What is Morgan Stanley Smith Barney LLC?

Morgan Stanley Smith Barney LLC is the U.S. broker-dealer and registered investment adviser through which Morgan Stanley's Wealth Management segment operates. It files Form ADV under the primary business name Morgan Stanley (CRD 149777, SEC file 801-70103), with its main office at 2000 Westchester Avenue, Purchase, New York, and its SEC registration effective May 11, 2009. The SEC's September 2026 Form ADV data file shows $1,961.9 billion in regulatory assets under management, 2,703,720 accounts and 627 offices beyond the principal office. Its FINRA BrokerCheck record is at brokercheck.finra.org/firm/summary/149777.

How many financial advisors does Morgan Stanley have?

Morgan Stanley's quarterly financial supplement and Form 10-K do not report a financial advisor headcount; the 10-K describes advisor-led client assets as assets in accounts with a Wealth Management representative assigned. The SEC's September 1, 2026 Form ADV data file shows Morgan Stanley Smith Barney LLC with 13,000 employees performing investment advisory functions and 26,985 employees registered as broker-dealer representatives, out of 29,481 employees in total; those counts include staff who are not advisors. AdvisorHub described the advisor force as roughly 15,000 in September 2025.

What are the ways to affiliate with Morgan Stanley Wealth Management?

All are employee routes. An experienced advisor joins a branch as a Financial Advisor through a five-phase recruiting process run by the local Market Executive and Branch Managers, or joins the Private Wealth Management division as a Private Wealth Advisor serving ultra-high net worth clients. A new entrant joins through the 36-month Financial Advisor Associate Program or the three-year Private Wealth Advisor Associate Program, both salaried. The Workplace channel (Morgan Stanley at Work) and the Self-Directed channel (E*TRADE from Morgan Stanley) are client channels that refer relationships to Financial Advisors rather than affiliation routes. The firm's materials describe no independent-contractor or RIA custody channel.

Is Morgan Stanley in the Broker Protocol?

No. J.S. Held's member list records Morgan Stanley Smith Barney LLC as joining the Protocol for Broker Recruiting on June 1, 2009 and withdrawing effective November 3, 2017. The predecessor Morgan Stanley & Co. Incorporated had joined in October 2006 and withdrawn with notice provided June 1, 2009; Citigroup Global Markets (Smith Barney), a founding member, withdrew effective January 8, 2018.

What does Morgan Stanley pay its financial advisors?

The firm does not publish its grid. AdvisorHub reported the standard payout grid at 28 percent to 55.5 percent of revenue by production level, with higher payouts of 60 and 65 percent on revenue from referrals to specialist groups and other divisions.75 to 7.75 percent, kept the core grid unchanged, added an account-level growth award enhancement of up to 9 percent and a 30 basis point deposit bonus, and set the small household threshold at $300,000 with exemptions. Deferred compensation is paid in cash over six years and company stock over four, per Financial Planning.

What is the Financial Advisor Associate Program?

A 36-month training and development program run by Morgan Stanley Wealth Management for new advisors. Associates pass the SIE exam and obtain Series 7 and 66 licenses during a pre-production period of months one to four, complete the Financial Planning Specialist curriculum, then build a client base over three production years with coaching and manager meetings. Associates are paid a base salary plus monthly incentive compensation and annual incentive bonuses rather than working on commissions only, and are paid during the licensing period. Hiring runs through online assessments, a business plan exercise and interviews with local management.

Back to the profiles

Morgan Stanley Wealth Management

Employee channel, wirehouse·Morgan Stanley Smith Barney LLC, a subsidiary of Morgan Stanley (NYSE: MS)

Morgan Stanley Wealth Management is the Wealth Management segment of Morgan Stanley, operating in the United States through Morgan Stanley Smith Barney LLC, a registered broker-dealer and investment adviser with its main office in Purchase, New York, and serving clients through three channels the firm names Advisor-Led, Self-Directed and Workplace. An advisor affiliates as a W-2 employee financial advisor in a branch, as a Private Wealth Advisor in the Private Wealth Management division, or by entering the Financial Advisor Associate or Private Wealth Advisor Associate training programs; the firm's own materials describe no independent-contractor channel.

