US Brokers and Asset Managers: 2Q26 Wealth & IB Preview: Sunny Skies, AI Haze & a Dealmaking Heat Check

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US Brokers and Asset Managers: 2Q26 Wealth & IB Preview: Sunny Skies, AI Haze & a Dealmaking Heat Check

Global Research

7 July 2026ab

US Brokers and Asset Managers Equities

Americas2Q26 Wealth & IB Preview: Sunny Skies, AI Haze

& a Dealmaking Heat Check Financial

Michael Brown

Analyst

mike.brown@ubs.com

2Q26: Decent Quarter with Some Puts/Takes +1-212-713 1387

For wealth brokers, 2Q fundamentals were generally solid, with a few pockets of Mary Mahrer

softness, while the AI debate continued to weigh on sentiment. Advisory results appear Analyst

to be tracking generally below consensus expectations (not all), capping a decent, mary.mahrer@ubs.com

though not exceptional, first half. Sentiment remains somewhat muted but has +1-212-713 9014

improved recently and continues to compare favorably with other capital markets Daniel Lehmann

subsectors (namely alts). For 2Q, we are positive LPLA and EVR, each having the Associate Analyst

potential for 2Q26E EPS beats, and most negative on LAZ, MC, RJF where we are below daniel-j.lehmann@ubs.com

consensus for the quarter. Our views on all of the stocks are detailed in Exhibit 1. +1-212-713 2391

Vijeth Mudalegundi

Wealth: Sunny Fundamentals, Lingering AI Clouds Analyst

For wealth brokers, fundamentals have largely taken a backseat to AI-related vijeth.mudalegundi@ubs.com

uncertainty. Risks to sweep cash economics remain the key investor concern, particularly +1-212-649 8172

for SCHW and LPLA. With limited evidence to prove or disprove the threat, the debate Cory Johnson

continues to weigh on sentiment. We see little reason for either to act today (we agree Associate Analyst

with SCHW), but we like that LPLA is more open to it and appears to be building a cory.johnson@ubs.com