Former heads of the self-directed business are taking on new roles reporting into Morgan Stanley Co-President Andy Saperstein.
Curran had a broad role overseeing advisor hiring, training and branch operations for the firm’s roughly 15,300 offices.
Axos Financial’s acquisition of E*Trade Advisor Services includes about 200 RIA clients and $23 billion in assets under custody.
Morgan Stanley’s October acquisition of E*Trade spurred a big gain in quarterly trading and net interest income, along with soaring integration costs.
Wirehouse restricts prospecting of E*Trade customers to network of around 500 “high-quality” teams that already receive referrals from its workplace plan businesses.
Four UBS brokers managing $1 billion were the stub of a sprawling stock-plan team that had split for Morgan Stanley last year.
Rock-bottom interest rates mean a loss of hundreds of millions of dollars and wealth profit decline, but Morgan Stanley’s Gorman is upbeat about recovery and expansion of wealth management.
After absorbing the mass affluent United Capital RIA firm in July, Goldman pushes ahead to custody assets of other RIAs through acquisition of tech-savvy Folio.