Wirehouses

Profits rose 8% year-over-year at the bank's Global Wealth & Investment Management unit, which includes Merrill Lynch and U.S. Trust.

The number of financial advisers at the firm declines 1% to 15,042.

Two advisers joined Confluence Financial Partners, which is affiliated with Raymond James.

Wealth management firms need to acquire their own robo platforms because digital startups represent a real threat with "a long runway for growth," the analyst says.

A search is underway to replace Mary Mack, who will transition to a different unit.

The two ex-wirehouse advisers each had about 20 years of industry experience.

The largest recruits managed more than $17 billion in client assets.

Adviser recruiting was not expected to be affected, according to people with knowledge of the matter.

A new partnership between ex-wirehouse advisors and a retirement plan consultant will use "gratitude boards" to focus discussions on important issues in clients' lives.

Market volatility and industry changes have had a chilling effect on advisers' career plans.