Morgan Stanley (MS): Business Model Canvas

In der dynamischen Welt des globalen Finanzwesens gilt Morgan Stanley als herausragender Leuchtturm strategischer Innovation und umfassender Finanzdienstleistungen. Durch die sorgfältige Entwicklung eines Geschäftsmodells, das modernste Technologie, tiefe Marktkenntnisse und personalisierte Kundenbeziehungen nahtlos integriert, hat dieses Finanzunternehmen die Art und Weise verändert, wie institutionelle und private Anleger sich in der komplexen Landschaft der Vermögensverwaltung und Anlagestrategien zurechtfinden. Von anspruchsvollem Investmentbanking bis hin zu maßgeschneiderten Vermögenslösungen enthüllt das Business Model Canvas von Morgan Stanley ein ausgeklügeltes Konzept, das das Unternehmen als Marktführer bei der Bereitstellung außergewöhnlicher finanzieller Werte in zahlreichen Sektoren und globalen Märkten positioniert hat.

Morgan Stanley (MS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen Finanzinstitutionen

Morgan Stanley unterhält strategische Partnerschaften mit mehreren globalen Finanzinstituten:

Partnerinstitution	Einzelheiten zur Partnerschaft	Gründungsjahr
China International Capital Corporation (CICC)	Joint-Venture-Investment-Banking-Partnerschaft	1995
Mitsubishi UFJ Financial Group	Bedeutende strategische Investition und Partnerschaft	2008
Robeco-Gruppe	Zusammenarbeit im Asset Management	2013

Partnerschaften mit Technologieunternehmen für die digitale Transformation

Morgan Stanley arbeitet mit Technologieunternehmen zusammen, um die digitalen Fähigkeiten zu verbessern:

• Microsoft Cloud-Partnerschaft für Unternehmensinfrastruktur
• Salesforce-Integration für das Kundenbeziehungsmanagement
• Zusammenarbeit mit KI-Technologieanbietern wie DataRobot

Zusammenarbeit mit Investment-Research- und Beratungsunternehmen

Morgan Stanley geht Forschungs- und Beratungspartnerschaften ein:

Forschungspartner	Fokus auf Zusammenarbeit	Jährliches Forschungsbudget
Gartner	Technologie- und Marktforschung	3,2 Millionen US-Dollar
McKinsey & Unternehmen	Strategische Beratungsleistungen	5,7 Millionen US-Dollar

Joint Ventures in Schwellenländern und Vermögensverwaltung

Morgan Stanleys Partnerschaften mit Schwellenländern:

• Indien: Joint Venture mit Rolta India für Investmentdienstleistungen
• Brasilien: Strategische Partnerschaft mit BTG Pactual
• Südostasien: Zusammenarbeit mit lokalen Vermögensverwaltungsfirmen

Gesamtinvestition der Partnerschaft im Jahr 2023: 287,5 Millionen US-Dollar

Morgan Stanley (MS) – Geschäftsmodell: Hauptaktivitäten

Investment Banking und Wertpapierhandel

Morgan Stanley berichtete 9,2 Milliarden US-Dollar an Investmentbanking-Erträgen für das Geschäftsjahr 2023. Wertpapierhandel generiert 5,7 Milliarden US-Dollar im Nettoumsatz im gleichen Zeitraum.

Handelskategorie	Umsatz (2023)
Aktienhandel	3,4 Milliarden US-Dollar
Handel mit festverzinslichen Wertpapieren	2,3 Milliarden US-Dollar

Vermögensverwaltung und Finanzberatungsdienste

Die Vermögensverwaltungsabteilung von Morgan Stanley wurde verwaltet 4,9 Billionen US-Dollar in Kundenvermögen ab Q4 2023.

• Gesamtzahl der Finanzberater: 16.575
• Durchschnittliches Kundenvermögen pro Berater: 296 Millionen US-Dollar
• Nettoerträge der Vermögensverwaltung: 6,3 Milliarden US-Dollar im Jahr 2023

Beratung bei Fusionen und Übernahmen

Morgan Stanley beriet weiter 387 Milliarden US-Dollar bei globalen M&A-Transaktionen im Jahr 2023.

Kategorie „M&A-Deal“.	Transaktionswert
Globale Unternehmensangebote	247 Milliarden US-Dollar
Grenzüberschreitende Transaktionen	140 Milliarden Dollar

Risikomanagement und Finanzanalyse

Morgan Stanley behauptet 1,2 Billionen Dollar in risikogewichteten Vermögenswerten mit einer harten Kernkapitalquote (CET1) von 14.6% ab Q4 2023.

Globale Marktforschung und Anlagestrategien

Die Forschungsabteilung umfasst 1.750 Unternehmen über mehrere Sektoren hinweg mit einem globalen Forschungsteam von 450 Analysten.

