The third quarter included mixed results for two of the largest Wall Street firms — though one firm’s wealth unit clearly had stronger flows this period.
At the corporate level, Bank of America’s profits in the period ending Sept. 30 dropped 15% from a year ago to $4.9 billion, or $0.51 per share. Meanwhile, Morgan Stanley’s jumped 25% year over year to $2.72 billion, or $1.66 per share.
Financial Advisor Stats
Morgan Stanley’s tally is 15,469 advisors, up 70 from June 30, but down by 84 from a year ago. The registered reps work with a total of $2.85 trillion in client assets.
Advisors with Morgan Stanley have an average asset level of $184 million, and average trailing 12-month fees and commissions of $1.20 million as of Sept. 30.
Bank of America Merrill Lynch has 17,760 advisors, down by 128 from the prior quarter, but up 103 from last year; these figures include some advisors working on Merrill Edge and other BofA operations.