Andrew Welsch

The popular Invesco QQQ exchange-traded fund has been around for more than 25 years, but all of a sudden it is facing stiff competition.

Cetera has recruited another former Commonwealth Financial Network advisor and his team from LPL Financial, which acquired Commonwealth in 2025.

The team, led by a 42-year veteran of the industry, oversees more than $600 million in client assets.

BEST PRACTICES Merrill, a unit of Bank of America recruited several financial advisors and their teams, including a former Morgan Stanley advisor whose team oversaw $1.5 billion in client assets, a Merrill spokeswoman said.

Bank of America reported second-quarter earnings that beat analysts' forecasts, with earnings per share coming in at $1.21 on revenue of $31.6 billion. Wall Street analysts had expected the bank to report earnings per share of $1.

Wells Fargo turned in better-than-expected second-quarter earnings thanks to strong performance from its investment banking and wealth management units. The company’s corporate and investment banking unit posted revenue of $5.4 billion for the quarter, a 16% increase from the same period last year. The wealth management unit reported revenue of $3.9 billion, up 13% year over year.

Wells Fargo reported second-quarter earnings that exceeded analysts' forecasts, with earnings per share coming in at $2. Second-quarter revenue was $22.6 billion. Wall Street analysts had expected the bank to report earnings per share of $1.

Bank stocks were rising Tuesday morning after the nation’s largest banks reported strong second-quarter earnings due to powerhouse results from investment banking units which have reaped the benefits of a surge in dealmaking activity. “We thought the 2Q earnings were going to be very good, but they turned out to be extraordinary,” Macrae Sykes, portfolio manager of the GABF ETF at Gabelli Funds, said in a statement. The KBW Bank Index was up 1.75%, while the benchmark S&P 500 index was up 0.28%.

The amount of money Bank of America sets aside in case of potentially bad loans remained relatively unchanged from the first quarter. Bank of America said its companywide provision for credit losses stood at $1.366 billion for the second quarter compared with $1.337 billion for the first quarter. For the second quarter of 2025, the bank’s provision for credit losses was $1.592 billion.

Investors are looking for signs that the company’s investment banking pipeline is strong and the wealth management unit can continue to rake in more clients and assets.