Wealth management businesses at banks and credit unions endured a difficult 2016 as revenue and adviser productivity sagged in anticipation of the fiduciary rule, according to this year's "industry checkup" by consulting firm Kehrer Bielan Research & Consulting.

Revenue dipped 1.5% from 2015 across all financial institutions. Banks and credit unions that worked with third-party broker-dealers or TPMs were hit especially hard, with revenue diving 5.9%. At banks that own their broker-dealer, revenue was flat from the prior year.

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