Market headwinds dampened wealth management growth
Ameriprise, Raymond James and Stifel — which boast fast growing independent and employee channels — may have reported slightly better earnings performance than their wirehouse competitors, but difficult economic headwinds dampened earnings results for these firms. For example, Stifel reported a 15.3% year-over-year surge in net revenue for its wealth management unit. But at the same time net income shrank 5.57% for the St. Louis-based firm, whose expenses soared.
Click through our slideshow to view our analysis of these firms' performance this quarter.