February 20, 2020
Louis Diamond Quoted
With its purchase of ETrade Economic, Morgan Stanley is expanding its online and alleged self-directed investment platform for the less than ultra rich.
For years, the large wirehouses like Morgan Stanley have been pressing brokers to stop working with less rewarding clients, or those with assets lower than $250, 000 to $500, 500. But through platforms like ETrade or Merrill Edge, those customers still have a home at a full-service broker agent, one recruiter noted.
“The industry has realized it’ s profitable to service these types of smaller relationships, ” said Louis Diamond, vice president and older consultant at Diamond Consultants, a market recruiter. “ It’ s beneficial for a bank or wirehouse to do business with these clients with a tech system like ETrade, and as the accounts grows, you have a massive sales force associated with highly trained advisers to work eventually along with those clients. ”