The once embattled Wealth Management Americas unit reported a dip in net new money (NNM) – including dividends and interest -- from $8.4 billion in its last quarter to $7.9 billion in the latest quarter, down six percent. But UBS notes that...
The sales rumors have died down, and U.S. Trust president Keith Banks can breathe easier after coming off a very good month. Bank of America Merrill Lynch was named the world’s leading wealth manager with nearly $2 trillion in assets by...
New research from Aite Group shows that the online brokerages continue to take market share of wealth management assets from the wirehouse firms—something that surprised Aite Group analysts.
Registered investment advisers, listen up. Your custodian needs you—more than ever. Just look at this week’s earnings reports from Charles Schwab Corp. and TD Ameritrade Holding Corp. Asset growth, fueled in part by the RIA custody businesses of...
Morgan Stanley financial advisors should expect more cost-cutting in the global wealth management division in coming quarters—possibly in the guise of cuts to staff or financial advisors. On a second-quarter earnings conference call Thursday...
Raymond James Financial’s (NYSE: RJF) private client group added 20 advisors in the U.S. during the fiscal third quarter despite a tough recruiting environment for regional firms. But second-quarter earnings were down.
Profits and revenues fell at TD Ameritrade Holding Corp. last quarter as trading waned at the discount brokerage, but Chief Executive Fred Tomczyk said TDA Institutional has brought on 260 breakaway brokers over the past three quarters, a 20...
Wells Fargo’s (NYSE: WFC) wealth, brokerage and retirement business posted slightly lower second-quarter earnings. Advisor headcount was also down compared to the first quarter, but, on a positive note, advisor cross-selling continued to...