$1.96T

Regulatory AUM, Morgan Stanley Smith Barney LLC, Sep 2026

[1]

13,000

Advisory staff, Morgan Stanley Smith Barney LLC, Sep 2026

[1]

$8.08T

Wealth Management client assets, Jun 30 2026

[2]

$8.86B

Wealth Management net revenues, 2Q26

[2]

Facts last reviewed Sep 10, 2026. Every figure on this page carries a numbered source.

01 · Destination profile

What Morgan Stanley Wealth Management is

Morgan Stanley Smith Barney LLC, a subsidiary of Morgan Stanley (NYSE: MS)

Morgan Stanley is a Delaware corporation, incorporated in 1981 with predecessor companies dating to 1924, listed on the New York Stock Exchange under MS, regulated as a financial holding company by the Federal Reserve, with principal executive offices at 1585 Broadway, New York. At December 31, 2025 it had approximately 83 thousand employees across 42 countries. Wealth Management is one of its three business segments, alongside Institutional Securities and Investment Management.^[3]
In the firm's own words, Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions, and supports clients through three channels: Advisor-Led, Self-Directed and Workplace. The segment includes financial advisor-led brokerage, investment advisory, custody, cash management and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.^[3]
Morgan Stanley Smith Barney LLC (MSSB) and Morgan Stanley & Co. LLC are the firm's primary U.S. broker-dealer subsidiaries, registered with the SEC and in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, and members of FINRA. MSSB is also registered as an introducing broker with the CFTC and National Futures Association. Wealth Management client deposits are held at the firm's two U.S. bank subsidiaries, Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association.^[3]
Morgan Stanley Smith Barney LLC is listed as a United States subsidiary of Morgan Stanley in Exhibit 21 to the 2025 Form 10-K, alongside Morgan Stanley & Co. LLC, Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association.^[4]
In the SEC's September 1, 2026 Form ADV data file, Morgan Stanley Smith Barney LLC (CRD 149777, SEC file 801-70103, filing under the primary business name Morgan Stanley, main office 2000 Westchester Avenue, Purchase, New York, SEC registration effective May 11, 2009, latest filing August 7, 2026) reports regulatory assets under management of $1,961.9 billion, of which $1,434.5 billion is managed on a discretionary basis and $527.4 billion on a non-discretionary basis, across 2,703,720 accounts. It reports 29,481 total employees, 13,000 employees performing investment advisory functions, 26,985 employees registered as broker-dealer representatives, 627 offices other than its principal office, 2,600,707 individual clients other than high net worth and 43,631 high net worth individual clients, and six wrap fee programs.^[1]
For full-year 2025, Wealth Management reported net revenues of $31,754 million, including asset management revenues of $18,627 million. Total client assets were $7,381 billion at December 31, 2025, of which advisor-led client assets were $5,715 billion and fee-based client assets $2,753 billion (48 percent of advisor-led assets); self-directed assets were $1,667 billion across 8.5 million households; workplace unvested stock plan assets were $534 billion across 6.5 million participants. Net new assets for 2025 were $356.3 billion and fee-based asset flows $160.1 billion. The 10-K defines advisor-led client assets as assets in accounts that have a Wealth Management representative assigned and does not report a financial advisor headcount.^[3]
In the second quarter of 2026, Wealth Management reported net revenues of $8,856 million (asset management $5,261 million, transactional $1,167 million, net interest income $2,254 million, other $174 million), income before taxes of $2,697 million and a pre-tax margin of 30 percent, with compensation and benefits at 52 percent of net revenues. Total client assets were $8,084 billion at June 30, 2026: advisor-led client assets $6,273 billion, of which fee-based client assets were $3,022 billion; self-directed client assets $1,811 billion across 8.7 million households; stock plan unvested public assets $658 billion across 6.6 million participants. Net new assets for the quarter were $148.1 billion, fee-based asset flows $39.1 billion, deposits $436 billion and U.S. bank loans $195.7 billion. The supplement does not report a financial advisor headcount.^[2]
The firm's July 15, 2026 earnings release states that just over half of the quarter's $148.1 billion of net new assets represented inflows related to IPOs of certain clients in its Workplace channel, and that total client assets across Wealth and Investment Management reached $10 trillion.^[5]

02 · Destination profile

How an advisor affiliates

The channels, in the firm's own terms.

