29 wealth managers over $1B reported RAUM down 25% or more year on year; Goldman Sachs & Co. Llc fell 43% to $133.6B
Between their annual amendments for fiscal 2024 and 2025, 29 wealth managers (independent, mixed, broker-dealer, bank affiliated, national BD RIAs and wirehouses) with $1B or more of RAUM on the earlier filing reported a fall of 25% or more, $434.9B to $230.9B in total. Largest: Goldman Sachs & Co. Llc $233.2B (2025-04-01) to $133.6B (2026-03-31), -43%; Edgewood Management Llc $35.9B (2025-03-28) to $21.5B (2026-03-27), -40%; Northcoast Asset Management Llc $31.7B (2025-04-01) to $5.0B (2026-02-19), -84%; Envestnet Portfolio Solutions, Inc. $29.3B (2025-03-31) to $17.3B (2026-04-13), -41%; Evoke Advisors $27.7B (2025-03-28) to $17.3B (2026-04-30), -38%; Milagre Wealth Management, Inc. $11.4B (2025-04-09) to $137M (2026-03-31), -99%.
A RAUM fall of a quarter or more on a $1B book is a lost client, a departed team, a spin-out or a restatement; the two filings say which year and how much, and the advisor flow on the same firm says whether people left with it.