Merrill president and co-head Lindsay Hans said the firm is well-positioned for the "largest asset-gathering opportunity that FAs have seen in decades."

The Wall Street giant is staggering under its plan to shift back to serving primarily the ultrawealthy.

The banking and brokerage firm's income also suffered from clients moving money into high-interest-paying money markets.

CEO Charlie Scharf said the bank's troubled wealth unit had 'treaded water' for a while, but showed signs of recovery as client assets and fee income grew.

All eyes will be on the incoming veteran executive as the banking giant seeks to take advantage of expected growth in global wealth.

The banking giant also reported a whopping 36% increase in net income for its banking and wealth management unit.

Despite falling stock and bond values last year, firms operating in the channel collectively boosted their business. These are the biggest companies among them.

Find all of the figures from Financial Planning's latest annual study of brokerages whose financial advisors aren't employees of the firms.

The global bank saw a decline in its wealth management headcount for its Americas region even as its invested assets rose.

The Canadian firm saw an 8% jump in its net income, but CEO Dave McKay foresees a "softer economic outlook" next quarter.