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Morgan Stanley: New Retirement Rules No Hurdle for Brokerage
The Wall Street Journal; April 19, 2017 11:55 a.m. ET
Morgan Stanley isn’t sweating retirement rules set to take effect in June.
The New York bank played down the effects of the U.S. Labor Department’s fiduciary rule, which requires brokers to put the interests of retirement savers ahead of their own, as it was delayed earlier this month after the Trump administration ordered an economic-impact review that may result in it being revised or rescinded.
The bank said that while the rule has had a chilling effect on recruiting, broker attrition has been low and the brokerage has been better able to retain and find talent.
“It’s all been positive from that perspective,” Jonathan Pruzan, Morgan Stanley’s chief financial officer, said Wednesday while discussing first-quarter results with analysts. “We’re prepared if it does go into effect.”