• Forschungsberichterstattung: Globale Aktienmärkte
• Veröffentlichte Anlagestrategieberichte: 3.200 jährlich
• Forschungsbudget: 325 Millionen Dollar im Jahr 2023

Morgan Stanley (MS) – Geschäftsmodell: Schlüsselressourcen

Hochqualifizierte Finanzexperten und Analysten

Im vierten Quartal 2023 beschäftigte Morgan Stanley weltweit insgesamt 82.427 Mitarbeiter. Investmentbanking und Vertrieb & Die Handelsabteilungen beschäftigen rund 18.500 Fachkräfte.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamte globale Belegschaft	82,427
Investmentbanking-Experten	9,250
Verkäufe & Handelsprofis	9,250

Fortschrittliche technologische Infrastruktur und Handelsplattformen

Morgan Stanley investierte im Jahr 2023 5,2 Milliarden US-Dollar in Technologie und digitale Infrastruktur.

• Digitale Handelsplattformen
• Cybersicherheitssysteme
• KI- und maschinelle Lerntechnologien
• Cloud-Computing-Infrastruktur

Starkes globales Netzwerk und Kundenbeziehungen

Morgan Stanley betreut Kunden in 41 Ländern mit 1.300 Niederlassungen weltweit.

Geografische Reichweite	Nummer
Belieferte Länder	41
Globale Niederlassungen	1,300
Institutionelle Kunden	3,700+

Umfangreiches Finanzkapital und Investmentfonds

Finanzielle Ressourcen von Morgan Stanley im vierten Quartal 2023:

• Gesamtvermögen: 1,2 Billionen US-Dollar
• Gesamteigenkapital: 89,4 Milliarden US-Dollar
• Verwaltetes Vermögen (AUM): 6,5 Billionen US-Dollar

Eigene Forschung und Marktinformationen

Morgan Stanley Research deckt über 1.800 Unternehmen aus verschiedenen Sektoren und Regionen ab.

Forschungsmetriken	Nummer
Abgedeckte Unternehmen	1,800+
Forschungsanalysten	1,200+
Globale Forschungsplattformen	24

Morgan Stanley (MS) – Geschäftsmodell: Wertversprechen

Umfassende Finanzdienstleistungen für mehrere Sektoren

Morgan Stanley erbringt Finanzdienstleistungen in Schlüsselsektoren mit einem Gesamtkundenvermögen von 1,2 Billionen US-Dollar (Stand Q4 2023). Die Umsatzaufschlüsselung umfasst:

Sektor	Jahresumsatz	Prozentsatz
Institutionelle Wertpapiere	22,4 Milliarden US-Dollar	42%
Vermögensverwaltung	20,7 Milliarden US-Dollar	39%
Investmentmanagement	10,1 Milliarden US-Dollar	19%

Personalisierte Vermögensverwaltungslösungen

Morgan Stanley bietet maßgeschneiderte Vermögensverwaltungsdienstleistungen mit:

• 4,5 Billionen US-Dollar an Vermögensverwaltungsvermögen
• Über 16.000 Finanzberater
• Durchschnittliche Kundenportfoliogröße von 27 Millionen US-Dollar

Innovative Anlagestrategien und Finanzberatung

Zu den Möglichkeiten der Anlagestrategie gehören:

• 1,2 Billionen US-Dollar an diskretionärem Anlageverwaltungsvermögen
• 63 Research-Analysten decken globale Märkte ab
• Fortschrittliche algorithmische Handelsplattformen

Globale Markteinblicke und Fachwissen

Die globale Marktabdeckung umfasst:

Geografische Region	Anzahl der Büros	Belieferte Länder
Nordamerika	142	Vereinigte Staaten, Kanada
Europa	37	Vereinigtes Königreich, Deutschland, Frankreich
Asien-Pazifik	46	China, Japan, Singapur

High-Touch-Kundenservice und Beziehungsmanagement

Kennzahlen zur Kundenbeziehung:

• 95 % Kundenbindungsrate
• Durchschnittliche Kundenbeziehungsdauer von 12,4 Jahren
• Engagierte Kundensupport-Teams rund um die Uhr

Morgan Stanley (MS) – Geschäftsmodell: Kundenbeziehungen

Engagierte Relationship Manager für vermögende Kunden

Morgan Stanley betreute im vierten Quartal 2023 etwa 3 Millionen individuelle Vermögensverwaltungskunden. Das Unternehmen verwaltet Kundenvermögen in Höhe von 4,5 Billionen US-Dollar mit einer durchschnittlichen Kontogröße von 1,5 Millionen US-Dollar für vermögende Privatkunden.

