Morgan Stanley Wealth Management is the wealth management division of the investment bank Morgan Stanley. The division serves individuals, families, businesses and institutions.
Morgan Stanley Wealth Management offers a range of services, including wealth planning, investment management, estate planning and IRAs and other retirement solutions. It operates in all 50 states, plus Washington, D.C.
Morgan Stanley Wealth Management Background
Though Morgan Stanley as an investment bank has served clients for more than 80 years, Morgan Stanley moved into wealth management in the 1970s. In 2009, Morgan Stanley Wealth Management merged with Citigroup’s Smith Barney to create Morgan Stanley Smith Barney.
In 2013, Morgan Stanley completed the purchase of the joint venture, becoming the full owner of the massive wealth management franchise. The investment advisory division had changed its name from Morgan Stanley Smith Barney to Morgan Stanley Wealth Management in 2012. The affiliated brokerage portion of the business still operates under the name Morgan Stanley Smith Barney.
Morgan Stanley Wealth Management Client Types and Account Minimumsini
Morgan Stanley Wealth Management serves both high-net-worth and non-high-net-worth individuals, as well as banking or thrift institutions, pension and profit-sharing plans, charitable organizations, government entities, insurance companies, businesses and investment clubs.
The firm offers a variety of account programs, each with different account minimums and for varying levels of investment experience.
There’s a $100,000 minimum for most equity, balanced and fixed income accounts in Morgan Stanley’s Fiduciary Services program. Different divisions of Morgan Stanley Wealth Management require different account minimums and are geared toward different types of clients. According to it the firm's brochure, minimum account sizes generally range from $50,000 to $5 million or higher. All new CES accounts with fixed income strategies will have at least a $1 million minimum account size.
Here are two divisions within Morgan Stanley Wealth Management:
- Private Wealth Management
Private Wealth Management is a division of Morgan Stanley Wealth Management that exclusively serves ultra-high-net-worth individuals. Morgan Stanley declined to disclose the account minimum required to enroll in Private Wealth Management. However, ultra-high-net-worth individuals are defined as people who have at least $30 million, not including personal assets.
- Access Investing
This is Morgan Stanley’s robo-advisor service. Morgan Stanley Access Investing is aimed at much lower-level investors, and it requires an account minimum of just $5,000, the lowest minimum of any of Morgan Stanley Wealth Management’s offered account programs. For more information, you can read SmartAsset’s review of Morgan Stanley Access Investing.
Services Offered by Morgan Stanley Wealth Management
Morgan Stanley Wealth Management claims that it provides services relevant to each stage of life. Its services include:
- Goals-based wealth planning
- Investment advice and management (both discretionary and non-discretionary)
- Long-term care and disability insurance
- Trust and estate planning
- Cash management and lending solutions
- IRAs and other retirement solutions
- Tax planning
- Insurance solutions
- Education funding
- Income protection strategies
Morgan Stanley Wealth Management offers financial planning through its LifeView® Advisor and LifeView® Personal Wealth Advisor programs. A financial advisor with Morgan Stanley Wealth Management can help you evaluate your financial goals and craft an appropriate strategy to meet those goals, which may include saving for retirement or funding an education.
Additionally, Morgan Stanley Wealth Management also provides services specifically for business owners. These services including advice on starting a business, ongoing business planning and succession and exit planning.
Investment Philosophy
Morgan Stanley Wealth Management provides both model and custom portfolios, and it claims to offer its clients the choice of 140 different investing products. It says it commonly uses stocks, bonds, money market funds, mutual funds, exchange-traded funds and cash for client portfolios. For qualified investors, Morgan Stanley Wealth Management offers alternative investment opportunities.
Morgan Stanley Wealth Management says it employs a “spectrum” of investment approaches. One of its featured approaches is impact investing, which focuses on making investment choices that will also produce positive social or environmental effects. The firm says it identifies these opportunities through advice and comprehensive research.
