Bank of Americas wealth management unit produced strong profits for the fourth quarter of 2013, and did so with fewer advisors.
The banks Global Wealth & Investment Management unit, which includes Merrill Lynch Wealth Management and the ultra-high net worth brokerage U.S. Trust, reported that income rose 34% quarter-over-quarter, from $575 million for the fourth quarter of 2012 to $777 million for the fourth quarter of 2013, up from $719 million in the previous quarter. At the same time the number of financial advisors declined by 300 from the third to the fourth quarters of 2013.
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