What is the state of wealth management today? GREG FLEMING: Let me answer that by putting some things in context. I traced the beginning of the seeds of the financial crisis all the way back to 1984. At that time, savings rates in the United States were still in the 8% to 10% range for individuals. Governments were much more in balance from a fiscal standpoint. From that period until 2007, $40 trillion in debt—household, corporation, financial institution and government—was added across the American economy. And even though it is a very large economy, that is a lot of money. If you're adding that much debt, the deleveraging process takes a while. The American economy is now starting to pull out of the effects of this deleveraging process. The underlying business cycle is starting to take hold, and I think the U.S. economy could be entering a much better time. When you're looking at the competitive position of the U.S. economy relative to other economies around the world, it's a pretty strong one. Against that backdrop, the wealth management industry in this country, I think, is also going to experience a very good period. I do think if you're running a full-service wealth management business, as we are at Morgan Stanley, this business could thrive over the next five or 10 years. We at Morgan Stanley feel very good about wealth management, where we are, what the future is going to bring. We're working quite a bit on connectivity between wealth management and other areas of the firm. So when we look at it now over the next five or 10 years, we're very upbeat.

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