Financial Advisor (Advisor-Led channel)

W-2 employee

The firm's recruiting page for experienced financial advisors describes a five-phase process run by the local Market Executive and Branch Managers: an introduction, a presentation of the firm's platforms and resources, a diligence step in which the advisor completes a Financial Advisor profile worksheet in a secured environment, deal projections illustrating the specific deal, compensation and retirement if applicable, and transition support in which the firm connects the advisor with legal counsel; it lists Private Wealth Management, Global Sports and Entertainment, International Wealth Management and Graystone Consulting as divisions with which a Financial Advisor can partner.^[6]

Private Wealth Management (PWM)

W-2 employee

The firm describes its Private Wealth Management division as focused on the ultra-high net worth client segment, serving affluent individuals, families and their foundations for over 40 years, with Private Wealth Advisors working alongside Family Office Resources including wealth strategies, trust and estate planning, family governance and philanthropy management.^[7]

Financial Advisor Associate (FAA) Program

W-2 employee, salaried trainee

A 36-month training and development program in which associates pass the SIE exam and obtain Series 7 and 66 licenses in a pre-production period of months one to four, then build a client base over three production years; associates do not work on a commissions-only basis and receive a base salary, monthly incentive compensation and annual incentive bonuses, with hiring through online assessments, a business plan exercise and interviews with local management.^[8]

Private Wealth Advisor Associate (PWAA) Program

W-2 employee, salaried trainee

A three-year program preparing candidates for careers as Private Wealth Advisors, in which associates are considered members of established teams from the outset, obtain Series 7 and 66 licenses within the first one to two months and the internal Family Wealth Director designation, and are paid a salary in the range of $65,000 to $90,000 with eligibility for incentive compensation.^[7]

Workplace and Self-Directed channels (Morgan Stanley at Work, E*TRADE from Morgan Stanley)

Client channels, not an advisor affiliation route

Morgan Stanley at Work provides equity compensation, retirement, deferred compensation, executive services and financial wellness solutions to employers, and describes its retirement and financial wellness offerings as delivered with the support of the firm's Financial Advisors; the page states that Morgan Stanley at Work operates through Morgan Stanley Smith Barney LLC.^[9]

03 · Destination profile

The economics, as publicly reported

Published ranges and filings, not an offer. What a specific practice is offered is a question for the room.

AdvisorHub reported in October 2024 that Morgan Stanley's standard payout grid runs from 28 percent to 55.5 percent of revenue by production level, and that the 2025 plan added a 60 percent payout, effective July 2025, on accounts opened through referrals to the firm's corporate retirement, cash management, Graystone institutional consulting and private wealth specialists (with at least half the revenue shared with the specialist), a 65 percent payout from January 2025 on revenue from referrals to other divisions through the strategic client management team, and an additional one percentage point of payout on revenue from certain CashPlus clients.^[10]
The 2025 Form 10-K states that financial advisors in the Wealth Management segment participate in the firm's stock-based compensation plans, which include restricted stock units, performance stock units and an employee stock purchase plan, and lists employee loans granted primarily to recruit certain Wealth Management representatives among the firm's lending exposures.^[3]
The firm does not publish transition or retention terms. Its recruiting page says deal projectors provide illustrations of an advisor's specific deal, compensation and retirement if applicable, and that the firm connects a joining advisor with experienced legal counsel for the transition.^[6]
Financial Advisor Associates are paid a base salary commensurate with experience, monthly incentive compensation and annual incentive bonuses, and are paid their salary during the pre-production period while studying for the Series 7 and Series 66 examinations, per the program page.^[8]

04 · Destination profile

Protocol for Broker Recruiting

Membership per the official J.S. Held list, with the joinder qualifications that matter on the day you resign.

Morgan Stanley Smith Barney LLC is not a Protocol member. The J.S. Held master list carries Morgan Stanley Smith Barney LLC as having joined on June 1, 2009 and as having withdrawn as a member effective November 3, 2017. The list separately records the predecessor entity Morgan Stanley & Co. Incorporated as joining October 6, 2006 and withdrawing with notice provided June 1, 2009, and Citigroup Global Markets Inc. (Smith Barney) as a founding member that withdrew effective January 8, 2018.^[11]

What the Protocol does and does not protect: the explainer.

