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Morgan Stanley CEO Gorman stepping down within 12 months

Morgan Stanley’s James Gorman plans to step down as chief executive in the next 12 months and assume the role of executive chairman.

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Morgan Stanley wealth boss emerges as one to watch in CEO race

Andy Saperstein, head of the flourishing wealth management unit at Morgan

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In Morgan Stanley CEO Race, Wealth Boss Emerges as One to Watch

Morgan Stanley's wealth-management juggernaut has lifted Andy Saperstein from a long-shot candidate to a serious contender to replace James Gorman.

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Backend Benchmarking ranks best-performing robo-advisers of 2021

The latest edition of the Robo Report by Backend Benchmarking tracked the best-performing robo-advisers in wealth management.

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Morgan Stanley buys another retirement planning firm

Morgan Stanley announced it is acquiring a Denver-area retirement planning firm with $72 billion in assets, Cook Street Consulting.

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Morgan Stanley sees 'freakish' asset growth in 2021, Gorman says

2021 was an unusually productive year for Morgan Stanley and its financial advisers, with new assets seeing an annual growth rate of 11%.

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Acorns finalizes plans to offer free stock trades

Acorns Grow Inc. has become the latest online investing app to announce plans to allow users to trade individual stocks.

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UBS Starts Digital Wealth Bank in U.S. to Rival Wall Street

UBS' new digital bank will service affluent customers with between $250,000 and $2 million in assets.

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UBS to Start Digital Wealth Bank in U.S. to Take on Wall Street

(Bloomberg) -- UBS Group AG is starting a digital wealth manager in the U.S. to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. The new digital bank will service affluent customers with between $250,000 and $2 million in assets, a group UBS hasn’t previously targeted in a meaningful way, Chief Financial Officer Kirt Gardner said Tuesday. While the bank plans to build the business organically, it’s open to acquisitions to accelerate the strategy, according to Chief Executive Officer Ralph Hamers. “Organic growth is basically the default,” Hamers said in an interview with Bloomberg TV. But “if there is an inorganic option that could accelerate us into that direction, we would certainly consider it.” The new business, scheduled to start some time next year, would be almost entirely digital but customers would still have the option to call on a human adviser, Gardner said. UBS currently has about 2 million customers in the U.S. that it calls workplace wealth clients -- people with large pension funds and stock options -- and plans to use the new digital wealth manager to do more business with those clients as well as capture new clients. The move will put UBS into more direct competition with firms such as Morgan Stanley, which last year doubled down on the business with the mass affluent through the purchase of Eaton Vance Corp. and ETrade Financial Corp. UBS’s wealth operations in the U.S. currently consist primarily of a network of advisers selling its products through a brokerage model to high-net-worth and ultra-high-net worth customers. The new digital bank will target a level of wealth below that. Hamers, who took over a year ago, wants to use artificial intelligence to better pitch services to the world’s wealthy. He plans to update investors on the bank’s strategic direction and set new financial targets on Feb. 1. (Updates with start date in fourth paragraph.) ©2021 Bloomberg L.P.

Kirt-gardner , Ralph-hamers , Morgan-stanley , Eaton-vance-corp , Etrade-financial-corp , Wall-street , Chief-financial-officer-kirt-gardner , Chief-executive-officer-ralph , Eaton-vance , Business-general- ,

UBS Starts Digital Wealth Bank in U.S. to Rival Wall Street

(Bloomberg) -- UBS Group AG is starting a digital wealth manager in the U.S. to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. The new digital bank will service affluent customers with between $250,000 and $2 million in assets, a group UBS hasn’t previously targeted in a meaningful way, Chief Financial Officer Kirt Gardner said Tuesday. While the bank plans to build the business organically, it’s open to acquisitions to accelerate the strategy, according to Chief Executive Officer Ralph Hamers. “Organic growth is basically the default,” Hamers said in an interview with Bloomberg TV. But “if there is an inorganic option that could accelerate us into that direction, we would certainly consider it.” The new business, scheduled to start some time next year, would be almost entirely digital but customers would still have the option to call on a human adviser, Gardner said. UBS currently has about 2 million customers in the U.S. that it calls workplace wealth clients -- people with large pension funds and stock options -- and plans to use the new digital wealth manager to do more business with those clients as well as capture new clients. The move will put UBS into more direct competition with firms such as Morgan Stanley, which last year doubled down on the business with the mass affluent through the purchase of Eaton Vance Corp. and ETrade Financial Corp. UBS’s wealth operations in the U.S. currently consist primarily of a network of advisers selling its products through a brokerage model to high-net-worth and ultra-high-net worth customers. The new digital bank will target a level of wealth below that. Hamers, who took over a year ago, wants to use artificial intelligence to better pitch services to the world’s wealthy. He plans to update investors on the bank’s strategic direction and set new financial targets on Feb. 1. (Updates with start date in fourth paragraph.) ©2021 Bloomberg L.P.

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