Investors have been more skeptical of how much boost the tax cuts would provide to the economy this year, and the big banks’ second-quarter profits seem to suggest why.

The firm’s FA ranks at 14,820 were down by only nine brokers from the previous quarter.

Despite loosening regulations and the president’s tax cuts, BofA continued a string of lackluster second-quarter earnings for the big banks.

Total broker head count dropped by 173 from the prior quarter, according to the wirehouse.

Outliers aside, fundamental indexing is still more expensive than old fashioned capitalization-weighted indexing.

Investors slammed the sell button on passive products in February amid the return of volatility that saw a record jump in Wall Street’s fear gauge.

The tax-focused planning IBD is shedding low-producing advisors while retooling its pitch to prospects.

The No. 1 IBD has completed the NPH acquisition, but CEO Dan Arnold unveiled further growth initiatives amid challenges to its dominance.

The firm is prioritizing its most productive advisors after shedding some 30% from its headcount.

The firm also reported record revenue and pre-tax income for the recent quarter.