Morgan Stanley Announces New Talent Investment Strategy to Deliver Added Value to Clients
October 30 2017 - 10:15AM
Business Wire
Investment in existing talent complements
recent digital launch and fintech partnerships
Morgan Stanley (NYSE: MS) today announced new investments
designed to empower financial advisors and their professional staff
to strengthen client relationships and to drive further growth
opportunities. Prioritizing investments in existing talent will
enable Morgan Stanley to maintain its position as the leader in
wealth management.
“With rapid technological change and evolving client
expectations, we must stay ahead of the curve as a firm, and we
must help our financial advisors do the same,” said Shelley
O’Connor and Andy Saperstein, Co-Heads of Wealth Management at
Morgan Stanley. “This requires a meaningful investment in our
existing, exceptional talent and delivery of additional resources,
capabilities and intellectual capital that will enhance performance
and deepen client relationships.”
Highlights of the talent investments include:
- For Advisors: Technology
solutions that modernize advisors’ practices and help them build
stronger relationships with clients. These include Goals Based
Wealth Management tools and partnerships with cutting edge fintech
providers to help eliminate time-consuming activities, and enable
advisors to deliver more personalized insights to clients at
scale.
- For Service Professionals:
Launch of the Achieving Client Excellence (ACE) Program, focused on
three areas: (1) recognition of service professionals’ efforts to
support key Firm initiatives including cash management and digital,
(2) new professional development and communications programs and
(3) technology solutions that automate or digitize manual
processes, so more time can be spent serving clients.
- For Clients: Additional events
where clients can tap Morgan Stanley’s expertise and advice on
complex and evolving issues, ranging from cybersecurity to estate
planning.
These investments further the Firm’s previously stated
commitment to reducing recruiting efforts in order to refocus those
resources on existing talent. Accordingly, Morgan Stanley will exit
the Protocol for Broker Recruiting (the Protocol).
The Protocol was instituted in 2004 to limit litigation among
member firms by establishing a universal set of rules for Advisors
to follow when leaving one Protocol member firm and joining
another. However, over time the Protocol has become replete with
opportunities for gamesmanship and loopholes: firms have
opportunistically joined the Protocol to make a strategic hire and
then dropped out; firms have invoked the benefits of the Protocol
when hiring while using non-Protocol affiliates to circumvent the
Protocol when they lose talent; and firms have unilaterally made
exceptions to the scope of the Protocol, undermining the objective
of a universal set of rules. In its current state the Protocol is
no longer sustainable. Exiting the Protocol will allow the Firm to
invest more heavily in its world-class advisors and their teams,
helping drive additional growth opportunities.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 42
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit www.morganstanley.com.
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Media Relations:Morgan StanleyMargaret Draper, 212-761-5301
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