James Gorman

Despite an impressive performance, Morgan Stanley's CEO is not preparing to raise profitability targets.

The former underdog is settling into its role as one of Wall Street's more well-balanced firms.

Wealth management has “only increased in relevance as it’s continued to grow,” CFO Jon Pruzan said.

As a result of CEO James Gorman’s strategic moves, the firm earns the biggest share of revenue from wealth management of the six biggest U.S. lenders.

Rising markets boosted revenues for wealth- and asset-management arms at the largest U.S. banks to $18.4 billion in the second quarter, according to data compiled by Bloomberg.

The firm needs a digital advice offering for clients who don't want a traditional relationship, CEO James Gorman said.

The firm reported record revenues, net income and client assets for the first quarter.

James Gorman earned $22.5 million after the firm made progress toward financial targets and its stock rose by a third.

Even among the wealthy, a growing number of clients want more digital engagement, says CEO James Gorman.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.