Who runs wealth management.

Individual advisors owning the client relationship. Independent or employed.

Registered Investment Advisors — fiduciary firms serving retail wealth.

FINRA-regulated firms executing and distributing securities.

Bank-owned advisory arms and trust companies with balance-sheet products.

Hold client assets and clear trades. The plumbing under the industry.

Turnkey Asset Management Platforms — outsourced investment operations.

Software providers: CRM, planning, PMS, rebalancing, AI copilots.

Manufacture the funds, ETFs, SMAs, and models that advisors use.

SEC, FINRA, state regulators. Set the rules for advice, custody, and marketing.