05 · Destination profile

Who tends to move there

The pattern in the public record and the trade press. A pattern, not a recommendation.

The trade press describes two kinds of practice arriving at Morgan Stanley Wealth Management. Established teams from other wirehouses and from bank-owned private wealth units, often serving high and ultra-high net worth families, business owners and executives, who place their practice in a branch or in the Private Wealth Management division and draw on the firm's lending, banking, alternative investments and institutional connections. And advisors whose clients come through the firm's corporate relationships, including stock plan participants and executives in the Workplace channel who are referred to a Financial Advisor. The structural feature is a single employee model inside one company, with entry either as an experienced advisor or through the salaried associate programs, and no independent channel.

06 · Destination profile

The twelve diligence questions, applied

The list from how to choose a platform, answered where the public record answers and left as the question where it does not.

7 of 12

questions about Morgan Stanley Wealth Management are not answered anywhere public. They are answered in the room, for a specific practice, and the answers move the number more than anything above.

01What are the actual terms of the custody agreement, at my asset mix?: Asked in the room
02What is the cash sweep arrangement, and who keeps the spread?: Wealth Management client deposits, which the 10-K says include sweep deposit programs, savings and other deposits and time deposits, are liabilities of the firm's two U.S. bank subsidiaries, Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association; deposits were $408 billion at December 31, 2025 with an annualized weighted average cost of 2.51 percent at period end. The record does not answer who keeps the spread on a given account.^[3]
03What is the all-in cost, in basis points and in dollars, at my revenue and asset mix?: As an employee model, the advisor's cost is the difference between revenue and payout: AdvisorHub reported the standard grid at 28 percent to 55.5 percent of revenue by production level, before referral, growth and deposit awards; the firm does not publish the grid itself.^[10]
04What is bundled, and what is charged separately?: Asked in the room
05What moves the number over time?: Asked in the room
06Who owns the client data, contractually, and in what form do I get it if I leave?: Asked in the room
07Who holds the technology contracts?: Asked in the room
08Whose ADV is it?: Morgan Stanley Smith Barney LLC (CRD 149777, SEC file 801-70103), which files Form ADV under the primary business name Morgan Stanley. An employee financial advisor, Private Wealth Advisor or associate is registered under this entity.^[1]
09What happens if the platform is sold?: Asked in the room
10Who owns the platform, and what is their exit horizon?: Public shareholders, through Morgan Stanley on the New York Stock Exchange under MS.^[3]
11How do I leave, and what does it cost?: Asked in the room
12What do I take with me?: Morgan Stanley Smith Barney LLC withdrew from the Protocol for Broker Recruiting effective November 3, 2017, per J.S. Held's member list, so client information does not move under the Protocol when an advisor leaves; what may be taken is governed by the advisor's agreements with the firm, which are not published.^[11]

