Wells Fargo's wealth unit reported net income of $180 million during the second quarter, down 70% year over year and 61% sequentially, as advisor head count continues to shrink.
That boon underscores how the biggest banks’ roles as financial intermediaries can translate to billions of dollars of profits.
Billionaires will transfer more than $2 trillion within the next two decades, and the virus is helping to accelerate that shift.
Originally from New Zealand, wealth management platform provider FNZ is taking a stake in State Street's wealth management business.