Jonathan Pruzan

Self-directed investors have opened more new accounts at the firm in 2021 than in the third and fourth quarters combined.

Renewed recruiting efforts and pumped-up tech are boosting headcount and fee-based assets.

Market volatility spurred clients into cash during the fourth quarter.

Net income increased 31% from a year ago.

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

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.

The company's broker headcount declined slightly, but it remains the largest wirehouse by number of advisors.

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

The wirehouse has faced a difficult business environment so far this year, and additional headwinds may be coming during the second half of 2016, top executives say.