The wealth management arm of Morgan Stanley will also incorporate Environmental, Social and Governance (ESG) factors, which manage exposures so as to avoid investing in what it describes as “objectionable activities, sectors or geographics.” The firm also allows for restriction screening, which serves a similar function by screening out objectionable investment opportunities.
Additionally, Morgan Stanley Wealth Management offers values-based investing, which will strive to align clients’ portfolios with their personal values. Another option is thematic exposure, in which clients can choose particular themes or focuses, like sustainability or technology, to center their portfolios around.
Fees Under Morgan Stanley Wealth Management
Just as the account minimums vary by program type, so do the fees. For investment advisory services, Morgan Stanley Wealth Management say its fees are generally based on a percentage of the total value of your assets under management at the end of the previous quarter. These fees are charged in advance each quarter. Morgan Stanley Wealth Management says it may also receive commissions and markups, as well as other fees and charges including account maintenance fees, account transfer and termination fees, cash management services fees, third-party fees and investment specific fees.
Morgan Stanley says the MSWM fee, the annual fee it charge for its services, is a maximum of 2.00%. For the Private Wealth Management (PWM) Manager Assessment Program, you'll pay the MSWM fee and the manager separately for the services that each provides. Morgan Stanley also charges a platform fee of 0.045% to client assets in select programs.
Morgan Stanley Wealth Management Brokerage Partnerships
Morgan Stanley Wealth Management is also registered as a broker-dealer. The broker-dealer designation for Morgan Stanley Wealth Management is Morgan Stanley Smith Barney.
As a broker-dealer, Morgan Stanley will make securities transactions on your behalf, among other services. Unlike the wealth management side, Morgan Stanley Smith Barney does not have the discretion to buy and sell securities for its clients, nor does it have a fiduciary nor advisory duty to its clients. Morgan Stanley financial advisors can provide both brokerage services and investment advisory services.
Morgan Stanley Wealth Management Personnel
Morgan Stanley has an exceptionally large team of 15,000 wealth management representatives. However, Morgan Stanley Wealth Management makes it easy to sift through its thousands of advisors to find the right fit for you.
The wealth management homepage features a search bar, where you can enter in your zip code. The search results display financial advisors near you, and the results can be further filtered according to your occupation, investment needs, language preferences and whether there are any particular certifications you’d like in an advisor.
Morgan Stanley Wealth Management’s search feature also allows you to search for an advisor by name or to find nearby branches.
Morgan Stanley Wealth Management Awards and Recognition
Morgan Stanley Wealth Management, including the Morgan Stanley Private Wealth Management division, has earned a slew of awards from major financial publications in just the last year.
In 2023, Forbes rankes 13 Morgan Stanley financial advisors best-in-state. Twenty financial advisors from the firm were also ranked in Forbes' Top Women Wealth Advisors. And 14 Morgan Stanley advisors were ranked #1 in their state by Barron's.
What to Watch Out For
Morgan Stanley Wealth Management has more than 150 disclosures on record with the SEC. This isn’t necessarily unusual for such a large financial institution, but it’s something current and potential clients should be aware of.
Opening an Account with Morgan Stanley Wealth Management
Finding a nearby Morgan Stanley Wealth Management financial advisor, branch or private wealth advisor is as simple as going to the wealth management section of the firm’s website and entering your zip code. You’ll be provided with a list of nearby financial advisors, as well as the advisors’ certifications, areas of focus and websites. You can then contact an advisor to discuss the process or set up an appointment.
To enroll in one of Morgan Stanley Wealth Management’s offered portfolio management programs, you’ll typically need to complete a client profile and fill out an investment questionnaire. Clients interested in Morgan Stanley’s financial planning services will go through a discovery process with their financial advisors. This process includes a review of any requested financial documents and a discussion about a client’s current financial situation, future needs, liabilities, income sources and expenditures, tax status and retirement, estate and insurance planning needs.
Tips for Finding the Right Financial Advisor
- Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Consider your alternatives. If you’re just starting out or you don’t have a lot to invest, consider a robo-advisor instead of a traditional financial advisor. Robo-advisors typically require lower account minimums and charge lower fees.
