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Rating:A Wirehouse Commits to DoL Rule Changes Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 07, 2017

A Wirehouse Commits to DoL Rule Changes

News summary by MFWire's editors

Despite the delay of the DoL's fiduciary rule earlier this week, Morgan Stanley will move forward with planned changes, according to a memo sent to its employees earlier this week.

James P. Gorman
Morgan Stanley
Chief Executive Officer
MFWire obtained a copy of the memo, which states that the wirehouse will move forward with plans to streamline the number of funds on its platform by 25 percent — down to 2,300 funds. Funds that could get the axe include underperformers or those that fail to comply with the firm's levelized fee arrangements. The firm will also move forward with new commission structures for equities/ETFs, annuities, and UITs in brokerage accounts, expecting that this will lower costs to the client.

Additionally, Morgan Stanley will now require advisors to provide enhanced documentation of conversations with clients regarding rollovers and complex products, including alternatives, annuities, municipal bonds, and structured investments.

The Wall Street Journal also reported on the story. 

Edited by: Katy Golvala


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