New Jersey’s financial services sector spans firms from startups to institutions with more than a century of experience. A recent NJBIZ survey of the state’s wealth management landscape includes 22 firms, from Edward Jones, founded in 1922, to Journey Strategic Wealth, established in 2020.
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Merrill Lynch Wealth Management leads in size, with $3 trillion in assets under management and 26,086 financial advisors. The firm operates from Florham Park, offering services in investments, banking, retirement, and estate planning.
At the other end of the spectrum, Green Ridge Wealth Planning in Montville manages $350 million with a team of four advisors. The firm focuses on investment management and business planning.
The concentration of firms centers in north-central New Jersey, with locations in Morristown, Summit, and Florham Park. Newark serves as headquarters for industry veterans Prudential Financial (founded 1875) and PGIM Private Capital.
Several firms emphasize specialization. Jacobs Levy Equity Management in Florham Park works with institutional clients, while Circle Wealth Management in Summit concentrates on multigenerational engagement and education.
The industry employs 65,183 financial advisors across these 22 firms. Three companies — Merrill Lynch, Edward Jones, and JP Morgan Securities — account for 57,722 of these positions, highlighting the presence of national firms alongside boutique wealth managers.
Claude.ai assisted with the creation of this article based on NJBIZ data.
