Morgan Stanley (MS) Bank of America Securities Financial Services Conference summary

Leadership transition and strategic direction

• CEO succession was smooth, with strong internal collaboration and continuity in strategy, moving from integration of acquisitions to a new phase focused on execution and optimization.

• The leadership team remains tightly knit, leveraging long-standing relationships to drive the next phase of growth.

• Strategic priorities include maintaining and growing leadership in ISG and focusing on integrated firm concepts.

Organic growth and client funnel

• Confidence in organic growth is at an all-time high, with a robust engine for attracting and deepening client relationships.

• 2024 saw gross inflows similar to 2021, but net new assets were lower due to elevated outflows from factors like rapid rate increases and higher client spending.

• The client funnel is accelerating, with over a million new clients added last year and $300 billion of net new assets from the workplace channel.

• Workplace and self-directed channels are expected to contribute an increasing share of assets over time.

Banking integration and advisor engagement

• The bank is now positioned as a core part of the value proposition, with a full suite of products and growing client penetration.

• Advisors are fully embracing banking solutions to deepen client relationships and prevent clients from seeking services elsewhere.

• Sweep deposits and lending are expected to grow steadily as asset penetration increases.