Kundensegment	Anzahl der Kunden	Durchschnittlicher Kontowert
Vermögende Privatpersonen	250,000	5,2 Millionen US-Dollar
Institutionelle Kunden	15,000	250 Millionen Dollar

Personalisierte Finanzberatung und Beratungsdienste

Morgan Stanley beschäftigt 16.000 Finanzberater in 1.200 Niederlassungen in den Vereinigten Staaten. Die Beratungsleistungen des Unternehmens umfassen:

• Vermögensverwaltung
• Investitionsplanung
• Ruhestandsstrategien
• Nachlassplanung
• Steueroptimierung

Digitale Plattformen für Kundenbindung und Portfoliomanagement

Die digitale Plattform von Morgan Stanley, Morgan Stanley Zugang, unterstützt 2,3 Billionen US-Dollar an verwalteten digitalen Vermögenswerten. Die Plattform verarbeitet täglich über 500.000 digitale Transaktionen.

Kennzahlen für digitale Plattformen	Daten für 2023
Mobile App-Downloads	1,2 Millionen
Aktive digitale Nutzer	850,000

Regelmäßige Marktaktualisierungen und Investitionseinblicke

Morgan Stanley Research erstellt jährlich über 50.000 Forschungsberichte, die 4.500 Unternehmen in 75 Branchen weltweit abdecken.

Maßgeschneiderte Finanzlösungen für institutionelle und private Kunden

Das Unternehmen bietet spezialisierte Lösungen in mehreren Segmenten mit einem verwalteten institutionellen Vermögen von 1,8 Billionen US-Dollar.

• Verwaltung von Pensionsfonds
• Unternehmensinvestitionsstrategien
• Hedgefonds-Lösungen
• Private Vermögensverwaltung

Morgan Stanley (MS) – Geschäftsmodell: Kanäle

Digitale Bank- und Handelsplattformen

Morgan Stanley bietet umfassende digitale Plattformen mit folgenden Spezifikationen:

• Morgan Stanley Online-Plattform mit 3,2 Millionen aktiven digitalen Nutzern
• Gesamtes digitales Transaktionsvolumen von 487 Milliarden US-Dollar im Jahr 2023
• Die Plattform unterstützt über 15 verschiedene Arten von Finanzinstrumenten

Plattformfunktion	Benutzermetriken
Digitale Benutzerkonten	3,200,000
Jährliches digitales Transaktionsvolumen	487 Milliarden US-Dollar
Plattformsicherheitsprotokolle	256-Bit-Verschlüsselung

Physisches Filialnetz

Morgan Stanley unterhält eine strategische physische Präsenz:

• Gesamtzahl der Filialen: 1.209 in den gesamten Vereinigten Staaten
• Durchschnittliche Filialgröße: 4.500 Quadratfuß
• Kundeninteraktionspunkte: 16.000 Finanzberater

Mobile Anwendungen

Zu den Funktionen der mobilen Plattform gehören:

• Downloads mobiler Apps: 2,1 Millionen im Jahr 2023
• Prozentsatz der mobilen Transaktionen: 42 % der Gesamttransaktionen
• App-Bewertung: 4,6/5 in den wichtigsten App Stores

Direktvertriebsteam

Zusammensetzung und Leistung des Vertriebsteams:

Verkaufsmetrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	16,000
Durchschnittlicher Wert des Kundenportfolios	47 Millionen Dollar
Jahresumsatz	21,3 Milliarden US-Dollar

Online-Kundensupport und Beratungsdienste

Details zur digitalen Support-Infrastruktur:

• Online-Support rund um die Uhr verfügbar
• Durchschnittliche Antwortzeit: 7,2 Minuten
• Virtuelle Beratungsgespräche: 128.000 pro Monat

Morgan Stanley (MS) – Geschäftsmodell: Kundensegmente

Vermögende Privatpersonen

Morgan Stanley betreut vermögende Privatkunden mit einem Gesamtvermögen von 4,5 Billionen US-Dollar in der Vermögensverwaltung (Stand 4. Quartal 2023). Das durchschnittliche Nettovermögen der Kunden in diesem Segment beträgt 10,4 Millionen US-Dollar.

Segmentmerkmale	Statistische Daten
Durchschnittliche Portfoliogröße	25,6 Millionen US-Dollar
Anzahl vermögender Kunden	78,500
Einnahmen aus der Vermögensverwaltung	21,3 Milliarden US-Dollar im Jahr 2023

Institutionelle Anleger

Morgan Stanley betreut weltweit 2.300 institutionelle Anlagekunden mit einem verwalteten institutionellen Vermögen von 1,2 Billionen US-Dollar.

• Verwaltung von Pensionsfonds: 456 Milliarden US-Dollar
• Stiftungsvermögen: 287 Milliarden US-Dollar
• Beratung zu Staatsfonds: 210 Milliarden US-Dollar

Firmenkunden

Morgan Stanley bietet Investmentbanking-Dienstleistungen für 1.850 Firmenkunden in 42 Ländern an.

