The rule has cost the firm tens of millions of dollars in compliance and lost revenue.

Second-quarter revenue from brokerage services fell 3% year-over-year while assets under management jumped 26% to $14.8 billion.

The Buffalo-based institution generated $127 million in second-quarter revenue from trust services, up 5% year-over-year.

Rising markets boosted revenues for wealth- and asset-management arms at the largest U.S. banks to $18.4 billion in the second quarter, according to data compiled by Bloomberg.

The firm needs a digital advice offering for clients who don't want a traditional relationship, CEO James Gorman said.

The bank's wealth management businesses earned $124 million on $600 million in revenue in the second quarter.

The firm also said it has benefited from low attrition and its training program.

The firm's headcount has steadily declined since the bogus account scandal came to light last year.

Second-quarter revenue climbed 9% year-over-year even as the number of advisers dropped by 6%.

The wirehouse’s pre-tax earnings jumped 42% year-over-year despite losing 176 advisers in that time.

Dan Arnold expects that upheaval to lead to more movement of advisers and assets.

The firm's Private Client Group saw pretax profits drop to $29 million from $83 million for the year-ago period.

The firm's adviser headcount slipped 98 year-over-year.

The firm reported record revenues, net income and client assets for the first quarter.

First-quarter profits jumped almost 40% on $577 million in revenue.

Some brokers who recently left the wirehouse cited differences over its policy to cease offering commission-based retirement accounts.

While first-quarter revenue from insurance services fell 7.5% year-over-year, the overall wealth management business still managed to come out ahead.

The Buffalo-based institution generated $120 million in first-quarter revenue from trust services, up 8% year-over-year.

First-quarter revenue jumped 9% year-over-year even as the number of advisers fell by 10%.

Net income and client assets grew even as the firms' headcount continued its steady decline.