Morgan Stanley CEO Ted Pick announced a new $10 trillion target for the firm’s wealth management division.
The bank’s advisor-led channel currently oversees nearly $5.8 trillion in assets.
Total client assets across the combined wealth and investment management units currently reach approximately $9 trillion.
Wealth management generates more than 40% of the firm’s total revenue.
The strategy aims to increase reliance on stable, fee-based income.
Morgan Stanley plans to leverage E*Trade and workplace channels to funnel new assets to financial advisors.
The company’s stock is currently trading near its all-time high.