While many broker-dealers saw positive earnings in the second quarter of 2024, a few firms reported declines or faced significant challenges. Below are the five broker-dealers that underperformed during this period, as reported by ThinkAdvisor:

UBS

UBS experienced a sharp decline in earnings, down 96% to $1.14 billion. The firm's advisor headcount in the Americas dropped by 69, leaving 6,002 advisors. However, the firm's asset level in the region increased to $2 trillion, up from $1.7 trillion a year ago.

Bank of America

Bank of America reported a 7% decrease in earnings, which totaled $6.9 billion. The firm's EPS fell by 6% to $0.83. Merrill Wealth Management and BofA Private Bank saw net client flows decrease by 24% to $10.8 billion, and assets under management remained at $1.76 trillion.

LPL Financial

LPL Financial faced a 5% drop in adjusted net income, amounting to $293.5 million. The firm's EPS decreased by 2% to $3.88. Despite the decline, LPL's advisor headcount increased by 1,520, bringing the total to 23,462, and total assets under management reached $1.5 trillion.

Wells Fargo

Wells Fargo saw a 1% decline in earnings, totaling $4.9 billion. However, the firm's EPS rose by 6% to $1.33. Wealth and Investment Management revenue grew by 6% to $3.9 billion, but net income decreased by 1% to $484 million, with client assets standing at $2.2 trillion.

Ameriprise Financial

Ameriprise Financial reported adjusted operating earnings of $882 million, reflecting a 9% increase. The firm's EPS rose by 15% to $8.53. Although advisor headcount increased by 118 to 10,392, total client assets in the Advice and Wealth Management division reached $972 billion.

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