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June 01, 2015 at 08:00 PM
The wirehouse broker-dealers recently issued their first-quarter financial performance. Morgan Stanley Wealth Management said its net income improved 27% from the prior quarter to $535 million; however, this represents a drop of 71% from last year (when the group had an unusual income-tax benefit).
The number of advisors with the firm stands at 15,915, down from 16,076 in Q4’14 and 16,426 in Q1’14. The average level of yearly fees and commissions per rep, though, has improved to $959,000 vs. $944,000 in the earlier period and $878,000 in the year-ago quarter.
Client assets total $2.05 trillion, with fee-based assets representing 39% of AUM. Fee-based flows were $13.3 billion in Q1’15 compared with $20.8 billion in Q4’14 and $19.9 billion in Q1’14. On a per-rep basis, assets were $129 million in Q1’15 vs. $126 million in Q4’14 and $118 million in Q1’14.
UBS said its Americas wealth management unit made a profit of $293 million in Q1’15, up 26% from Q4’14 and 3% from Q1’14. Revenues for the unit were $1.9 billion. Client assets reached $1.05 trillion.
Assets per advisor stand at $150 million, while yearly fees & commissions per rep are $1.09 million per year as of March 31. This production level is flat from the prior quarter but up 5% from Q1’14.
Net new money flows were $4.8 billion in Q1’15, down from $5.5 billion in the prior period but more than double the $2.1 billion of Q1’14.
The advisor headcount in the Americas is 6,982 vs. 6,997 in the earlier quarter and 7,113 in year-ago period.