07 · Destination profile

Questions advisors ask about Morgan Stanley Wealth Management

What is Morgan Stanley Smith Barney LLC?: Morgan Stanley Smith Barney LLC is the U.S. broker-dealer and registered investment adviser through which Morgan Stanley's Wealth Management segment operates. It files Form ADV under the primary business name Morgan Stanley (CRD 149777, SEC file 801-70103), with its main office at 2000 Westchester Avenue, Purchase, New York, and its SEC registration effective May 11, 2009. The SEC's September 2026 Form ADV data file shows $1,961.9 billion in regulatory assets under management, 2,703,720 accounts and 627 offices beyond the principal office. Its FINRA BrokerCheck record is at brokercheck.finra.org/firm/summary/149777.
How many financial advisors does Morgan Stanley have?: Morgan Stanley's quarterly financial supplement and Form 10-K do not report a financial advisor headcount; the 10-K describes advisor-led client assets as assets in accounts with a Wealth Management representative assigned. The SEC's September 1, 2026 Form ADV data file shows Morgan Stanley Smith Barney LLC with 13,000 employees performing investment advisory functions and 26,985 employees registered as broker-dealer representatives, out of 29,481 employees in total; those counts include staff who are not advisors. AdvisorHub described the advisor force as roughly 15,000 in September 2025.
What are the ways to affiliate with Morgan Stanley Wealth Management?: All are employee routes. An experienced advisor joins a branch as a Financial Advisor through a five-phase recruiting process run by the local Market Executive and Branch Managers, or joins the Private Wealth Management division as a Private Wealth Advisor serving ultra-high net worth clients. A new entrant joins through the 36-month Financial Advisor Associate Program or the three-year Private Wealth Advisor Associate Program, both salaried. The Workplace channel (Morgan Stanley at Work) and the Self-Directed channel (E*TRADE from Morgan Stanley) are client channels that refer relationships to Financial Advisors rather than affiliation routes. The firm's materials describe no independent-contractor or RIA custody channel.
Is Morgan Stanley in the Broker Protocol?: No. J.S. Held's member list records Morgan Stanley Smith Barney LLC as joining the Protocol for Broker Recruiting on June 1, 2009 and withdrawing effective November 3, 2017. The predecessor Morgan Stanley & Co. Incorporated had joined in October 2006 and withdrawn with notice provided June 1, 2009; Citigroup Global Markets (Smith Barney), a founding member, withdrew effective January 8, 2018.
What does Morgan Stanley pay its financial advisors?: The firm does not publish its grid. AdvisorHub reported the standard payout grid at 28 percent to 55.5 percent of revenue by production level, with higher payouts of 60 and 65 percent on revenue from referrals to specialist groups and other divisions.75 to 7.75 percent, kept the core grid unchanged, added an account-level growth award enhancement of up to 9 percent and a 30 basis point deposit bonus, and set the small household threshold at $300,000 with exemptions. Deferred compensation is paid in cash over six years and company stock over four, per Financial Planning.
What is the Financial Advisor Associate Program?: A 36-month training and development program run by Morgan Stanley Wealth Management for new advisors. Associates pass the SIE exam and obtain Series 7 and 66 licenses during a pre-production period of months one to four, complete the Financial Planning Specialist curriculum, then build a client base over three production years with coaching and manager meetings. Associates are paid a base salary plus monthly incentive compensation and annual incentive bonuses rather than working on commissions only, and are paid during the licensing period. Hiring runs through online assessments, a business plan exercise and interviews with local management.

Sources

11 numbered sources behind this page

[1] SEC Form ADV data, Information About Registered Investment Advisers and Exempt Reporting Advisers, file ia09012026-registered.zip, SEC, Sep 1, 2026.
[2] Morgan Stanley, Second Quarter 2026 Earnings Results, Quarterly Financial Supplement, Morgan Stanley Investor Relations, Jul 15, 2026.
[3] Morgan Stanley, Form 10-K for the year ended December 31, 2025, SEC EDGAR, Feb 19, 2026.
[4] Morgan Stanley, Form 10-K for 2025, Exhibit 21, Subsidiaries of Morgan Stanley, SEC EDGAR, Feb 19, 2026.
[5] Morgan Stanley Second Quarter 2026 Earnings Results, press release, Morgan Stanley Investor Relations, Jul 15, 2026.
[6] Financial Advisor Jobs, Morgan Stanley Wealth Management, Morgan Stanley, Sep 10, 2026.
[7] Private Wealth Advisor Associate Program, Morgan Stanley, Morgan Stanley, Sep 10, 2026.
[8] Financial Advisor Associate Program, Morgan Stanley Careers, Morgan Stanley, Sep 10, 2026.
[9] Workplace Financial Solutions, Morgan Stanley at Work, Morgan Stanley, Sep 10, 2026.
[10] 2025 COMP: Morgan Stanley Boosts Pay for Referrals, Leaves Grid Unchanged, AdvisorHub, Oct 1, 2024.
[11] The Broker Protocol Member Firms list, dated September 8, 2026, J.S. Held, Sep 8, 2026.

Winthrop & Co. is compensated by firms when an advisor joins through us. The advisor never pays. We have working relationships with several of the firms profiled here; every figure on these pages carries its source. The right firm is a question about your practice.

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