Morgan Stanley at Work, the wirehouse’s workplace solutions provider, has acquired American Financial Systems, a Waltham, Massachusetts-based firm that specializes in nonqualified executive benefit plans.
The acquisition is expected to close in the fall; the terms were not disclosed.
Adding American Financial Systems’ expertise in executive benefit plans to the financial giant’s already diverse offering “creates a powerful value proposition for plan sponsors and their participants,” Morgan Stanley said in a release.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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