Unternehmensdienstleistungen	Transaktionsvolumen
M&A-Beratung	782 Milliarden US-Dollar im Jahr 2023
Aktien-Underwriting	124 Milliarden Dollar
Schuldenkapitalmärkte	298 Milliarden US-Dollar

Regierungen und Staatsfonds

Morgan Stanley berät 87 Regierungs- und Staatsfondskunden mit einem Gesamtvermögen von 3,6 Billionen US-Dollar.

Wohlhabende Privatanleger

Morgan Stanley betreut 3,2 Millionen Privatanlegerkonten mit einem durchschnittlichen Kontowert von 1,4 Millionen US-Dollar.

Segment Privatanleger	Metriken
Gesamtzahl der Einzelhandelskonten	3,200,000
Durchschnittlicher Kontowert	1,4 Millionen US-Dollar
Benutzer digitaler Plattformen	2,1 Millionen

Morgan Stanley (MS) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Im Jahr 2023 beliefen sich die gesamten Vergütungs- und Sozialaufwendungen von Morgan Stanley auf 28,4 Milliarden US-Dollar, was etwa 46 % der gesamten Betriebskosten ausmacht.

Ausgabenkategorie	Betrag (in Milliarden US-Dollar)	Prozentsatz der Gesamtvergütung
Grundgehälter	12.6	44.4%
Boni	9.8	34.5%
Aktienbasierte Vergütung	4.2	14.8%
Leistungen und andere Vergütungen	1.8	6.3%

Technologieinfrastruktur und Wartung

Morgan Stanley investierte im Jahr 2023 3,2 Milliarden US-Dollar in die Technologieinfrastruktur und die digitale Transformation.

• Kosten für Cloud Computing: 780 Millionen US-Dollar
• Cybersicherheitssysteme: 450 Millionen US-Dollar
• Entwicklung digitaler Plattformen: 620 Millionen US-Dollar
• Hardware- und Softwarewartung: 350 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Rechtskosten

Im Jahr 2023 gab Morgan Stanley 1,1 Milliarden US-Dollar für die Einhaltung gesetzlicher Vorschriften und Rechtskosten aus.

Compliance-Bereich	Aufwand (in Millionen US-Dollar)
Regulatorische Einreichung und Berichterstattung	340
Rechtsberatung und Consulting	420
Compliance-Schulung	140
Risikomanagementsysteme	200

Kosten für Marketing und Kundenakquise

Morgan Stanley stellte im Jahr 2023 850 Millionen US-Dollar für Marketing und Kundenakquise bereit.

• Digitales Marketing: 280 Millionen US-Dollar
• Event-Sponsoring: 150 Millionen US-Dollar
• Kundenbeziehungsmanagement: 220 Millionen US-Dollar
• Werbekampagnen: 200 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Morgan Stanley investierte im Jahr 2023 750 Millionen US-Dollar in Forschungs- und Entwicklungsinitiativen.

F&E-Schwerpunktbereich	Investition (in Millionen US-Dollar)
Künstliche Intelligenz	280
Blockchain- und Kryptowährungstechnologien	180
Innovationen im Vermögensmanagement	190
Nachhaltige Finanzforschung	100

Morgan Stanley (MS) – Geschäftsmodell: Einnahmequellen

Gebühren für das Investmentbanking

Morgan Stanley meldete für das Geschäftsjahr 2023 einen Investmentbanking-Umsatz von 6,5 Milliarden US-Dollar. Die Aufschlüsselung dieser Umsätze umfasst:

Servicekategorie	Umsatzbetrag
Beratungsdienste	2,3 Milliarden US-Dollar
Underwriting-Dienstleistungen	4,2 Milliarden US-Dollar

Handelsprovisionen

Die Handelserlöse von Morgan Stanley beliefen sich im Jahr 2023 auf insgesamt 9,2 Milliarden US-Dollar, mit folgender Verteilung:

• Aktienhandel: 5,4 Milliarden US-Dollar
• Handel mit festverzinslichen Wertpapieren: 3,8 Milliarden US-Dollar

Gebühren für die Vermögensverwaltung

Segment Vermögensverwaltung generiert 22,7 Milliarden US-Dollar Umsatzerlöse für 2023, darunter:

Einnahmequelle	Betrag
Verwaltungsgebühren	15,3 Milliarden US-Dollar
Transaktionsgebühren	7,4 Milliarden US-Dollar

Vermögensverwaltungsgebühren

Segment Vermögensverwaltung generiert 4,6 Milliarden US-Dollar an Gebühren für 2023, mit:

• Institutionelle Verwaltungsgebühren: 2,9 Milliarden US-Dollar
• Einzelhandelsverwaltungsgebühren: 1,7 Milliarden US-Dollar

Zinserträge aus Finanzdienstleistungen

Die Zinserträge von Morgan Stanley für 2023 betrugen 18,3 Milliarden US-Dollar, bestehend aus:

Zinsertragsquelle	Betrag
Kredite und Finanzierung	12,5 Milliarden US-Dollar
Anlagewertpapiere	5,8 Milliarden US-Dollar

Morgan Stanley (MS) - Canvas Business Model: Value Propositions

You're looking at the core value Morgan Stanley (MS) delivers to its clients and the market as of late 2025. It's all about scale, integration, and high-margin advice.

