Rising expenses from increasing asset values in client accounts also put a dent in the unit's bottom line in the second quarter.

The Toronto-based bank's U.S. subsidiary has taken in $15 billion in asset inflows in the past two years.

Like 2023, 2024 has been good to Edward Jones. The St. Louis-based firm finished the first quarter with higher revenues and more financial advisors on its payroll.

Executives at the Zurich-based bank say $27B in net new assets for the first quarter put the firm well on its way to its wealth management goals.

Industry experts who track comings and goings at large firms say the advisor staff figures often obscure more than they reveal.

Higher expenses from the record headcount of financial advisors and a continuous stream of recruits and acquisitions are investing in the firm's future earnings, though.

In the first three months of 2024, both profits and client assets reached new heights at RayJay's Private Client Group.

After a mixed quarter for the firm's wealth unit, CEO Ron Kruszewski predicted that the Fed may cut rates zero or just once or even hike them in 2024.

The number of experienced financial advisor recruits fell in the first quarter, but Ameriprise's overall headcount and its profits are on the rise.

During first-quarter earnings calls, top executives of mega firms like Goldman Sachs, Morgan Stanley and Citigroup talked about how they're testing AI and high-tech tools.