In 2023, the U.S. wealth management industry grew significantly, with client assets rising 19% to $47.5 trillion. Clearing and custody firms led the market with $12.4 trillion in assets, followed closely by online brokers at $12.2 trillion, which surpassed the wirehouses. Wirehouses invested in generative AI and private markets but were slowed by advisor attrition. Self-clearing retail brokers saw strong growth by expanding advisor headcount, while bank trust divisions grew the slowest at 9% due to structural limitations. By 2035, online brokers are expected to dominate the market with a 31% share.

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