What's the current state of the wealth management industry? BOB McCANN: The wealth management industry, broadly, is recovering nicely from the financial crisis. Businesses are bedding down. I think there was a great deal of turmoil between 2009 and 2012 at Bank of America as the Merrill Lynch acquisition was being digested. There was also a great deal of turmoil at Morgan Stanley, bedding down the joint venture, until probably six months ago. And there's been a different flavor of indigestion, but indigestion nonetheless, at Wells Fargo.
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