Shares of Morgan Stanley, Charles Schwab, Raymond James Financial, and other wealth management companies tumbled Wednesday on concerns their client assets are declining at the same time that higher interest rates are hurting their financial results. 

Morgan Stanley (ticker: MS) stock dropped 6.8% after the company reported earnings that beat analyst expectations, but that nonetheless showed weaknesses in investment banking and wealth management. Raymond James Financial (RJF) fell 4.6% while Charles Schwab (SCHW) slid 3.4%.

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