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.

The firm's adviser headcount slipped 98 year-over-year.

The firm reported record revenues, net income and client assets for the first quarter.

First-quarter profits jumped almost 40% on $577 million in revenue.

Some brokers who recently left the wirehouse cited differences over its policy to cease offering commission-based retirement accounts.

While first-quarter revenue from insurance services fell 7.5% year-over-year, the overall wealth management business still managed to come out ahead.