Date: January 19, 2024

Big wealth managers know that one of the best ways to hold on to advisory teams and assets under management is to make sure they have multiple business relationships with clients.

A customer who has just a brokerage account with a firm can far more easily pick up stakes and go elsewhere than someone who also has a mortgage and bank account with the same institution. Industry recruiters say it’s likely thoughts along those lines that have the Wall Street giant Morgan Stanley embarking on a reorganization of its star wealth management unit. …

… Michael King, another industry recruiter and the president of New York-based Michael King Associates, said Morgan Stanley’s changes to its wealth management are likely also intended to provide “continuity” and ensure “they can keep their good people.

Read the original article on: Morgan Stanley reorganizes wealth unit in bid to deepen client relationships