Stability and resilience through a diversified, integrated business model.

The firm's structure is designed for balance. You see this in the revenue mix and capital strength. Total client assets across Wealth and Investment Management hit $8.9 trillion in the third quarter of 2025. Net revenues for that same quarter were $18.2 billion, an 18% increase year-over-year. The wealth and asset management businesses together contributed 53% of total net revenues in the first nine months of 2025, showing a clear shift toward more durable, fee-based income. Plus, the capital position remains solid, with the Common Equity Tier 1 capital ratio at 15.2% under the Standardized Approach as of September 30, 2025. That's real resilience.

Here's a quick look at the scale of the integrated firm in Q3 2025:

Metric	Value (Q3 2025)	Source Period
Total Client Assets (WM & IM)	$8.9 trillion	Q3 2025
Firm Net Revenues	$18.224 billion	Q3 2025
Return on Tangible Common Equity (ROTCE)	23.5%	Q3 2025
Institutional Securities Net Revenues	$8.523 billion	Q3 2025

Access to global capital markets and sophisticated institutional financing.

For institutions, Morgan Stanley delivers deep market access. The Institutional Securities segment pulled in net revenues of $8.5 billion in Q3 2025. Investment Banking activity rebounded, posting revenues of $2.108 billion that quarter, driven by higher IPOs and M&A transactions. The firm's Investment Banking Co-Head claimed the dealmaking pipeline was at "all-time highs" in October 2025. In Q1 2025, the Equity trading business alone generated $4.13 billion in revenue, reflecting robust client activity. You get access to sophisticated financing, like the growing appetite for investment-grade private credit, which the firm is actively involved in.

Comprehensive wealth planning and personalized advice for high-net-worth clients.

The focus here is on high-margin advice. Wealth Management achieved a 30% pre-tax margin in Q3 2025, hitting a key profitability target. The firm is successfully funneling clients through its channels, adding $81 billion in net new assets in that same quarter. Overall, the firm services 20 million individual relationships across its channels. This personalized advice is what drives the durable, recurring fee-based revenue stream.

Scale in asset management, with over $2.5 trillion in fee-based assets.

The scale in asset management is significant. Fee-based client assets within Wealth Management alone reached $2.653 trillion by Q3 2025. This figure is up from $2.302 trillion a year prior in Q3 2024. Separately, the Investment Management division's total Assets Under Management (AUM) hit a record $1.807 trillion in Q3 2025. The firm generated $41.9 billion in fee-based asset flows in Q3 2025.

• Fee-based Assets (Wealth Management): $2.653 trillion (Q3 2025)
• Investment Management AUM: $1.807 trillion (Q3 2025)
• Net New Assets (Wealth Management): $81.0 billion (Q3 2025)

Thought leadership and research on key trends like AI and energy transition.

Morgan Stanley provides proprietary views on major shifts. Leadership has commented on being more "discerning" about financing companies in the Artificial Intelligence space. The firm's research output covers global fixed income markets, multi-asset positioning, and deep dives into themes like Real Assets and Private Credit & Equity. You can expect analysis on how corporate strategy is adapting to geopolitical uncertainty and evolving trade policy.

Finance: draft 13-week cash view by Friday.

Morgan Stanley (MS) - Canvas Business Model: Customer Relationships

You're looking at how Morgan Stanley (MS) keeps its massive client base engaged, which is the core of their Wealth Management and Investment Management segments. It's a mix of personal service and digital scale, honestly.

Dedicated, high-touch relationship management via Financial Advisors.

The firm relies heavily on its Financial Advisors for its high-touch service model. While Morgan Stanley executives have moved away from quarterly reporting of advisor headcount, the quality and recognition of the advisor force remain a focus. For instance, the 2025 Forbes Top Wealth Advisors ranking included 59 Morgan Stanley Advisors, more than any other firm. Furthermore, the 2025 Forbes Best-In-State ranking recognized 1,885 Morgan Stanley Advisors, with 16 of those advisors ranking number one in their respective territories. This indicates a significant, high-performing advisor force driving client relationships.

Self-service and digital tools for ETRADE retail and stock plan clients.

The integration of ETRADE provides a crucial self-service channel. At the time of the acquisition, the combined platforms were projected to serve 8.2 million retail client relationships and accounts, alongside 4.6 million stock plan participants. The ETRADE platform supports retail customers with direct-to-consumer and digital capabilities, complementing the advisor-driven model. ETRADE from Morgan Stanley continues to release data based on customer behavior, such as its monthly sector rotation study.

