Morgan Stanley wealth head prioritizes reinvestment; tax policy in a new Trump era; an AI tool with advisor fans

WEALTH MANAGEMENT: Morgan Stanley’s head of wealth is blunt about his approach to growing the firm’s wealth management business —?and it doesn’t involve a lot of advisor recruiting.

“Recruiting is an immaterial contribution to our overall growth, and we are very selective with who we bring on board,” Jed Finn told Financial Planning's Dan Shaw .? “We're not out there trying to bring in anyone to Morgan Stanley, and we are not the highest payer in the market.” Read the full Q+A for more of Finn's plans for Morgan Stanley's wealth unit.?

READ: Morgan Stanley wealth head bets on reinvestment over recruiting

TAX PLANNING: President-elect Donald Trump and his Republican party clarified one aspect of the uncertainty surrounding taxes with a resounding victory in the election.

That means that the many expiring provisions of the Tax Cuts and Jobs Act of 2017 — which Trump signed into law in his first term — are much more likely to remain in force after their potential sunset date at the end of next year. Financial advisors and tax professionals can act without worrying that the rules will shift underneath them to favor much higher income duties.??

However, the result also presents Trump and incoming Senate Majority Leader John Thune of South Dakota and House Speaker Mike Johnson of Louisiana with a series of thorny tax policy questions that have tricky, time-sensitive implications, according to Anna Taylor , the deputy leader, and Jonathan Traub , the leader, of Deloitte Tax's Tax Policy Group.?

READ: Trump and the GOP won a huge election for taxes. Now for the tricky part

ADVISOR TECH: New York City-based tech firm Zeplyn has raised $3 million in seed funding for its AI assistant for financial advisors. The company's AI Meeting Assistant takes unstructured conversational data and turns it into notes. It also provides a toolkit for advisors to prepare for client meetings, capture financial data and client insights, and trigger follow-up tasks. Zeplyn CEO Era Jain told FP that this differentiates it from the AI note-taking capabilities in Zoom and Microsoft Teams.?

Laura Kiick, vice president and wealth advisor at Sequoia Financial Group in Akron, Ohio, said using Zeplyn has changed the way her firm interacts with clients.?

READ: Zeplyn raises $3M for its AI assistant for financial advisors

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