While fourth-quarter revenue from brokerage services posted a sharp 20% over-over-year decline, the overall wealth management business still managed to come out ahead.

Fourth-quarter revenue jumped 19% year-over-year, while profits soared 57%.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.

The advisory business ended the year on a strong note, boosted by growth in net interest income, which rose 14% year-over-year.

The business, which includes Merrill Lynch, said profits were up 1.8% year-over-year, but down 9% from the previous quarter.

CEO Ron Kruszewski says market conditions and the fiduciary rule are dampening growth at the firm and throughout the industry.

Amid reports of a possible sale, assets rise and expenses fall.

CEO Sergio Ermotti pledged that cost-cutting efforts are to continue.

Client assets for the firm's advisory business hit a record high.

"Optimizing choice for our clients … is critical to how we operate as a firm," CEO James Gorman said during an earnings call where the wirehouse reported net revenue was a record $3.9 billion last quarter.