Bank of America's wealth management unit reported increases in client assets and advisor headcounts, at the same time there was a net income loss in the first quarter. Attrition levels remained at record lows, the firm says.

Client assets increased to $2.5 trillion, up roughly 5% from a year-ago, according to the bank's latest quarterly earnings report released this week. The bank's wealth management unit, which includes Merrill Lynch and U.S. Trust, added 1,027 financial advisors in the last quarter, including 394 in consumer banking.

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