Morgan Stanley says it has hired Betterment Chief Marketing Officer Paul Halpern to serve as head of deposits and banking services for its Private Banking Group.
Halpern — who also has worked for Merrill Lynch as head of affluent and mass affluent marketing, and for Capital One, E-Trade and JPMorgan Chase — will partner with Paul Vienick, head of Morgan Stanley Online/Mobile and Digital Banking on the development of digital banking products and solutions. He’ll also focus on helping advisors boost sales of wealth management services, according to the firm.
“Paul is a talented financial services executive who has a strong background in full-service, financial advisor-centric business models,” said Eric Heaton, head of Morgan Stanley’s Private Banking Group, in a statement. “He has firsthand knowledge of the primary importance of the financial advisor in serving the broad requirements of clients.”
Morgan Stanley has 15,632 advisors with average 12-month fees and commissions of $1.105 million. Total assets for the full advisor force are $2.41 trillion.
“Having experienced a range of different models, it’s clear that the future of wealth management is the combination of industry-leading technology and world-class personalized financial advice,” Halpern said in a statement. “I look forward to working closely with financial advisors to help them broaden relationships with their clients, particularly in regard to the firm’s full suite of banking services.”