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What the deletion of no-drama Greg Fleming bodes for Morgan Stanley, wirehouses and CEO James Gorman

Moves leading up to the 52-year-old Yalie's departure, made under duress, removed the CEO's chief rival and chief heat shield

Author Guest Columnist Keith Girard January 14, 2016 at 9:56 PM
1 Comment
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All eyes shouldn’t be on Kellehner to see if he succeeds -- they should be on James Gorman [pictured] to see if he survives.

Tim Welsh


James Gorman


Leitner Sarch


Danny Sarch


Keith Girard


Greg Fleming


Colm Kelleher

Stephen Winks

Stephen Winks

January 15, 2016 — 5:06 PM

Flemings’s emphasis on ethics was perfectly aligned with the industry’s evolution toward advisory services and fiduciary duty being embraced by FINRA, the SEC and The DOL. We are at an inflection point which requires principled leadership more so than ever. Clearly the trading desk and the conventional brokerage business model must adapt, a move less likely with Kelleher’s promotion over Fleming. At this critical juncture can MS adapt to a new business environment which requires Flemings skill set. Doesn’t Flemings departure expose the brokerage cultural challenge issues (where culture and conflicts of interest counter to the best interest of the investing public impede innovation), exactly when FINRA focuses on (a) leadership, (b) streamlining cost, (c) eliminating conflicts, (d) instilling trust and confidence of the investing public and (e) establishing the broker’s professional standing in advisory services. The industry is in conflict between two entirely different business models, the low cost, high value added advisory services business model based on fiduciary duty in the client’s best interest and the high cost, low value added brokerage business model based on a suitability standard in the b/ds best interest. It is professional standing and the best interest of the investing public vs. sales and the best interest of the b/d. The choice is clear for the investing public.

Stephen Winks

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Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

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