Morgan Stanley and Bank of America Corp are expanding the employee-benefits serv...
And Morgan Stanley bought the most popular software platform for employee stock plans, making it difficult for rivals to compete.
“It creates value for the employer, the employee and creates a new source of potential clients for us,” said Jed Finn, chief operating officer of Morgan Stanley’s wealth unit. Bank of America added nearly 3,000 corporate clients to its institutional retirement business in 2018, up about 50% from the prior year. So far this year, it has added another 2,190 of them. That includes 401s, HSAs, employee stock and defined benefit plans.
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