New York-based Morgan Stanley is planning to launch wealth-management business in Canada.
The new company, Morgan Stanley Wealth Management Canada, will include full-service financial advisors, virtual advisors, a discount self-directed investing platform and online investment management, according to a release issued Wednesday.
The platform will complement Shareworks by Morgan Stanley, an existing service that offers stock plan consulting and administrative services to executives and employees at more than 350 Canadian companies, the release said.
“The creation of Morgan Stanley Wealth Management Canada will add wealth management services to our comprehensive suite of workplace financial solutions,” Brian McDonald, head of Morgan Stanley at Work, said in the release. “Taken together, these solutions will help to maintain and strengthen the competitiveness of Canadian companies by meeting the breadth of their employees’ needs.”
Toronto-based Canaccord Genuity Wealth Management has been selected as the platform provider for Morgan Stanley’s new business.
Canaccord Genuity will provide wealth management services and technology, as well as custody and clearing services to Morgan Stanley. Canaccord will also support the deployment of Morgan Stanley’s self-directed investing platform.