Morgan Stanley Says It Wants More Women
Morgan Stanley’s wealth-management division has aspirations to recruit and train more women, with the aim of having them make up a bigger part of its overall advisor force, according to a report by InvestmentNews. In turn, the firm hopes to attract more women as customers.
The insight comes from Morgan Stanley Wealth Management’s president Gregory Fleming, who made the remarks at a conference sponsored by the Securities Industry and Financial Markets Association in New York this week. According to the report, the executive said Morgan Stanley is “very focused” on adding more women advisors — either novices or more experienced personnel — in a bid to field an advisor force that “better reflects the society we’re living in.”
Apparently as a matter of company policy, Fleming didn’t say how many of Morgan Stanley’s roughly 16,000 advisors are women — nor did he reveal how many advisors of that gender the firm hopes to add and in what time frame. But he said that “by 2025, women will control or manage two-thirds of the country’s wealth,” InvestmentNews reports.
Citing industry estimates, the newspaper says between 15% and 25% of U.S. advisors are women — drawn from a broad population in which women and girls account for about 51%.
In addition to hiring more women, Fleming said the unit he runs is keen “to court millennial advisors and investors,” InvestmentNews writes. Members of this generation — generally understood to have been born between 1982 and 1999 — “will eventually be a tremendous economic force,” the publication says, paraphrasing Fleming. “They will inherit a tremendous amount of money from their baby boomer parents and will represent half of the workforce by 2030.”
Fleming didn’t offer specifics on how Morgan Stanley plans to attract more women and under-thirty advisors and clients, nor was InvestmentNews able to pry more from the firm in its follow-up on the executive’s remarks at the Sifma conference.