Institutional relationship teams for corporate and sovereign clients.

Morgan Stanley maintains a global footprint to serve its institutional clients, including corporations and governments. The firm operates with offices in 42 countries. These relationship teams manage complex needs across Investment Banking and the Investment Management segment, which serves institutional clients through proprietary and third-party distribution channels. The firm's focus on expanding its wealth and asset management operations supports this diverse client base.

Client-focused events and proprietary market seminars to build loyalty.

Building loyalty involves direct engagement through proprietary content and events. Morgan Stanley hosts events like the Global Consumer & Retail Conference, which took place in December 2025, and issues proprietary outlooks, such as the 2025 Capital Markets Outlook published in February 2025. These interactions are designed to provide keen insight across regions and markets, underpinning the firm's commitment to its clients.

Here's a quick look at the scale of client assets managed across the key segments as of mid-2025:

Metric	Value as of Late 2025 Data Point
Total Client Assets (WM + IM)	Over $8.2 trillion (Q2 2025)
WM Segment Client Asset CAGR (2019-2024)	18.1%
IM Segment AUM CAGR (2019-2024)	24.7%
Projected Aggregate WM/IM Revenue Contribution (2025)	55.2%

The firm has an explicit goal to grow total client assets to exceed $10 trillion.

The client base is segmented across various needs, which the firm addresses through specialized offerings:

• High Net Worth Individuals
• Ultra High Net Worth Individuals
• Institutional Clients
• Family Offices

Finance: review the Q3 2025 client retention rate for the Wealth Management segment by end of next week.

Morgan Stanley (MS) - Canvas Business Model: Channels

You're looking at how Morgan Stanley (MS) gets its services and products to clients, which is a mix of high-touch advisory and massive digital scale. It's defintely an integrated approach now.

Global network of physical offices and branches for Institutional Securities

The Institutional Securities business relies on a global physical presence to service corporations, governments, and institutions for investment banking and trading.

Morgan Stanley operates with a worldwide footprint, maintaining offices in 42 countries as of the latest available data. The world headquarters remains at 1585 Broadway in New York City. This physical network supports the global market access and trading capabilities that drive the Institutional Securities segment.

Financial Advisor-led brokerage and advisory accounts

This channel is the core of the advisor-driven wealth management experience. You see the scale of this through the assets they manage.

As of the third quarter of 2025, the total client assets across the Wealth Management and Investment Management segments reached $8.9 trillion. The Wealth Management portion, which is heavily reliant on Financial Advisors, reported fee-based assets of $2,653 billion at the end of Q3 2025. The momentum in this channel was clear, bringing in $81.0 billion in net new assets during that same quarter.

Here's a quick look at the scale of the Wealth and Investment Management channels as of late 2025:

Metric	Value (Q3 2025)	Source Segment
Total Client Assets (WM & IM Aggregate)	$8.9 trillion	Wealth & Investment Management
Fee-based Client Assets	$2,653 billion	Wealth Management
Net New Assets (NNA)	$81.0 billion	Wealth Management (Q3 2025)
Investment Management AUM	$1,807 billion	Investment Management

ETRADE digital platform for self-directed retail investors

The ETRADE platform provides the self-directed and digital banking access point for a significant portion of Morgan Stanley's retail clients. This channel was integrated following the acquisition valued at approximately $13 billion.

At the time of the deal announcement, ETRADE brought over 5.2 million client accounts and $360 billion in retail client assets. Even recently, as of December 6, 2025, the Premium Savings Account offered through the platform showed an Annual Percentage Yield (APY) of 3.75%.

• Commodity futures and options on futures products are offered by ETRADE Futures LLC, Member NFA.
• Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC.
• The platform supports online brokerage, automated investment management via Core Portfolios, and various IRA types.

Morgan Stanley Investment Management (MSIM) third-party distribution channels

Morgan Stanley Investment Management (MSIM) uses various external channels to reach institutional and retail clients, complementing its direct institutional distribution.

MSIM's Assets Under Management (AUM) stood at $1,807 billion as of the third quarter of 2025. The long-term net flows for the Investment Management segment were $16.5 billion in Q3 2025, showing continued external demand for their products.

The firm is also tracking investor sentiment through its surveys, noting that 86% of asset owners expected to increase allocations to sustainable funds over the next two years, according to a November 2025 survey, which impacts how mandates are awarded through these distribution partners.

Morgan Stanley (MS) - Canvas Business Model: Customer Segments

You're looking at how Morgan Stanley structures its relationships with the diverse set of clients it serves across its global platform as of late 2025. The firm's strategy clearly emphasizes growing the wealth and asset management side, which now contributes 53% of total net revenues in the first nine months of 2025, up from 26% in 2010.

