Practice Management Building Your Business

Morgan Stanley to Open Wealth Unit in Canada

News May 21, 2020 at 03:12 PM
Share & Print

Headshot of Morgan Stanley exec Laura Adams Laura Adams, head of Morgan Stanley's new wealth business in Canada

Morgan Stanley will launch a wealth management unit in Canada that includes full-service and virtual financial advisors. 

The new business aims to build on the firm's current Shareworks stock-plan administrative services in that country and will use Canaccord Genuity as its platform provider. 

"We're excited to expand our wealth management footprint into Canada with a solution that's tailored to the Canadian market," said Laura Adams, head of Institutional Distribution in Canada and Morgan Stanley Wealth Management Canada, in a statement. 

Along with access to advisors, the wealth unit in Canada will include discounted self-directed investing and online investment management. 

(Morgan Stanley's U.S. wealth business has some $2.4 trillion in assets and about 15,000 financial advisors.)

Northern Roots 

Morgan Stanley bought Solium Capital of Calgary, Canada, a year ago. It renamed the venture Shareworks by Morgan Stanley and merged it with its Morgan Stanley at Work operations. 

"The creation of Morgan Stanley Wealth Management Canada will add wealth management services to our comprehensive suite of workplace financial solutions," said Brian McDonald, head of Morgan Stanley at Work, in a statement. 

The workplace business in that country has some 350 Canadian clients, or about 70% of firms in the TSX 60 stock index. These clients include 275,000 Canadian stock plan participants with about $17.5 billion in assets. 

"Taken together, these solutions will help to maintain and strengthen the competitiveness of Canadian companies by meeting the breadth of their employees' needs," McDonald said. 

Morgan Stanley has done business in Canada since the 1960s and has offices in Toronto, Calgary, Vancouver and Montreal, where it employs more than 1,500 Canadians.

Young Professionals
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Related Stories

BofA Private Bank Nabs $7B Advisor Duo in Florida These Two Tech Tools Wowed Judges, Advisors at XYPN Live RFG Advisory Sets Recruiting Record, Approaches $6B in Client Assets SEC Chair Gensler to Step Down 15 Best Colleges for a Finance Degree Schwab Foundation Expands Scholarships, Marks $25M in Total Grant Funding

Resource Center

Can Systematic Risk Be Reduced? link

Guide

Can Systematic Risk Be Reduced?

The Business Model Playbook: Mastering Technology for Firm Success link

Playbook

The Business Model Playbook: Mastering Technology for Firm Success

Harnessing AI to Power Advisor-Client Relationships link

White Paper

Harnessing AI to Power Advisor-Client Relationships