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Charles Schwab's 2019 RIA Benchmarking Study revealed new clients sustained their firms' business performance, even as AUM fell slightly in 2018, a result of market volatility.
The wealth management division of Bank of America made nearly $5 billion this quarter and is on track to bring in 70,000 new household clients this year, even as fee-based asset management growth has waned after DOL pullback.
Executive Vice President Aaron Schaben will handle business growth and development for the firm while Chief Operations Officer Teri Shepherd will supervise Carson's institution and retail-focused divisions.