Morgan Stanley's New York headquarters (Photo: Bloomberg)
Morgan Stanley is making property and casualty insurance available to its high net worth clients and their families as an expansion of its current suite of insurance offerings, it said Monday.
The expanded insurance offerings are designed to "mitigate potential risks associated with property loss and general liability," the wirehouse said, noting it already has been offering life insurance, long-term care insurance and disability insurance through its Wealth Management Investment Solutions Insured Solutions business.
As of June 30, the firm had 15,399 financial advisors working with $2.7 trillion in client assets. They have average trailing 12-month fees and commissions of $1.21 million.
The firm teamed with insurance brokers HUB International, Marsh Private Client Services and Willis Towers Watson to provide the new Property & Casualty insurance platform to clients, Morgan Stanley said.
Timing of the Move
Asked why the company's wealth unit began offering P&C insurance now, Joseph Toledano, head of Insured Solutions, told ThinkAdvisor: "We are currently living in complex, unprecedented times where individuals are facing the threat of cybercrime, wildfires [and] hurricanes, which can pose … risks to their financial well-being."
The executive with Morgan Stanley's Wealth Management Investment Solutions group added, "These risks are as much of a threat to an individual's net worth as volatile markets."
