Revenue growth slowed to 1% as asset growth was partially offset by the impact of market volatility. Total retail client assets grew 2% to US$310 billion, including US$1.4 billion in wrap net inflows in the quarter.
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However, during the quarter, clients increased cash balances and transactional volumes declined modestly. Earnings from cash accounts remained low due to the interest rate environment, the company said in a statement.
In the quarter, operating net revenue per advisor was US$93,000, which was unchanged compared to a year ago, reflecting the impact of market volatility.
On a full-year basis, operating net revenue per advisor increased 12% to US$384,000, reflecting retail net inflows, experienced advisor recruiting and market appreciation.
The unit’s operating expenses increased 3%, primarily from a US$14 million increase in advertising and technology investments.
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By GlobalDataFourth quarter 2011 pretax operating margin was 9.2% compared to 10.7% a year ago, reflecting increased investments in the business. On a full-year basis, pretax operating margin was 10.9% compared to 9.6% in 2010.
