Inflation forcing some clients to withdraw assets to meet needs
In Canada, wealth and asset management saw a 14% increase in profitability from a year earlier
Individual wealth management had net outflows of $427 million
The quarter also saw net outflows, lower AUM
The firm also saw net outflows of $465 million across its entire asset management segment
Wealth management's earnings were up, as number of less-experienced advisors dropped
Factors that drove higher interest coverage appear to be in reverse
Profit Survey: High rates may cut into profits in future quarters
Certification fees accounted for 70% of income
Full-time employee equivalent count was down 1,709 from Q4 of 2022