Wirehouses

The firm may have crammed five years worth of user adoption into a single month.

The firm is making changes to its small household policy, which it had previously tightened prior to the current public health crisis.

A lull due to the coronavirus appears to be over, according to the No. 1 IBD’s top recruiter. The firm is still competing against a slew of rivals for ex-wirehouse reps.

It’s one of several ways that the firm is working to keep growth plans on track.

Deposits increased by almost $30 billion in March alone, with clients shifting out of equities and into cash.

The firm detailed its strategy for complying with the SEC’s regulation ahead of its June 30 enforcement date.

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

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

The firm had intended on increasing some grid thresholds by about 10%.

The problem was from a bug related to an external software provider.