The bank's wealth management and investment management units have been standouts in recent years.

As a whole, the megabank saw its net income rise by 9% in 2023's final quarter. But its wealth management unit was another story.

The firm's wealth management co-head said that recent changes to its pay grid have been favorably received.

The gains in assets under management come as the banking giant continues to add to its advisor headcount.

Overall, Canada's largest bank saw its bottom line grow last quarter. But an American subsidiary is causing headaches for its wealth management business.

The St. Louis-based firm now has more than 19,000 financial advisors, according to its latest SEC filing.

The Canadian asset manager's U.S. wealth arm was highlighted for growth in revenue and earnings

The company that provides services to 107,000 advisors as seen year over year saw increases in assets under management and accounts per advisor.

Even with an exodus from the acquired firm, the Zurich-based bank managed to pull in $22 billion in net new client money in the third quarter.

As he takes command of the California TAMP, incoming AssetMark CEO Michael Kim says he wants to hit 5,000 engaged advisors by 2026.