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Morgan Stanley Forms Special Team for Super Rich Management

March 5, 2018

Morgan Stanley financial advisors that handle ultra high net worth clients are getting a dedicated support team, Bloomberg writes.

The company is forming a 66-person team dubbed “Morgan Stanley Family Office Resources” and plans to make several hires for the group this year, a person familiar with the matter who chose to remain anonymous tells the news service. The team will assist with client issues pertaining to estate planning, portfolio strategy and allocation and family governance, according to a recent memo from Shelley O’Connor and Andy Saperstein, Morgan Stanley’s co-heads of wealth management, cited by Bloomberg. In addition, the company will provide “lifestyle and concierge services” to clients with more than $20 million in liquid assets, the news service writes.

David Bokman and Daniel DiBiasio will lead the group, the memo says, according to Bloomberg. Sarah McDaniel, who previously oversaw the wealth strategies group, will head business development for the new group, according to a memo from Bokman and DiBiasio cited by the news service.

The forming of the group formalizes a business geared toward the ultrawealthy Morgan Stanley actually started three years ago, Morgan Stanley executives say, according to AdvisorHub. Naeema Huq Abrar, previously chief operating officer of the UHNW support unit, has been promoted to head of strategy and business management for Morgan Stanley’s close to 16,000 branch-based reps, according to the industry news website.

(iStock Photos)

Morgan Stanley has been focusing on retaining its top producers after opting to slow down recruiting last year, but the wirehouse isn’t just trying to make them stay with better support services. In November, the company withdrew from the Protocol for Broker Recruiting, which allows departing advisors to take some client data with them without threat of lawsuits. Since it pulled out, Morgan Stanley has been going after reps who leave the farm with temporary restraining orders and preliminary injunctions.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.
  • To read the Bloomberg article cited in this story, click here.