While the bank’s second-quarter earnings disappointed, wealth management services, driven by Merrill Lynch, were a bright spot.

Higher equity values and client activity pushed up the major custodian’s revenue in the second quarter, despite significant headwinds.

Yet there is concern the Delta variant of the coronavirus may spread and spear policy actions that could slow economic growth.

The megabank announced second-quarter revenue of $4.1B for the Asset and Wealth Management unit, with net income of $1.2B.

Its parent seeks to support more holistic planning by combining it with two other subsidiaries.

The firm grew its total assets under administration by 30% year-over-year, reaching $530 billion.

While several analysts are bullish, not all are convinced of the Canadian asset manager’s newfound strategy.

During first quarter earnings last month, the bank said that it would take a $300 million restructuring charge related to the cuts in the second quarter.

After its industry-leading headcount dipped slightly during the temporary ban, the wealth manager plans to offer more resources for incoming recruits.

The RIA completed seven transactions in the first quarter, along with starting a new international venture in partnership with the billionaire Hinduja family.

The tax-focused wealth manager’s parent disclosed lower first-quarter earnings after an eventful period marked by a proxy fight and a reported acquisition offer.

As its advisor headcounts in the W-2 channel have stagnated, Raymond James Advisor Select added a major former UBS quartet.

The company has benefited from a market surge, new investors and an uptick in broker breakaways.

More growth is on the way: the No. 1 IBD has one more massive recruiting move and a $300M acquisition to complete.

The firm slimmed down its headcount slightly, even as it saw an uptick in advisor-related revenues from fees and asset management.

The company upped its recruiting package last year, a change that has been “very well received by prospective advisors,” according to the CEO.

The firm’s recruiting is also gaining steam, despite the ongoing impact to its bottom line from low interest rates.

The Swiss bank added a sprinkle of new US advisors for the first time in years, amid record quarterly profits and plans for global job cuts.

As the firm repelled a rare activist challenge, a potential private equity buyer has approached it, according to a news report.

Despite record growth in wealth management, an otherwise rosy earnings report was marred by $911 million loss related to Archegos Capital.