Total advisory and brokerage assets at the end of November were $2.36 trillion, an increase of $12.5 billion, or 0.5%, compared to the end of October 2025.
Total organic net new assets for November were $6.7 billion, translating to a 3.4% annualized growth rate. This included $0.1 billion of assets from First Horizon Bank that onboarded in November, and $0.3 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $6.8 billion, translating to a 3.5% annualized growth rate.
Total client cash balances at the end of November were $54.6 billion, a decrease of $0.3 billion compared to the end of October 2025. In November, $1.6 billion of sweep money market funds were converted to purchased money market funds. Prior to this impact, client cash balances increased by $1.3 billion. Net buying in November was $12.9 billion.
(End of period $ in billions, unless noted)
November
October
Change
November
Change
2025
2025
M/M
2024
Y/Y
Advisory and Brokerage Assets
Advisory assets
1,385.9
1,374.4
0.8
%
973.8
42.3
%
Brokerage assets
977.6
976.8
0.1
%
785.6
24.4
%
Total Advisory and Brokerage Assets
2,363.6
2,351.1
0.5
%
1,759.3
34.3
%
Organic Net New Assets
Organic net new advisory assets
8.3
9.2
n/m
27.9
n/m
Organic net new brokerage assets
(1.7
)
(2.0
)
n/m
6.3
n/m
Total Organic Net New Assets
6.7
7.3
n/m
