Morgan Stanley Wealth Management saw fee-based asset flows jump 54% year-over-year, a surge accelerated in part by the wirehouse’s stepped-up recruiting efforts, said CFO Jonathan Pruzan during the firm’s third-quarter earnings call Oct. 15.
“We’re seeing Morgan Stanley become the destination of choice for financial advisors,” Pruzan said.
Morgan Stanley reported fee-based asset flows of $23.8 billion for the third quarter, up from $15.5 billion for the same period last year. About half of the wirehouse’s $2.8 trillion in client assets are fee based.