Digging deeper into the workplace channel of its broad wealth management ecosystem, Morgan Stanley today announced that its Morgan Stanley at Work subsidiary will acquire American Financial Services (AFS), a leading provider of pension plans. unqualified benefits for employers of all sizes.
The deal comes a week after Morgan Stanley revealed its Connected Customer Journey, its ambitious plan to use data management on a level never seen in financial services before, where customer activity in one area, such as workplace 401(k) or equity participation, automatically generates a variety of prompts in other areas.
“The workplace is a key story to watch over the next five years in the wealth management industry,” said Jed Finn, COO of Morgan Stanley Wealth Management, in a press release. “It’s the single most important source of wealth creation, and at Morgan Stanley we’ve worked hard to create an end-to-end, integrated offering where we can help plan members achieve their financial goals and businesses manage the full spectrum of their finances, wellness, equity, and now with the addition of AFS, deferred cash offers.
AFS’ business capabilities include plan design, online implementation and enrollment, financing analysis and optimization, as well as customer management and plan record keeping, the statement said. Press.