The company’s acquisition will allow it to target prospective clients who are still in the wealth creation phase of life, says CEO James Gorman.

The firm is benefiting some referrals from Bank of America’s other business units.

Headcount is down more than 1,250 since a fake accounts scandal came to light in 2016.

Dan Arnold received $7.1 million in 2018, far below the longer-tenured chiefs of rival firms Ameriprise and Raymond James.

The hit to wealth management from a difficult trading environment was already visible in the fourth quarter.

Commissions and cash-sweep revenue jumped by more than a combined $100 million in 2018 — even as the parent firm’s longtime chairman left the company.

Fourth-quarter equity losses stanched client assets at wirehouses, indies and other brokerages — but their stocks are regaining ground after reporting earnings.

The network’s parent disclosed the results of its first year under a new accounting standard affecting the top line at many large U.S. businesses.

The tax-focused IBD’s custodial and platform transition is taking longer than the company or its advisors expected.

The firm cut its headcount by 22% while boosting productivity by 48% in 2018, and it plans to roll out a new desktop platform for its 1,060 representatives.