Group of MSSB advisers threatening to leave: Reuters

Group of MSSB advisers threatening to leave: Reuters
Unhappy with 3D platform, report claims
AUG 28, 2012
By  AOSTERLAND
A large group of Morgan Stanley Smith Barney financial advisers managing “tens of billions” of dollars in client assets are threatening to leave the firm, according to a report by Reuters Friday afternoon. The group of 40 or more advisers are reportedly upset about continuing problems with the firm's new 3D technology platform. They have drafted but not sent a letter to Morgan Stanley CEO James Gorman detailing their concerns, according to the Reuters story. MSSB spokesman James Wiggins told Reuters that he had not heard from the group of brokers. “No such letter has been sent to management and no mass exodus has been threatened,” he said. He did not immediately return a call from InvestmentNews for further comment. Early last month, MSSB moved the final 3,000 financial advisers onto the system. While the new platform is central to the brokerage's plans to reduce costs and improve profit margins at the firm, it's been a source of aggravation for many of the nearly 17,000 advisers at MSSB. Recruiters say it has been a key factor for many of the advisers who have left the firm in recent months. “With few exceptions, the advisers at MSSB are beyond frustrated with the new platform,” said Ron Edde, director of adviser recruiting at Millennium Career Advisors Inc. “3D may become the most marvelous platform in the industry, but many advisers feel they can't wait for the firm to iron out the problems.”

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.