Several months after moving to trim its wealth management structure to save costs, Morgan Stanley is at it again.
Wealth leaders Shelley O'Connor and Andy Saperstein shared the news with the firm's 15,777 advisors in a memo on Friday, announcing that they were "eliminating the divisional level and naming a new head of the field with the goal of flattening the organization and further empowering the regional directors and local managers."
Bill McMahon and Rick Skae, heads of the Western and Eastern divisions respectively, are set to become vice chairmen of wealth management; they will report directly to O'Connor and Saperstein, "will continue to have a strong presence in the field and will play critical senior leadership roles moving forward," according to the memo.
Rival Merrill Lynch said it was reducing its business structure from 10 divisions to six in mid-April. It includes 14,500 advisors and is led by Andy Sieg.
Vince Lumia, who has been leading Morgan Stanley's Private Wealth Management operations, will become head of the field or advisor force. The group's six regional directors, which were reduced from eight earlier this year, will report directly to him.
Mandell Crawley will take over Lumia's role in Private Wealth. "We are excited to have Mandell rejoin Wealth Management after having most recently served as the chief marketing officer for Morgan Stanley," O'Connor and Saperstein said.
Jim McCarthy, head of National Sales, and Liz Dennis, head of Strategic Client Management, will report directly to Lumia. Colbert Narcisse, head of International Wealth Management, will report to Lumia, O'Connor and Saperstein.
"We are thrilled to have Rick, Bill, Vince, and Mandell in positions that will help to continue to move the Wealth Management business forward," the two wealth chiefs explained.
