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The firm’s chief investment officer spent as much as a third of that on high-yield funds, according to people with knowledge of the matter.

AUM is down 7% for the wirehouse, which now has 20,000 financial advisors and associated staff working remotely.

“People are just saying, ‘Why should I pay for an active manager when most of them lose to the benchmark anyway?’ This is a big deal,” an expert says.

Just as in the wake of the 2008 financial crisis, experts say there's rising interest in the products among advisors.

A rule designed to prevent simple deduction abuses brings significant complexity to planning.

While the central bank’s support may help keep credit flowing amid the coronavirus, “it doesn’t necessarily improve the outlook for bankruptcies.”

BofA joins rival banks in setting aside billions for loan losses

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

Nearly everything fell during the difficult first quarter: net income, advisory assets, IRA assets, and advisor headcount.

Phil Sieg, who has 35 years of industry experience, will help the bank’s advisors grow their practices.