The Roots and Growth of Morgan Stanley’s Retail Bank
Although Morgan Stanley has been in retail banking in a big way for almost two decades, ordinary checks and deposits still aren’t commonly associated with the investment-banking and wealth-management powerhouse. In 2008, Morgan Stanley became a bank holding company amid the global financial meltdown to stabilize its business. The retail bank has steadily grown, with total assets in the firm’s U.S. bank rising by 12% last year to exceed $487 billion.
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A new commercial for the firm’s online brokerage E-Trade is highlighting how investors can access not only easy online trading but also savings and checking accounts, loans, and other banking products and services. This move aims to make E-Trade and Morgan Stanley more recognizable in the banking services space.
Andrea Zaretsky, the chief marketing officer for Morgan Stanley Wealth Management, emphasized the significant investment in banking offerings to ensure clients have a seamless experience alongside their investments. E-Trade provides a full suite of banking products, including savings, checking, and CDs, with competitive rates, low fees, easy money movement, and FDIC protection.
Merrill, Wells Fargo, Schwab Likewise Offer Gamut of Banking, Investing Services
Many financial firms are integrating banking and wealth management services to enhance revenue streams and client retention. Digital platforms are being utilized to provide convenient access to banking and investing resources. Morgan Stanley’s wirehouse rivals Merrill Lynch and Wells Fargo offer combined banking and investment services through user-friendly apps.
Charles Schwab and Edward Jones have also invested heavily in providing clients with diverse banking and investing options online. Schwab, known for being one of the largest U.S. banks, is exploring further expansion in banking services based on feedback from independent advisors.
Regional Banks Get Into the Online Brokerage Game
Regional banks are adding trading features to their banking apps to cater to evolving client needs. PNC Bank recently announced the integration of PNC Wealth Management brokerage accounts into its online banking platform, appealing to both self-directed traders and clients seeking financial advice.
Research indicates that affluent investors prefer consolidating their financial assets with a single institution. Financial firms are recognizing this trend and striving to become one-stop shops for all financial needs. By offering a wide range of services, firms aim to increase client loyalty and wallet share.
E-Trade Ads Airing During Major Sporting Events
Morgan Stanley is promoting its E-Trade services through ads aired during popular sporting events like the NFL playoffs, NBA games, and March Madness. The latest ad, titled “The Pursuit,” is part of a broader campaign emphasizing E-Trade’s alignment with Morgan Stanley’s research and investment expertise.
The ads underscore Morgan Stanley’s wealth management strategy, where clients can enter through E-Trade or workplace benefits divisions and transition to full relationships with financial advisors. The firm is incentivizing customers with cash bonuses for opening premium savings accounts, further integrating banking services into its offerings.
Morgan Stanley’s Wealth Management ‘Funnel’
Morgan Stanley plans to continue promoting its banking products and services, highlighting their award-winning nature, competitive rates, low fees, and easy money movement. The firm aims to raise awareness and showcase the seamless integration of banking with investment solutions to attract and retain clients.
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