Morgan Stanley is tightening its return-to-office policy, leaving many advisors questioning whether the move serves their interests—or just the firm’s bottom line.
Starting May 5, Morgan Stanley’s 15,000 wealth management employees will be required to be in the office at least four days per week, according to a memo from Jed Finn, head of wealth management. The announcement is not very well received, particularly among advisors who have grown accustomed to the flexibility of remote work or those advisors who do not care about being told how to be productive.
Finn’s justification? “Much has changed since the height of COVID,” he wrote. “What has not changed, however, is the vast majority of us do our best work when we are together in person.” But most advisors argue otherwise. The past few years have proven that wealth management can be successfully conducted from anywhere, whether from home offices, second homes, or from most any location around the globe.
Advisors who have built their practices around client needs—not corporate mandates—are now left wondering how they’ll adjust and frankly why they even should. Roger Gershman who represents the interests of some of MS’s top legacy teams says, “they’re encouraging teams to seek other platforms such as independence where they are not beholden to the interests of the firm.”
Morgan Stanley’s push follows a broader trend among major wire-houses, as most firms also roll back remote work policies. While executives may see this as a return to normal, advisors see it as a disruption to a well-functioning, client-first approach.
Adding to the further tension, MS has been monitoring remote work closely. Is it really true that they are tracking advisors’ logins and counting any day where more than four hours are spent logged in remotely as a “day outside the office?” This kind of micromanagement is yet another reason advisors are questioning why they need to be treated as trainees.
Clearly this policy serves the interests of the institution prioritizing its corporate interests over the FA’s who drive its success. For those advisors who value independence, the message is clear that there are better options elsewhere. Gershman quotes one advisor, “after 20 years of running a multi-million business, I do not need to be monitored how to run my day-to-day life as an advisor. I’m out of here.
As the Editor of The Gershman Group, a boutique financial services consulting firm, TGG brings expertise in financial analysis, strategic planning, and market research. With a keen eye for detail and a passion for helping businesses navigate complex financial landscapes, TGG delivers insightful, high-quality content to empower informed decisions. Backed by years of industry experience, TGG makes complex topics accessible through clear and compelling communication, shaping the firm’s thought leadership and commitment to excellence in financial services.
