But the pandemic has made training particularly difficult, the person said, since advisors-in-training cannot meet with prospective clients and receive the same in-branch mentoring experience as they usually would. Morgan Stanley Wealth Management can hire as many as one thousand candidates into the program in a given year.
Last week, Morgan Stanley reported 15,469 advisors at the end of the third quarter, the first quarter-over-quarter rise since the first quarter of 2019, according to JMP Securities analyst Devin Ryan. "The advisors that we are bringing in are much larger teams than we have had in the past," the person familiar with the matter said, referring to experienced advisor recruits from rival firms. Wealth managers could save millions in costs from a snappier recruitment process. An analyst lays out the 3 firms that could benefit most.
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