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an InvestmentWires' Publication
Monday, May 13, 2002|
Of the Broker, By the Broker
Morgan Stanley has decided to focus on serving its customers through its broker/dealer channel, a spokesperson with the firm told the MutualFundWire.com. To that end, the firm is selling its self-directed online accounts to Harrisdirect, a unit of the Bank of Montreal.
Investors who work with the firm through a financial advisor will not be affected. These investors will also have continued access to a website designed strictly for them.
"Our clients tell us the customized advice and personal service they receive from their financial advisors help them navigate the complexities of the market, and that's where we are focusing our resources," stated John Schaefer, president of Morgan Stanley Individual Investor Group. "We remain committed to online services for our full-service clients, and we will continue to enhance our online offering to ensure they have access to premier web-based services for the long term."
This move represents a sale of accounts only. No technology is involved in the transfer.
Harrisdirect purchased CSFBdirect back in February.
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