A wealth manager helps you grow and protect your wealth and reach your financial goals, but they aren’t cheap. Here’s a closer look at wealth management to help you decide if it’s a smart ...

Photo: Getty Images/iStockphoto Morgan Stanley’s wealth-management unit stands out as the “primary engine of growth” for the investment bank, analysts at Jefferies said in a research note.

Leading the pack is Morgan Stanley Wealth Management, with $178.2 billion in local AUM and 553 portfolio managers in the Chicago area. The expansive firm boasts nearly $8 trillion in total AUM.

The trend toward concierge services reflects a broader shift toward personalization and lifestyle integration. Wealth management is no longer just about managing assets; it’s about managing lives.