Morgan Stanley sales contests among advisers didn’t help clients
Bonuses were tied to getting clients to open loan accounts, which went against the firm's internal prohibition on such initiatives. (Related read: Former Morgan Stanley broker barred for unauthorized borrowing from clients)
Everyone's a winner at Morgan Stanley when the largest retail brokerage in the United States starts a contest to boost lending products, including “portfolio loan accounts,” known as PLAs at the firm.
Everyone but the client, that is.
The brokerage firm's hard sell stands out in a comp
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