managers industry, and their latest annual reports show $138.5 billion of combined revenue and a median operating margin of 12.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Wealth managers advise affluent and high-net-worth clients on investing, planning and trusts, charging a percentage of assets. Revenue is recurring, and growth comes from asset gathering, market gains and acquisitions of firms. The first numbers to compare across companies here are assets under management and net new assets, fee rate and advisor count and productivity.
Key Industry Metrics
- Assets under management and net new assets: Total client wealth managed and money added less withdrawals. Net new assets show true growth apart from market moves.
- Fee rate: Annual charge as a share of assets. It tends to fall for larger accounts, so mix and competition shape it.
- Advisor count and productivity: Number of advisers and revenue each produces. Productivity shows the quality of the sales force, and departures can lead to client losses.
- Client retention: Share of clients and assets kept year to year. Relationships are sticky, so declines suggest service or pricing issues.
- Margin: Operating income as a share of revenue. Scale and cost discipline lift it, and acquisitions can lower it while integrating.
Primary Macro Drivers
- Market levels: Fees are a share of assets, so market gains raise assets under management and revenue, and declines reduce them.
- Wealth creation and transfers: Inheritances and business sales add assets to manage, so wealth creation and transfers support net new assets.
- Advisor recruiting: Experienced advisers bring client assets, so hiring adds assets and cost, shown in advisor count and productivity.
- Acquisitions: Buying smaller firms adds assets and advisers, so acquisitions are a major source of growth, shown in margin and net new assets.
Major Risks
- Market declines: Fee revenue falls with asset prices and clients may reduce holdings. Watch assets under management, net new assets and margin.
- Fee compression: Competition and online platforms push prices lower. Watch fee rate and client retention.
- Advisor departures: Clients often follow their adviser, so departures reduce assets and revenue. Watch advisor count, retention and net new assets.
- Regulatory fiduciary standards: Rules requiring advice in clients' best interest add cost and can bring liability. Watch regulatory proposals and legal proceedings.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Low |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | U.S. |
Wealth Managers Filers in the SEC Record
30 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6282. Their latest fiscal years end between 2025 and 2026, and together they reported $138.5 billion of revenue. Median revenue growth over the prior year was 7.0%. Median operating margin was 12.1% and median net margin 13.7%. Median total liabilities were 54% of total assets, and 24 of 30 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Apollo Global Management, Inc. | $32.0 billion | 22.7% | n/a | 10.6% | FY 2025 |
| Kkr & Co. Inc. | $19.5 billion | -11.0% | n/a | 12.2% | FY 2025 |
| Ameriprise Financial Inc | $18.9 billion | 5.5% | n/a | 18.8% | FY 2025 |
| Blackstone Inc. | $14.5 billion | 9.2% | n/a | 20.9% | FY 2025 |
| Franklin Templeton Inc | $8.8 billion | 3.5% | 6.9% | 6.0% | FY 2025 |
| Price T Rowe Group Inc | $7.3 billion | 3.1% | 29.9% | 28.5% | FY 2025 |
| Invesco Ltd. | $6.4 billion | 5.1% | -10.9% | -2.7% | FY 2025 |
| Carlyle Group Inc. | $4.8 billion | -11.9% | n/a | 16.9% | FY 2025 |
The 8 largest of 30 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Wealth Managers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Wealth Managers industry?
Key performance indicators for the Wealth Managers industry include: Assets under management and net new assets, Fee rate, Advisor count and productivity, Client retention, Margin. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Wealth Managers industry?
The Wealth Managers industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Wealth Managers industry?
The primary risks for Wealth Managers companies include: Market declines, Fee compression, Advisor departures, Regulatory fiduciary standards. Investors should assess each company's exposure to these factors and its track record of navigating them.