"Economic conditions" kept many key benchmarks under pressure at Wells Fargo's advisory business last quarter.
The company, one of the smaller surviving wirehouse firms, says advisory revenue sank 6% on a quarter-to-quarter basis to $2.9 billion.
With 15,188 advisors on its roster -- about 50 fewer than last quarter -- that translates into production of about $190,000 per Wells Fargo rep.
Last quarter, each rep was bringing in $202,000 apiece.
Wealth management is a relatively small component of Wells Fargo's business, accounting for barely 14% of the bank's $19.6 billion in revenue last quarter.
Still, this miss hurts the parent company's prestige and profitability. The advisory unit is still making money, but profits fell 12% over the quarter.
Naturally, the numbers are still ahead of where they were a year ago, but this kind of short-term trend can't be encouraging.