Top executives in the wealth management industry received increased pay last year owing to the industry’s robust performance. CEOWORLD magazine has ranked the top 10 highest-paid wealth management executives based on their 2022 compensation. The data used for this ranking was gathered from publicly traded companies’ proxies.
In 2022, the CEOs of the top 10 firms in wealth management were paid an average of $27 million.
Although some of the numbers may appear to be high, they refer to the executives who possess considerable control over the strategic direction of the most prominent advisor forces in the industry worldwide.
Discover how the highest-paid executives of the world’s top 10 wealth management firms were compensated. Here are the top 10 wealth management executives who earn the highest salaries globally.
Here is a list of the world’s top 10 highest-paid wealth management executives.
- Morgan Stanley
CEO: James Gorman
2022 total compensation: $39,398,905
2021: $34,941,635
2022 vs. 2021: $4,457,270 (increase of 13%)
Other notable executive compensation: Andy Saperstein, head of wealth management ($22,711,116)
Median annual total compensation of all employees (other than CEO): $143,794
CEO pay ratio: 274 to 1
James P. Gorman was recently ranked No. 1 in a list of the world’s best CEOs for 2023; meanwhile, Morgan Stanley ranked No. 6 in the CEOWORLD magazine’s ranking of the most influential companies in the world. - JPMorgan Chase
CEO: Jamie Dimon
2022 total compensation: $34,848,606
2021: $84,428,145
2022 vs. 2021: -$49,579,539 (decrease of 59%)
Median annual total compensation of all employees (other than CEO): $88,730
CEO pay ratio: 393 to 1
James Dimon was recently ranked No. 35 in a list of the world’s best CEOs for 2023. - Bank of America
CEO: Brian Moynihan
2022 total compensation: $30,177,503
2021: $23,729,169
2022 vs. 2021: $6,448,334 (increase of 27%)
Brian Thomas Moynihan was recently ranked No. 52 in a list of the world’s best CEOs for 2023. - Wells Fargo
CEO: Charlie Scharf
2022 total compensation: $24,642,526
2021: $21,350,906
2022 vs. 2021: $3,291,620 (increase of 13%)
Median annual total compensation of all employees (other than CEO): $75,979
CEO pay ratio: 324 to 1 - Charles Schwab
CEO: Walt Bettinger
2022 total compensation: $24,386,329
2021: $21,938,404
2022 vs. 2021: $2,447,925 (increase of 11%)
Other notable executive compensation: Charles Schwab, co-chairman ($7,902,434)
Median annual total compensation of all employees (other than CEO): $116,203
CEO pay ratio: 210 to 1 - Ameriprise
CEO: Jim Cracchiolo
2022 total compensation: $22,847,623
2021: $21,229,464
2022 vs. 2021: $1,618,159 (increase of 8%)
Other notable executive compensation: Joseph Sweeney, president of advice and wealth management products and service delivery ($4,863,917)
Median annual total compensation of all employees (other than CEO): $125,033
CEO pay ratio: 183 to 1 - Edward Jones
CEO: Penny Pennington
2022 total compensation: $21,437,004
2021: $22,567,837
2022 vs. 2021: -$1,130,833 (decrease of 5%)
Other notable executive compensation: Kenneth Cella, head of branch development ($18,495,139)
Median annual total compensation of all employees (other than CEO): $91,384
CEO pay ratio: 235 to 1 - Raymond James
CEO: Paul Reilly
2022 total compensation: $18,059,116
2021: $13,901,046
2022 vs. 2021: $4,158,070 (increase of 30%)
Other notable executive compensation: Scott Curtis, president of the Private Client Group ( $4,669,804); Tash Elwyn, CEO of Raymond James & Associates ($4,668,891)
Median annual total compensation of all employees (other than CEO): $114,022
CEO pay ratio: 158 to 1 - LPL Financial
CEO: Dan Arnold
2022 total compensation: $13,750,390
2021: $12,875,868
2022 vs. 2021: $874,522 (increase of 7%)
Other notable executive compensation: Rich Steinmeier, divisional president of business development: ($3,313,614); Kabir Sethi, chief product officer ($3,937,416)
Median annual total compensation of all employees (other than CEO): $94,063
CEO pay ratio: 146 to 1 - UBS
CEO: Ralph Hamers
2022 total compensation: $13,113,755
2021: $12,562,444
2022 vs. 2021: $551,311 (increase of 4%)
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