Wealth Management CEO Pay: What Top Firm Leaders Earn

Executive compensation across the largest publicly traded wealth management firms continues to be under the microscope, whether as an indicator of broader financial performance or for strategic direction. A strong year for the industry lifted pay at the biggest firms, and several megabanks layered on large one-time retention grants to lock in their chiefs. Below is the latest CEO pay data for the top firms, drawn from their proxy filings.

Summary Table

LPL Financial - Richard "Rich" Steinmeier

Richard "Rich" Steinmeier earned about $14.6 million for 2025, roughly triple the $4.7 million he realized in 2024, his first partial year in the role after taking over from Dan Arnold. His package included a $900,000 base salary, about $10.05 million in stock awards and a $3.59 million cash incentive. LPL tied the increase to strong results (advisory and brokerage assets grew 36% to $2.4 trillion) along with the integration of Atria Wealth Solutions and the acquisition of Commonwealth Financial Network. Even so, his pay still trailed several brokerage peers.

UBS - Sergio Ermotti

Sergio Ermotti received a total package of 14.9 million Swiss francs (about $19.1 million)  - essentially unchanged from 2024. The disclosure landed amid heightened scrutiny of executive pay in Switzerland following the collapse of Credit Suisse and ongoing regulatory reform.

Raymond James - Paul Shoukry

New CEO Paul Shoukry earned $16.6 million, his first full year leading the firm after succeeding Paul Reilly. His pay included roughly $645,000 in salary, an $8 million cash bonus and $7.9 million in stock, and excluded a previously awarded $5 million one-time leadership grant tied to his promotion.

Charles Schwab - Rick Wurster

Rick Wurster, who became CEO on January 1, 2025, earned $18.8 million in his first year, up about 33% from the roughly $12.5 million he received in 2024. The firm reported a CEO-to-employee pay ratio of 203 to 1, with median employee compensation of $117,672.

Ameriprise - Jim Cracchiolo

CEO Jim Cracchiolo earned $31 million, an increase of nearly 8% from $28.75 million the prior year. The total included $1.25 million in salary, $7.75 million in annual cash incentives, and $22 million in long-term incentives, capping a record revenue year for the firm.

Edward Jones - Penny Pennington

Managing Partner Penny Pennington received about $28.04 million, a 3.5% dip from $29.06 million - her first decline after two straight years of double-digit raises. Because Edward Jones operates as an employee-owned partnership, most of her pay (roughly $27.8 million) came as income allocated to partners, alongside a $250,000 salary. The dip followed a year in which firm profit margin narrowed amid modernization costs and home-office layoffs, even as net income grew 6% to nearly $2.1 billion.

BNY - Robin Vince

CEO Robin Vince's total reported compensation jumped to roughly $83.5 million, up from $23.3 million in 2024. The increase was driven almost entirely by a one-time long-term transformation and retention award - about $25 million in stock options plus a large special equity grant the board approved in December 2025 to secure his tenure. His ongoing pay is a fraction of that headline figure. BNY reported a CEO-to-employee pay ratio of 1,018 to 1, based on median employee pay of $81,987.

Wells Fargo - Charles Scharf

Charles Scharf received $40 million, up about 28% from the prior year. His package included a $2.5 million base salary and $37.5 million in variable compensation. The board cited a milestone year - the closure of regulatory consent orders and the Federal Reserve's removal of the bank's asset cap - alongside net income rising to $21.3 billion.

Morgan Stanley - Ted Pick

CEO Ted Pick earned $45 million, a roughly 32% raise and the steepest year-over-year increase among his peers. Three-quarters of his bonus is deferred over three years and delivered as performance-vested equity. Co-President Andrew Saperstein's pay rose to $34 million.

Citi - Jane Fraser

Jane Fraser received $42 million, a roughly 22% increase from $34.5 million in 2024. The board pointed to Citi's reorganization, technology modernization and a sharp rise in the bank's stock over the year.

Bank of America - Brian Moynihan

CEO Brian Moynihan's pay increased about 17% to $41 million. The board granted an unchanged $1.5 million base salary and no cash bonus, "consistent with prior years," along with $39.5 million in equity incentive awards.

Goldman Sachs - David Solomon

David Solomon led the group on an ongoing-pay basis with a record $47 million, a roughly 20% rise from $39 million the year before. His package included a $2 million base salary, a $10.1 million cash bonus, $31.5 million in performance share units and $3.4 million in carried interest. Goldman's board credited "continued and significant shareholder value creation."

JPMorgan Chase - Jamie Dimon

Jamie Dimon's 2025 pay rose about 10% to $43 million, comprising a $1.5 million base salary and $41.5 million in variable incentive compensation, the majority tied to performance share units. Mary Callahan Erdoes continued to lead the firm's asset and wealth management division.

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Wealth management Executive PAY FAQ

What is Penny Pennington's compensation at Edward Jones?

For 2025, Edward Jones Managing Partner Penny Pennington earned about $28.04 million.

How much does BNY CEO Robin Vince make?

BNY CEO Robin Vince's total reported compensation jumped to roughly $83.5 million for 2025.

Who is the highest-paid wealth management CEO?

It depends on how you count. On a total reported (SEC summary compensation table) basis, BNY's Robin Vince topped the group for 2025 at about $83.5 million, but that reflects a one-time retention grant. Setting aside such special awards, Goldman Sachs CEO David Solomon led with a record $47 million (up about 20% year over year), ahead of Morgan Stanley's Ted Pick at $45 million, JPMorgan's Jamie Dimon at $43 million and Citi's Jane Fraser at $42 million. In 2024, Solomon and Dimon had tied at $39 million.

What does the LPL Financial CEO earn?

LPL Financial CEO Rich Steinmeier earned about $14.6 million for 2025.