Wells Fargo's quarterly profits for its wealth management unit soared 18% year-over-year, while the firm experienced a small drop in the advisor ranks.

Wells Fargo, the first of the wirehouses to report earnings this year, said that quarterly profits rose to $561 million from $475 million for the same period a year ago. At the same time, advisor headcount slipped to 15,134, a decline of 53 from the previous quarter.

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