Morgan Stanley on Friday said it was overhauling senior management in its wealth management unit, promoting
Vince Lumia to a new leadership position, head of the field. At the same time, the firm is eliminating leadership at the division level, according to a memo obtained by
InvestmentNews.
"As we move forward, we'll continue to make investments to help our clients achieve their goals and to position us for continued success," according to the memo from Morgan Stanley's co-heads of wealth management,
Shelley O'Connor and Andy Saperstein. "To best achieve these objectives and to bring decision making even closer to the client, we are eliminating the divisional level and naming a new head of the field with the goal of flattening the organization and further empowering the regional directors and local managers."
Mr. Lumia will report to Ms. O'Connor and Mr. Saperstein.
Bill McMahon, who was in charge of the Western division, and Rick Skae, who led the Eastern division, will become vice chairmen of wealth management, according to the memo.
"Vince has a long track record of success during his 18 years at the firm, including serving as an adviser, running the wealth management capital markets business and, most recently, as head of private wealth management, where he was also responsible for institutional client coverage and strategic client management," according to the memo. "The regional directors will report directly to Vince."
Mr. McMahon and Mr. Skae "will continue to have a strong presence in the field and will play critical senior leadership roles moving forward," the memo stated.
In addition, Mandell Crawley will become head of private wealth management, reporting to Mr. Lumia as well as Ms. O'Connor and Mr. Saperstein. A veteran of the firm, he was most recently chief marketing officer for Morgan Stanley.
Morgan Stanley is the largest retail brokerage in the United States, with close to 16,000 registered reps and financial advisers. Industry website
AdvisorHub.com first reported on Friday the shakeup at Morgan Stanley's wealth management division.