The World’s BEST Top 10 Highest-Paid Wealth Management Executives, 2024 (2024)

The compensation of top executives in the wealth management industry soared in the previous year due to the sector's robust performance. BUSINESS CONNECT magazine recently released its ranking of the highest-paid wealth management executives based on their 2022 compensations, sourced from publicly traded companies' proxies.

In 2024, the CEOs of the top 10 wealth management firms received an average compensation of $27 million.

While the figures might seem substantial, they reflect the leadership roles of these executives, steering the strategic direction of the most influential advisor forces globally. Delve into the compensation details of the highest-paid executives in the world's leading wealth management firms. Here's the rundown of the top 10 highest-paid wealth management executives globally.

1. Morgan StanleyCEO: James Gorman 2022 total compensation: $39,398,9052021: $34,941,635Change: $4,457,270 (13% increase)Notable: Andy Saperstein, head of wealth management ($22,711,116)Median annual total compensation of non-CEO employees: $143,794CEO pay ratio: 274 to 1James P. Gorman ranked No. 1 in the 2023 list of the world’s best CEOs, with Morgan Stanley ranking No. 6 in CEOWORLD's influential companies list.
2. JPMorgan ChaseCEO: Jamie Dimon2022 total compensation: $34,848,6062021: $84,428,145Change: -$49,579,539 (59% decrease)Median annual total compensation of non-CEO employees: $88,730CEO pay ratio: 393 to 1James Dimon ranked No. 35 in the 2023 list of the world’s best CEOs.
3. Bank of AmericaCEO: Brian Moynihan2022 total compensation: $30,177,5032021: $23,729,169Change: $6,448,334 (27% increase)Brian Thomas Moynihan ranked No. 52 in the 2023 list of the world’s best CEOs.
4. Wells FargoCEO: Charlie Scharf2022 total compensation: $24,642,5262021: $21,350,906Change: $3,291,620 (13% increase)Median annual total compensation of non-CEO employees: $75,979CEO pay ratio: 324 to 1
5. Charles SchwabCEO: Walt Bettinger2022 total compensation: $24,386,3292021: $21,938,404Change: $2,447,925 (11% increase)Notable: Charles Schwab, co-chairman ($7,902,434)Median annual total compensation of non-CEO employees: $116,203CEO pay ratio: 210 to 1
6. AmeripriseCEO: Jim Cracchiolo2022 total compensation: $22,847,6232021: $21,229,464Change: $1,618,159 (8% increase)Notable: Joseph Sweeney, president of advice and wealth management products and service delivery ($4,863,917)Median annual total compensation of non-CEO employees: $125,033CEO pay ratio: 183 to 1
7. Edward JonesCEO: Penny Pennington2022 total compensation: $21,437,0042021: $22,567,837Change: -$1,130,833 (5% decrease)Notable: Kenneth Cella, head of branch development ($18,495,139)Median annual total compensation of non-CEO employees: $91,384CEO pay ratio: 235 to 1
8. Raymond JamesCEO: Paul Reilly2022 total compensation: $18,059,1162021: $13,901,046Change: $4,158,070 (30% increase)Notable: 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 non-CEO employees: $114,022CEO pay ratio: 158 to 1
9. LPL FinancialCEO: Dan Arnold2022 total compensation: $13,750,3902021: $12,875,868Change: $874,522 (7% increase)Notable: Rich Steinmeier, divisional president of business development ($3,313,614); Kabir Sethi, chief product officer ($3,937,416)Median annual total compensation of non-CEO employees: $94,063CEO pay ratio: 146 to 1
10. UBSCEO: Ralph Hamers2022 total compensation: $13,113,7552021: $12,562,444Change: $551,311 (4% increase)

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