Move comes as bank revamps the unit's leadership team.
The company said the increase was due to revenue growth and improving operational efficiencies.
Company also set aside $114 million over fees for rich clients.
Despite death of the DOL fiduciary rule, wirehouse continues to invest in ways to meet best-interest standard.
How will the four wirehouses react to this news?
With budgeting apps, account aggregation and integration with banking business, new apps give large firms the chance to increase wallet share.
The firm notified brokers that new clients can choose whether or not to allow advisers to take their information with them if they leave the firm.
Boutique firm has recruited eight financial advisers in the past two months, including four from Merrill Lynch.
Daniel Abel agrees not to solicit his former clients at the firm.
The move would reflect the bank's effort to cut $4 billion in costs.
In addition to the practice of 'masking' trades, the wirehouse went to extremes to cover up the wrongdoing.
The wirehouse's chief digital officer discusses the company's push to use technology to engage in more holistic planning.
The wirehouse's wealth management group announces a fresh look at the ban now that the DOL rule is on the brink of death.
Merrill Lynch has seen two teams exit recently, each with more than $4 billion in client assets.
Observers say there's fear of potential lawsuits that quash contact with clients when a broker or adviser seeks a new employer.
Co-head of wealth management Andy Saperstein pointed to a new financial planning program as a way for brokers to capture a bigger share of clients' assets.
As a wave of mergers hits the asset management industry, some analysts question whether the firm should make an acquisition
Wirehouse creates two new training programs and brings in a firm to help it find ethnically diverse candidates.
The 2016 banking scandal and public relations fiasco had alienated some of the firm's advisers.
Former broker in San Francisco claims firm did not reimburse reps for expenses.
