Yahoo Finance

Wealth management units at some of the nation’s biggest banks performed well during the first quarter and reported strong numbers for net new assets and new clients. Morgan Stanley’s wealth management unit, which includes thousands of financial advisors and online brokerage E*Trade, said net income rose 9% to $1.5 billion. Speaking on the company’s earnings call Friday, CEO Ted Pick said recent market volatility was actually helping the company’s advisor recruiting efforts because the upheaval highlights the company’s capabilities and client referrals.