Smith Barney is no more, notes OnWallStreet.c om. Morgan Stanley, which purchased Smith Barney, has now changed the name of its financial advisory practice from Morgan Stanley Smith Barney to Morgan Stanley Wealth Management.

Many people remember the Smith Barney name because of the commercials starring “Paper Chase” star John Houseman, who used to intone:  “They make money the old fashioned way: They earn it.” But the name Smith Barney was itself due to a 1938 merger between Edward Smith and Charles Barney, both Philadelphia brokers.

Smith Barney “has been both predator and prey in the acquisition business,” OnWallStreet.com says, The company bought Harris, Upham and Company in 1975. They also were acquired by Primerica in 1987 before being part of Morgan Stanley.

The name Smith Barney is just the latest financial firm name to go to the graveyard, the article says, the way Salomon Brothers, Paine Webber, and E.F. Hutton have also bitten the dust.

Written by Lisa Swan

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Gregory Fleming, brokerage president, announced earlier this month to hundreds of advisors attending the Association of Professional Investment Consultants conference in Salt Lake City that Morgan Stanley plans to proceed with changing the name of its Morgan Stanley Smith Barney retail brokerage early next year. 

 Morgan Stanley is likely to drop the “Smith Barney” name, which ends a 73 year old brand. 

 There were a half dozen names offered; none of the suggested names included “Smith Barney.”

 The possibilities are Morgan Stanley Advisors, Morgan Stanley Private Wealth Advisors, Morgan Stanley Global Wealth Advisors, Morgan Stanley Wealth Advisors, Morgan Stanley Wealth Management and Morgan Stanley Global Wealth Management.

FundFire conducted a poll in March.  There were 400 participants in the poll; “58 % said advisors would be more likely to leave MSSB if the firm decides to drop “Smith Barney” from its name.

Of those, 41% believed there would be a “moderate” amount of departures, while another 17 % said there would be a “significant” number of exits if the firm goes through with the name change.  However, about 42 % of respondents told FundFire that the move would not negatively impact advisor retention at the firm.”

If this name change angers you, there are plenty of options out there.  Financial Advisors are in demand and the recruiting deals are still at an all time high!  You can contact  Mickey Wasserman or Julianne Wasserman  at 818-889-7804. Or visit our web site www.hotbrokerjobs.com  Michael Wasserman & Associates, Inc.

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