Finance

Morgan Stanley's wealth management inflows slow in third quarter

Merrill president and co-head Lindsay Hans said the firm is well-positioned for the "largest asset-gathering opportunity that FAs have seen in decades."

The Wall Street giant is staggering under its plan to shift back to serving primarily the ultrawealthy.

The banking and brokerage firm's income also suffered from clients moving money into high-interest-paying money markets.

CEO Charlie Scharf said the bank's troubled wealth unit had 'treaded water' for a while, but showed signs of recovery as client assets and fee income grew.

All eyes will be on the incoming veteran executive as the banking giant seeks to take advantage of expected growth in global wealth.

The banking giant also reported a whopping 36% increase in net income for its banking and wealth management unit.

The race to invest in artificial intelligence may be outpacing a full understanding of its risks. It's a high-stakes question for ultrawealthy investors and family offices.

The new offering will be only open to accredited investors and qualified clients.

An SEC panel meets to question who should meet the criteria for putting money into complex and possibly risky investments.