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Michael Wursthorn
42 followers -
Reporter, The Wall Street Journal.
Reporter, The Wall Street Journal.

42 followers
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My latest video explaining #BAC's interest in robo advisory for Merrill Edge & what that could mean for Merrill Lynch http://on.wsj.com/1Gp2gHE
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UBS AG’s U.S. wealth-management unit saw its pretax profit slip in the first quarter from a year earlier, but otherwise showed signs of continued growth.
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Bank of America Corp.’s Merrill Edge has grown impressively since the online discount brokerage was launched five years ago, but many of the Merrill Lynch full-service brokers who helped kick-start it are still waiting for some payback.
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The independent brokerage said Thursday morning that it added 77 new hybrid RIA firms to its platform since the first quarter of last year, boosting the total number to 342. That grew total assets managed by those firms to $104.8 billion in the first quarter, a 50.6% increase from the year-earlier period.

 Still, LPL’s recruitment gains weren’t enough to halt a profit slide. The firm said its first-quarter profit fell 4.6% from the year-earlier period to $50.7 million, despite revenue’s 2% rise to $1.1 billion.
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A Merrill Lynch executive responsible for the brokerage’s structured lending products has resigned to join regional bank OneWest Bank NA.
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