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Morgan Stanley Execs Flee to Tech Firm for Smaller Broker-Dealers

March 29, 2018

Wirehouse Morgan Stanley has lost three executives working on financial planning tools and services to the financial planning software outfit Advizr, WealthManagement.com writes.

Chris Salvaggio, who headed development and integration of planning tools at Morgan Stanley as an executive director, will now head Advizr’s “customer success,” according to the web publication. Janice Chan-Mui, a Morgan Stanley vice president in charge of marketing private banking products, will now serve as Advizr’s director of marketing, WealthManagement.com writes. And Brian Morgan, a Morgan Stanley vice president heading the streamlining of financial plan delivery, is now Advizr’s manager of product development, according to the web publication.

Advizr originally contacted just one of the former Morgan Stanley executives for a possible job but that candidate said other employees at the wirehouse could be interested in joining the tech firm, WealthManagement.com writes. The web publication couldn’t reach Morgan Stanley for comment.

Advizr also hired Vibin Chowallur from Deloitte, where he’d been for 16 months, WealthManagement.com writes. Prior to that, Chowallur worked for 15 years on financial planning support at Morgan Stanley and Merrill Lynch, according to the web publication. He will now serve as program director for Advizr’s financial planning practice management, WealthManagement.com writes.

Advizr CEO Hussain Zaidi tells the web publication the hires represent a milestone for the firm, whose stated goal is to bring financial planning technology and training to smaller broker-dealers.

(iStock Photos)

The company is already working with, among others, the Leaders Group, a national independent broker-dealer that was able to go from creating just a few financial plans two years ago to doing 700 in 2017 and bringing on $300 million in assets as a result, Zaidi claims, according to WealthManagement.com. Advizr is talking to another half dozen broker-dealers, the web publication writes.

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