Private equity, credit and real estate contributed "modestly" to the losses, the board said
The "abrupt deceleration" in world markets impacted the firm's financial performance, CEO said
Richardson Wealth added three new advisor teams and lost one during a "challenging" quarter
Volatile markets contributed to losses in the insurance and wealth management businesses
The 45 firms in the Profit Survey saw their net income decline, on average, by 1% year over year
Global wealth management revenue dropped 12.5%
The bank's wealth management arm earned $169 million in the quarter, up 3% from a year ago
Net income for the bank's wealth management division increased to $750 million compared with $683 million a year ago
Global wealth management earnings grew 9%
Wealth management income was down in the quarter