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Top Wealth Managers Ranked



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NEW YORK-- Responding in part to a down stock market, wealthy individuals helped fuel a boom for independent financial advisers who were part of a new ranking by Bloomberg Wealth Manager magazine.

At the 50 fastest-growing wealth-management firms in the ranking, client assets jumped by 67 percent last year, Bloomberg Wealth Manager says -- and new accounts were roughly 80 percent larger on average than existing account balances.

New Money From Very Wealthy Fuels Boom Year for 'Bloomberg's TopWealth Managers,' Bloomberg Wealth Manager Ranking Says

"The drop in stock prices may have served as a kind of catalyst for wealthy individuals to finally seek out professional financial advice," said Robert Casey, Bloomberg Wealth Manager's editor. The inaugural ranking of Bloomberg's Top Wealth Managers appears in the magazine's June issue, out today.
Bloomberg Wealth Manager is the premier professional information resource for financial planners and investment advisers who counsel clients of high-net-worth.

Topping the magazine's list of independent financial advisers, based on average account size and asset growth: Mountain View, CA-based, where assets under management soared a staggering 450% and the average size of new accounts was an eye-popping $150 million. New York-based BBR Partners, which launched only last year and routinely turns away clients worth less than $10 million, ranked second in the survey,
with new accounts in 2000 averaging $26.5 million. San Francisco's Presidio Strategies, ranked third with average new accounts of $20.2 million for 2000.

Bloomberg's Top Wealth Managers ranking was based on a survey conducted earlier this year, which drew more than 1,000 responses from subscribers and firms on several other industry lists. The magazine eliminated firms with less than $25 million in assets, firms where individuals constitute less than 50 percent of the client base, and firms that do not offer comprehensive financial planning and based the rankings on the remaining 313 firms.

The ranking also found that the most successful firms go where the money is. Of the top Wealth Managers, 43 are in California, 20 in New York, and 18 in Florida, followed by Illinois (17), New Jersey (17), Ohio (17), North Carolina (14), Colorado (13), Maryland (13) and Pennsylvania (13)

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