Morgan Stanley will launch a wealth management unit in Canada that includes full-service and virtual financial advisors.
The new business aims to build on the firm’s current Shareworks stock-plan administrative services in that country and will use Canaccord Genuity as its platform provider.
“We’re excited to expand our wealth management footprint into Canada with a solution that’s tailored to the Canadian market,” said Laura Adams, head of Institutional Distribution in Canada and Morgan Stanley Wealth Management Canada, in a statement.
Along with access to advisors, the wealth unit in Canada will include discounted self-directed investing and online investment management.
(Morgan Stanley’s U.S. wealth business has some $2.4 trillion in assets and about 15,000 financial advisors.)
Morgan Stanley bought Solium Capital of Calgary, Canada, a year ago. It renamed the venture Shareworks by Morgan Stanley and merged it with its Morgan Stanley at Work operations.