Morgan Stanley to Preserve Client Choice for Retirement Accounts
October 26 2016 - 3:15PM
Business Wire
Clients receiving advice will have choice of paying
commissions or asset-based fees in retirement accounts subject to
new Department of Labor fiduciary rule
Morgan Stanley (NYSE:MS) today announced that its Wealth
Management clients who receive advice from Financial Advisors will
continue to have choice in how they pay for retirement accounts
covered by the new Department of Labor fiduciary rule – either
commissions for transactions, or a fee based on the value of
account assets.
“Morgan Stanley’s core values of putting clients first and doing
the right thing are behind our plan for implementing the Department
of Labor’s upcoming fiduciary rule for retirement accounts. Client
needs vary by their individual situations, and they tell us they
want choice in how they pay for services. We believe our advisors
can most effectively uphold a fiduciary standard of care and work
in clients’ best interests by continuing to offer choice,” said
Shelley O’Connor and Andy Saperstein, Co-Heads of Wealth
Management.
- Morgan Stanley clients who prefer transaction-based pricing
will continue to have access to retirement brokerage accounts and
receive advice that complies with the DOL fiduciary rule and Best
Interest Contract Exemption (BIC). These accounts will offer a
broad product suite including mutual funds and exchange traded
products (such as ETFs) amongst other products.
- Clients who prefer a fee-based retirement account will continue
to have access to the Firm’s world class investment advisory
offerings. Morgan Stanley is an industry leader in fee-based
advisory accounts with over $850 billion in retirement and
non-retirement assets.
“We believe we have the best and most professional advisors in
the industry. Delivering a retirement account platform based on
fiduciary principles that provides the widest possible capabilities
and preserves client choice is our vote of confidence in our
advisors’ continuing commitment to placing client interests first,”
O’Connor and Saperstein said.
Morgan Stanley Wealth Management, a global leader, provides
access to a wide range of products and services to individuals,
businesses and institutions, including brokerage and investment
advisory services, financial and wealth planning, cash management
and lending products and services, annuities and insurance,
retirement and trust services.
Morgan Stanley is a leading global financial services firm
providing investment banking, securities, wealth management and
investment management services. With offices in more than 43
countries, the Firm’s employees serve clients worldwide including
corporations, governments, institutions and individuals. For
further information about Morgan Stanley, please visit
www.morganstanley.com.
Morgan Stanley Smith Barney LLC. Member SIPC.
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Morgan StanleyMedia Relations:James Wiggins, 914-225-6161
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