The client base is segmented across the Institutional Securities, Wealth Management, and Investment Management divisions. Total client assets across Wealth and Investment Management climbed to over $8.2 trillion in the second quarter of 2025, pushing toward the goal of exceeding $10 trillion.

Global Corporations and Governments (Institutional Securities)

This segment serves the largest entities in the global economy. Morgan Stanley helps corporations and governments with capital raising, M&A advisory, and trading services. The activity here is a key driver of overall firm performance, especially when deal-making picks up, as seen with the rebound in global M&A activity in the third quarter of 2025.

For instance, client activity in Asia amid market volatility drove the Asia region revenues for this segment up 29% year over year to $7.27 billion in the first nine months of 2025.

Key client types within this group include:

• Corporations seeking M&A advice and capital markets access.
• Governments requiring financing and advisory services.
• Financial institutions needing trading and execution services.

Ultra-High-Net-Worth and High-Net-Worth Individuals

These clients are served primarily through the Global Wealth Management Group, often utilizing the full-service, advisor-driven model. They access the firm's combined resources, including investment banking services and proprietary deals, which is a key differentiator for this sophisticated clientele.

The Wealth Management segment's total client assets showed a five-year (2019-2024) compound annual growth rate (CAGR) of 18.1%, and this growth trend continued into 2025.

Retail and Mass Affluent Investors (via ETRADE)

The acquisition of ETRADE positioned Morgan Stanley as a top player across all wealth management channels, including the self-directed space. This group relies heavily on digital capabilities and commission-free trading options.

While the initial deal metrics from 2020 showed ETRADE brought over 5.2 million client accounts and $360 billion in retail client assets, the combined platform now serves 8.2 million retail client relationships and accounts.

The offering for this segment includes:

• Brokerage and investment advisory services.
• Retirement plan services.
• Cash Management Solutions like the Active Assets Account.

Institutional Investors (pension funds, endowments, sovereign wealth funds)

This group is a core focus for the Investment Management segment. Morgan Stanley Investment Management (MSIM) provides a suite of solutions across public and private markets to these large pools of capital.

As of September 30, 2025, MSIM managed or supervised $1.8 trillion in assets. The Investment Management segment's total assets under management saw a five-year (2019-2024) CAGR of 24.7%, with the uptrend continuing in 2025.

The client base here is extensive:

• Defined benefit/defined contribution pension funds.
• Foundations and endowments.
• Sovereign wealth funds and insurance companies.
• Third-party fund sponsors.

Private Equity Sponsors and Hedge Funds (Prime Brokerage)

These sophisticated financial players are major users of the Institutional Securities segment, particularly the Prime Brokerage services. This area benefits significantly from market volatility and solid client activity, as evidenced by record equity net revenues in Asia driven by prime brokerage outperformance.

Morgan Stanley helps these clients with tailored and flexible structures, especially in areas like private credit, where the market is estimated to reach $2.8 trillion by 2028.

Here's a quick look at the scale of assets managed for clients across the wealth and investment arms as of mid-to-late 2025:

Client Asset Category	Metric/Value	As of Date/Period
Total Client Assets (WM & IM)	Over $8.2 trillion	Q2 2025
Investment Management AUM/Supervision	$1.8 trillion	September 30, 2025
Wealth Management (Pre-Eaton Vance/MSIM Growth)	$5.4 trillion	2021 (Post-Acquisition Baseline)
ETRADE Retail Client Assets (Acquisition Baseline)	Over $360 billion	February 2020

The firm's strategy is clearly about capturing more wallet share across the spectrum, from the individual investor on ETRADE to the largest sovereign wealth funds. Finance: draft 13-week cash view by Friday.

Morgan Stanley (MS) - Canvas Business Model: Cost Structure

You're looking at the expense side of Morgan Stanley's operations as of late 2025, and honestly, it's a story of scale and investment. The costs reflect a firm handling massive client flows and aggressively building for the future.

Compensation and benefits remains the single largest drain on the bottom line, which is typical for a services-heavy financial institution. For the third quarter ending September 30, 2025, the reported compensation expense was $7,442 million. This figure was driven higher by expenses related to deferred compensation and higher salaries. To give you a sense of the scale, the non-GAAP adjusted compensation expense, which excludes certain cash-based deferred compensation plans, was $7,142 million for the same period.

Next up are the non-compensation expenses, which are a direct reflection of growth investment. These expenses rose 9% in Q3 2025 compared to the prior year, totaling $4,754 million for the quarter. This increase was primarily due to higher execution-related expenses.

Here's a quick look at the major expense categories for the third quarter of 2025:

Expense Category	Q3 2025 Amount (Millions USD)	Context
Compensation Expense	$7,442	Largest single expense category.
Non-compensation Expenses	$4,754	Reflecting growth investment, up 9% year-over-year.
Interest Expense on Debt (Quarterly)	$12.97B	Reported for the fiscal quarter ending September 2025.

