Top firm Avoids Broker Exodus

 Morgan Stanley appears to have staved off an exodus of high-producing brokers from its global wealth management group in the third quarter despite reports of deep discontent over a troublesome computer-system conversion…..

The number of advisers at Morgan Stanley Wealth Management did decline to 16,829 as of Sept. 30, down a net 105 from the end of the prior quarter. But average productivity among its ranks, reported in annualized revenue per adviser, rose to $790,000, a 2% increase from the previous quarter……..

This uptick suggests advisers who left the company during the quarter on average had smaller books of business than those who remained or joined. A rising stock market also was likely a factor in the increase in revenue per adviser…….

A spokesman for Morgan Stanley called the decline in adviser headcount "insignificant" to the performance of the wealth management business………………………………………………………………………………………………………………………….

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