An uptick in retirements dampened the firm’s efforts to expand its brokerage ranks.

The firm’s new leader Penny Pennington tapped managers, one a longtime veteran of the firm, for the executive committee.

Increased volatility, rising protectionism and geopolitical tensions are still weighing on investors, the firm said.

Overseeing money for the rich is supposed to be one of the best businesses in banking, but even the world’s biggest wealth manager is finding that it doesn’t always work out like that.

Market volatility spurred clients into cash during the fourth quarter.

“The thundering herd is on the move,” boasts Andy Sieg, head of Merrill Lynch.

The firm has lost more than 1,100 advisors since a phony accounts scandal came to light in 2016.

For investors who were hoping for a turnaround quarter, better luck next time.

They’re going into the season with weaker earnings expectations as they contend with a pileup of share downgrades.

The New York aggregator’s performance to date “will make it easier for other RIAs to go public,” says industry analyst Chip Roame.