Private Wealth Management

Liz Dennis: [00:00:02] Morgan Stanley formed Private Wealth Management [00:00:05] in 1977 to address the unique and complex needs [00:00:10] of our highly affluent and multigenerational families.

Oti Roberts: [00:00:14] Morgan [00:00:15] Stanley Private Wealth Management has a saying: It's first-class business in a first-class [00:00:20] way, and we demonstrate it by having unwavering commitment to [00:00:25] personal attention and flawless execution and all the things that our clients need. [00:00:30]

Ron Basu: [00:00:30] Private wealth management is built around the five core values of the firm, the [00:00:35] first of which is putting clients first, and that's the most important thing we do.

Anthony DiValerio: [00:00:39] One of the ways [00:00:40] we help our client families prepare for the future is by thoughtfully listening [00:00:45] to things that are top of mind today and concerns that they have that may happen down the road. [00:00:50] By using the resources of the firm and the subject matter experts, we help them anticipate [00:00:55] those problems before they become a crisis.

David Bokman: [00:00:57] As an ultra high net worth client, you're always going to have [00:01:00] many short-term opportunities available to you. Investment opportunities, estate planning [00:01:05] suggestions, philanthropic suggestions. What we help you do is [00:01:10] take advantage of those opportunities in a way that is consistent with your longer-term [00:01:15] plan.

Anna Winderbaum: [00:01:17] Families with significant wealth are thinking about [00:01:20] their families, their legacies, how they're raising their children, [00:01:25] what values will their children have, and how can they make a difference in the world? [00:01:30] And this higher calling requires commitment and a [00:01:35] partner.

Oti Roberts: [00:01:36] We like to help them think through how they can empower [00:01:40] the younger generation to ensure that they leave a lasting family legacy.

Anthony DiValerio: [00:01:45] I [00:01:45] think what makes us unique is not just simply our commitment to provide world-class [00:01:50] solutions and services to our clients, but to constantly evolve as a firm, [00:01:55] to learn with our clients, and to know that in the future we're going to provide a superior [00:02:00] set of products, services and access to our clients that will endure. [00:02:05]

Liz Dennis: [00:02:07] Our clients are not a monolithic group. Private [00:02:10] wealth advisors at Morgan Stanley are differentiated by their expertise [00:02:15] and their vast knowledge. But what really makes them unique is their personal [00:02:20] client experience and the way that they dedicate the full resources of their team [00:02:25] to their clients.

David Bokman, Managing Director, Head of Family Office Resources: Whether you are aware of it or not, whether you acknowledge it or not, whether you discuss it with other family members or not, you have an emotional relationship with wealth. Glenn Kurlander, Managing Director, Head of Family Governance and Wealth Education: Many of us within Family Office Resources have conversations with our clients and their families all the time about the qualitative aspects of money, about the values that everyone brings to the table regarding wealth and its impact, and how we hope to use it as a family. That's an essential part of our job, helping our clients begin to articulate that philosophy. David Bokman: Investments are obviously critical. They're really central to what Morgan Stanley does with clients. But we allow the financial advisor and the family to address their investment questions within the much broader context of what is their long-term family mission; what is their philanthropic mission; what challenges, if any, do they have with respect to the family dynamics and succession planning; what does the estate plan look like; All of those issues really have to be context in which investment decisions are made. Melanie Knoll Begun, Managing Director, Head of Philanthropy Management: This work is led by discovery. We sit down with families in very safe environment, we let them open up, we let them establish trust with us. Our goal is to make sure that the ideas and the vision, the values and the gifts, are all aligned in their plan. Glenn Kurlander: I think family governance is about two things. First, it's about the effort to drive alignment in the family around a deeply held set of shared values. The second thing family governance is about is being realistic enough to understand that no matter how successful we are in driving alignment, nevertheless, there likely will come a time when we disagree, perhaps profoundly about something important to us as a family. Melanie Knoll Begun: Family governance and philanthropy management are intertwined. It's all based on values. So family governance and philanthropy are really aligned, and the bridge between the two is the opportunity to help those values come to fruition. We get back to the basics. We help clients think through, why are they doing this? And how can they accomplish their dreams? Glenn Kurlander: When I'm able to help a family make a difference, it's the most satisfying and gratifying feeling I can imagine. David Bokman: Success looks like a family that is more coordinated, more harmonious, more communicative, better educated, and better situated financially and personally and as a family unit than they were when they started.

David Bokman, Managing Director, Head of Family Office Resources: Family Office Resources is a group of specialists in a variety of disciplines, from estate planning to philanthropy, family wealth education, that works with financial advisors and their clients to round out all of the issues that an ultra-high-net-worth family is going to face just as a natural part of dealing with significant wealth. Our mission is to work in a holistic way with all of these issues. Sarah D. McDaniel, CFA, Managing Director, Head of Family Resources Generalists, Wealth and Estate Planning Strategists and ART Resources Team: It's very important when people are thinking about financial planning or wealth planning that they look at the entirety of their assets. But they also need to potentially understand that not everything is an investment decision. In working with clients of significant wealth, the world is open to them. Helping them find and navigate where they want to go and where they want to be as individuals, and as a family, is paramount. Valerie Wong, Fountain, CFA, Managing Director, Head of Signature Access: I think the number one thing that I help clients the most with is understanding the art of the possible. So many clients come to Morgan Stanley and they expect investment management services and advice. What they don't expect is the help that we can deliver on the lifestyle front. We try to incorporate these needs into your wealth plan, because it's really important to understand what your dreams, goals, and objectives are, and the financial needs that are required to attain those. Sarah McDaniel: What we try to do is have a personal conversation with the clients. And then ultimately what we are trying to do is assemble as much about the client and who they are, personally, as individuals and as a family, and then take that as a script or a starting point then to start making recommendations on strategy or mitigating behaviors. Valerie Wong Fountain: We also provide customized consulting services to our family office clients. We can help you understand weather you want a single family office or you want a virtual family office. We provide these services through an integrated experience at Morgan Stanley that leverages our wealth management, institutional securities, and investment management divisions. David Bokman: So, from the client's perspective, what you're going to see is a broadening out of your financial advisor's team. The differentiator is the way we work with each other. We always work as a team. We bring together the disciplines in a thoughtful, coordinated way. Sarah McDaniel: We work with incredible people. The financial advisors, our colleagues, the clients, they're extraordinary people with incredible backgrounds, with unbelievable experiences, that all bring a different facet to solving a problem. So when I think of Morgan Stanley and why Morgan Stanley, we have the room to breathe. We have the room to be creative. Yes, it is about finance. But that's the secondary decision to the individual, the person, and the family who we're ultimately trying to help. David Bokman: There’s a lot to be gained by looking at the experience of other families, the advisors and the specialists within family office resources have worked with in the past have dealt with and bringing that to bear thoughtfully, proactively, in advance, and in a coordinated holistic manner.

Specialized Capabilities to Enhance Your Wealth Strategy

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