Morgan Stanley Chief: FAs ‘Aren’t Leaving’
October 16, 2020
Louis Diamond Quoted
By Miriam Rozen
Morgan Stanley aims to continue aggressively recruiting financial advisors and halt their attrition, according to the bank’s senior executives.
“We’re seeing Morgan Stanley become the destination of choice for financial advisors,” Chief Financial Officer Jon Pruzan said Thursday in a call with stock analysts after the bank reported its third quarter earnings.
“No one trusts that a wirehouse would give a referral. It is to be determined,” says Louis Diamond, executive vice president and senior consultant at Morristown, N.J.-based Diamond Consultants. Diamond, however, counts Morgan Stanley as a client, and he ranks its offers to FA recruiting prospects as appealing, he says.