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Practice Management > Building Your Business

Morgan Stanley Rolls Out More Exec Changes

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A month ago, Colm Kelleher became president of Morgan Stanley (MS), while the firm named Shelley O’Connor and Andy Saperstein as co-heads of wealth management.

On Thursday, O’Connor and Saperstein announced new appointments and related organizational changes.

“Along with the incredible ability of our advisors and high level of talent across our business, having the right organization in place, with the right senior leaders, is critical to achieving that goal,” they said in a memo to the wealth group’s nearly 16,000 advisors. “With this in mind, we are pleased to announce the following organizational structure.”

In the wealth group’s field organization, Bill McMahon and Rick Skae remain in their roles as divisional directors; Vince Lumia continues as head of Private Wealth Management while taking on responsibility for the strategic lead management group.

Ben Hunekehas been tapped to be head of Investment Solutions, with responsibility for traditional investment products, alternatives and the relationship management group. Liz Dennis continues as head of capital markets, and Mike Wilson remains head of wealth management investment resources.

Chris Randazzo, chief information officer for Wealth Management, is becoming head of Institutional Wealth Solutions, which includes institutional platforms, corporate equity solutions, corporate cash, Graystone and the 401(k) businesses.

Lisa Golia is taking on the role of chief administrative officer for Wealth Management. She succeeds Adam Kudelka, who is taking on a new role in Investment Solutions.

Jim McCarthy becomes national sales manager, Barry Goldstein stays on as chief operating officer for the field, and Jim Tracy is taking on responsibility for the Consulting Group.

Eric Heaton continues as head of the Private Banking Group. Jed Finn continues as COO of Wealth Management.

“We look forward to working with this team and all of you to drive our business priorities, foster growth and deliver exceptional service to clients,” O’Connor and Saperstein said.

Recently, Morgan Stanley announced that it tapped former Schwab executive Naureen Hassan to head the newly created position of chief digital officer for Wealth Management.

In her new post at Morgan Stanley, Hassan leads the strategy and marketing of digital tools and platforms serving the brokerage firm registered reps and 3.5 million clients.

She most recently served as Charles Schwab’s executive vice president of Investment Services Segments and Platforms, where she led Schwab Intelligent Portfolios and oversaw client experience and Web and mobile channels.

In the fourth quarter, the wealth group had revenues of $3.75 billion, down from $3.80 billion in the year-ago period. Pre-tax net income, though, rose to $768 million in the most-recent quarter vs. $736 million in Q4’14; the pretax margin for Q4’15 was $20%.

Client assets were nearly $2 trillion, while fee based assets stood at $795 billion on Dec. 31 — an increase of 3% from Q3 ’15 and 1% from Q4 ’14.

Financial-advisor productivity, which measures advisors’ total yearly fees and commissions, was about $947,000 for 2015; it stood at $944,000 in 2014. Average client assets per rep was $125 million in 2015.

— Check out Morgan Stanley Settles Mortgage Case for $3.2 Billion on ThinkAdvisor.


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