Statement Volume - Asset Managers 1 (A)
There are about 76,123 unique accounts managed by trust advisors in the United States each year. Below, helpful findings have been highlighted, followed by an explanation of why the requested information couldn't be determined.
- There were 1,853,804 and 1,839,481 managed fiduciary accounts in the United States in 2018 and 2017 respectively.
- In 2018, there were 3,911,491 non-managed fiduciary accounts, and 3,849,691 in 2017.
- Therefore, there were 5,765,295 and 5,689,172 trust accounts in 2018 and 2017, respectively (managed fiduciary accounts + non-managed fiduciary accounts).
- Thus, the number of unique trust accounts in the United States per year is approximately 76,123 (5,765,295-5,689,172).
- Vanguard Group, Pacific Investment, BlackRock, Fidelity Investments, and Invesco, the top 5 asset management firms, manage 248, 2,442, 387, 136, and 20,331 accounts, respectively.
- In 2013, "17 million American households owned a brokerage account."
Your research team was not able to determine the number of unique accounts managed by asset managers on a monthly or yearly basis. The following strategies were deployed in an attempt to find, calculate, or triangulate this data.
First, we searched directly for pre-compiled data from credible industry-specific sources such as Bloomberg, Fortune, The Balance, The Office of Financial Research, among others. Although these sources addressed the state of the asset management industry in the country, the details were specific to funds managed, trends in asset fees, and other details that were irrelevant for the query. We also searched the Federal Deposit Insurance Corporation in an attempt to find relevant information, since all US asset management companies report the number of their accounts using the "Schedule RC-T" form. The team reasoned that the government entity likely knows this information and might have disclosed it publicly. This way, a list providing data on the number of assets managed accounts from 2015 to 2018 was found. However, it couldn't be used to reliably answer the query because it only addressed trust services.
Next, we took a triangulation approach to answer the query. We searched for information on the following two data points: the average number of accounts per asset manager per year/ month and the number of asset managers in the US. Since we had already found relevant data on trust services, we focused on finding this information specifically on brokers and investment managers, but we struggled to find information on the former data point, which is why this strategy failed. The available information included the total number of asset managed accounts (not unique) by each of the top 50 asset managers worldwide, the number of mutual fund managers, among others, which weren't relevant in providing a proper triangulation.
We then decided to focus our search specifically on unique asset management customers. To triangulate an answer to the query, we searched for the following data points: the average number of asset management accounts per US person and the population of the US. The team also searched for the number of people in the US who use asset management services and the average number of asset management accounts per individual who uses asset management services, specifically. We weren't able to move forward with this triangulation because information on the number of people in the US who use asset management services, the average number of asset management accounts per an individual who uses asset management services and the average number of asset management accounts per a US person were not available in the public domain. Instead, available information focused on irrelevant things such as asset management market sizes in US dollars and future predictions.
Finally, we combed through the financial reports of some top asset mangers in the United States listed on this report to find the number of accounts held by each company yearly, to calculate the total number of unique accounts. After looking through their annual reports, it was evident that most of them didn't provide information specifically on the number of accounts they have and most of them didn't provide account information about the US, which is why the answer couldn't be reliably estimated using data from the biggest players in the field. Still, we provided available account data for some companies as helpful findings.