Morgan Stanley hires Charles Schwab robo executive

Naureen Hassan, who previously oversaw Charles Schwab & Co.'s retail robo-adviser platform, has been hired as chief digital officer for wealth management at Morgan Stanley, the firm announced on Wednesday. In her new role, she will lead the strategy and marketing of technology for the firm's 3.5 million clients and approximately 16,000 financial advisers, up from around 7,000 advisers served by Schwab. “I believe the winning approach will combine the wisdom and insight of a human financial adviser with sophisticated digital technology that can help drive performance and enable clients to access services when and how they want,” Ms. Hassan said in a statement. She noted that Morgan Stanley has $2 trillion in client assets that its advisers have built through serving high net worth families. Though no more details on Morgan Stanley's impending digital offering have been shared, a source familiar with the firm said Morgan Stanley will be focusing its attention on high net worth clients. It also would allow the firm to connect with the next generation of clients, who want more digital offerings, he said. In October, Gregory Fleming, former wealth management president at Morgan Stanley, hinted a robo-adviser for advisers was in the works. Earlier this month, the firm said in a memo Jim Rosenthal, chief operating officer at Morning Stanley, was taking the reins of the firm's impending digital offering. Neesha Hathi, who previously led technology and oversaw Schwab Performance Technologies at Schwab Advisor Services, has already replaced Ms. Hassan. Tobin McDaniel, president of Schwab Wealth Investment Advisory, will continue to oversee Intelligent Portfolios, a Schwab spokesman said.