The firm is making significant technology and data infrastructure spending, especially on AI capabilities, which feeds into those non-compensation figures. While a specific Q3 2025 technology spend number isn't explicitly broken out, the forward-looking data is telling. Morgan Stanley's own analysts project that global data center construction will require approximately $2.9 trillion in investment from 2025 to 2028. Furthermore, the technology team forecasts AI software revenues to reach $1.1 trillion by 2028, suggesting the current investment cycle is expected to generate enduring cash flows.

You also have to account for regulatory compliance and legal costs associated with global operations, which is a constant, non-trivial cost of doing business at this scale. To be fair, we see other large, non-recurring operating costs, like the $144 million recorded for the reduction in force (RIF) in Q3 2025, which was included within Compensation and benefits expense.

Finally, the cost of financing the balance sheet shows up as interest expense on long-term debt. As of September 30, 2025, Morgan Stanley reported $324.1 billion in long-term debt outstanding. The actual interest expense recognized for that quarter was $12.97B. The firm's expense efficiency ratio improved to 67% in Q3 2025, down from 72% a year ago, showing they are managing these costs relative to record revenues.

Morgan Stanley (MS) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Morgan Stanley's profitability, the streams that feed the firm's overall performance as of late 2025. It's a mix of steady, recurring fees and the more volatile, but often lucrative, transactional businesses. Honestly, the shift toward fee-based income has been a major strategic focus for years.

The combined power of Wealth Management and Investment Management is substantial. In the first nine months of 2025 (9M 2025), these fee-based revenues contributed 53% of Morgan Stanley's total net revenues. This focus on recurring revenue provides a solid base, which is smart when capital markets get choppy.

Investment Banking fees remain a critical component, showing a strong rebound in dealmaking activity. After a slower period, the environment picked up steam. For the third quarter of 2025 (3Q 2025), Investment Banking revenue jumped 44% year-over-year to $2.11 billion. This was fueled by a rebound in strategic Mergers & Acquisitions (M&A) and renewed financing activity, with the pipeline reportedly at all-time highs.

Here's a quick look at the components of that Investment Banking revenue for 3Q 2025, based on consensus estimates:

Revenue Component	3Q 2025 Estimated Revenue (Year-over-Year Change)
Total Investment Banking Income	$1.51 billion (3.4% rise consensus)
Advisory Fees	$589 million (7.9% rise consensus)
Equity Underwriting Fees	$440 million (21.5% rise consensus)
Fixed Income Underwriting Fees	$510 million (8.1% fall consensus)

Sales and Trading revenue is where you see the immediate impact of market volatility. You definitely saw this in the first quarter of 2025 (Q1 2025), where equity trading revenue surged 45% to a record $4.13 billion. This was driven by heightened volatility, leading to increased hedging activity from clients. By the third quarter of 2025, Equity revenue was still strong at $4.12 billion, representing a 35% year-over-year increase.

Net interest income (NII) from lending and cash management services provides a steadier stream. For the second quarter of 2025 (Q2 2025), NII totaled $2.35 billion, which was flat compared to Q1 2025. This stability is supported by the cumulative impact of lending growth.

Asset Management fees are directly tied to the assets Morgan Stanley manages. Total client assets across Wealth and Investment Management reached $8.9 trillion by the end of 3Q 2025. The Investment Management segment specifically held $1.807 trillion in Assets Under Management (AUM) in 3Q 2025. This scale supported net revenues for the Investment Management segment of $1.651 billion in 3Q 2025.

To give you a clearer picture of the quarterly revenue mix from the latest available detailed reports, here's a snapshot:

• Wealth Management net revenues in 3Q 2025 hit a record $8.234 billion.
• The pre-tax margin for Wealth Management in 3Q 2025 was 30.3%.
• Net new assets for Wealth Management in 3Q 2025 were $81.0 billion.
• Fee-based asset flows in Wealth Management for 3Q 2025 were $41.9 billion.
• Investment Management net revenues in 3Q 2025 were $1.651 billion.

Here's how the key revenue segments stacked up in the third quarter of 2025:

Business Segment	3Q 2025 Net Revenues ($ millions)	Year-over-Year Change
Institutional Securities (Total)	$8,523	Increase
Investment Banking (within Institutional Securities)	$2,108	Up 44% (Implied from IB revenue rise)
Equity (within Institutional Securities)	$4,116	Surge (Q1 saw 45% surge)
Wealth Management (Total)	$8,234	Jump (Up 13% from a year ago)
Investment Management (Total)	$1,651	Increase

If onboarding takes 14+ days, churn risk rises, but for Morgan Stanley, the recurring revenue streams are definitely holding up their end of the bargain.

Finance: draft 13-week cash view by Friday.