|Day's Range||20.83 - 20.99|
|52 Week Range||16.65 - 21.35|
|PE Ratio (TTM)||N/A|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Morgan Stanley is looking to hire hundreds of digital advisor associates—a big, under-the-radar development the industry should pay attention to, writes Financial Planning. Digital advisor associate-type positions may signal a shift in the industry, as big firms cut costs “to serve a broader cross section of the public and be able to scale,” according to Joel Bruckenstein, who is Financial Planning’s fintech columnist. Advisers hired to assist clients using a hybrid will work out of a call center, Financial Planning says.
Morgan Stanley will curtail its recruiting of veteran brokers, becoming the latest wirehouse to rethink the practice of paying top dollar to poach talent. In a memo to brokerage managers on Tuesday, wealth-management heads Shelley O’Connor and Andy Saperstein said the firm would “significantly reduce experienced adviser recruiting” in an effort to tamp down costs, while spending more on supporting existing brokers and investments in new technology. Merrill Lynch earlier this month told some executives that it would pause all recruiting after June 1 as it developed a new incentive package aimed at courting the industry’s most valuable free agents.
Morgan Stanley will curtail its recruiting of veteran brokers, joining other big firms on Wall Street that are no longer willing to gorge on the pricey practice of paying top-dollar to poach talent.