The Buffalo-based institution generated $127 million in second-quarter revenue from trust services, up 5% year-over-year.

Rising markets boosted revenues for wealth- and asset-management arms at the largest U.S. banks to $18.4 billion in the second quarter, according to data compiled by Bloomberg.

The firm needs a digital advice offering for clients who don't want a traditional relationship, CEO James Gorman said.

The bank's wealth management businesses earned $124 million on $600 million in revenue in the second quarter.

The firm also said it has benefited from low attrition and its training program.

The firm's headcount has steadily declined since the bogus account scandal came to light last year.

Second-quarter revenue climbed 9% year-over-year even as the number of advisers dropped by 6%.

The wirehouse’s pre-tax earnings jumped 42% year-over-year despite losing 176 advisers in that time.

Dan Arnold expects that upheaval to lead to more movement of advisers and assets.

The firm's Private Client Group saw pretax profits drop to $29 million from $83 million for the year-ago period.