Morgan Stanley's (MS) wealth management operations are being restructured by the recently appointed head of its advisor force.
Shelley O'Connor — tapped by Morgan Stanley to lead its advisor force in February — said in a memo Tuesday, "We will go from three divisions to two and from 12 regions to eight. The number of complexes and branches will remain the same."
O'Connor, 53, replaced Doug Ketterer, who was appointed head of strategy and client management. They both report to Greg Fleming, the leader of Morgan Stanley's wealth and investment management businesses. The company's chairman and CEO is James Gorman.
"Over the past six weeks, I have been out in the branches, hearing firsthand what's working and what needs improvement," she noted in the memo. "It is clear that empowering local managers, working more efficiently and supporting growth must be among our key priorities."
Bill McMahon and Rick Skae are staying on as division directors, in the West and East, respectively. The other division director, Doug Kentfield, is leaving the firm.
"We thank him for his leadership during his 27 years with the firm and wish him well in his future endeavors," said O'Connor.
