Morgan Stanley 2003 Annual Report Download - page 14

Download and view the complete annual report

Please find page 14 of the 2003 Morgan Stanley annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 38

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38

6“Our฀satisfaction฀surveys฀
show฀our฀clients฀place฀
a฀high฀value฀on฀trusting฀
relationships฀with฀their฀
financial฀advisors.฀This฀year,฀
we฀focused฀on฀organizing฀
our฀business฀around฀specific฀
client฀segments,฀which฀
has฀allowed฀us฀to฀better฀
tailor฀solutions฀to฀their฀
needs.฀Building฀on฀trusting฀
relationships,฀tailoring฀
solutions฀and฀keeping฀
costs฀down฀resulted฀in฀a฀
dramatically฀improved฀profit฀
picture฀as฀markets฀improved฀
and฀individual฀investors฀
returned฀in฀strength.”
John฀Schaefer
President฀&฀Chief฀Operating฀Ofcer,฀
Individual฀Investor฀Group
Client฀Assets฀
(Dollars฀in฀Billions)
660
440
220
0
$565
$516
$595
$654
$595
$445
200320022001200019991998
Headcount
(Financial฀Advisors฀and฀Non-sales฀Staff)
12,546
8,694
2002
11,086
7,840
21,240
18,926
2003
Non-sales
Financial฀Advisors฀฀
(excludes฀trainees)
Fee-Based฀Assets฀%฀of฀Total฀Assets
25
20
15
10
5
0
23%
21%
19%
18%
14%
12%
200320022001200019991998
Individual฀Investor฀Group
(Dollars฀in฀Millions)
฀ ฀ 2002฀ 2003฀ %฀CHANGE
REVENUES฀ 4,264฀ 4,167฀ –2%
EXPENSES฀(INCLUDING฀INTEREST)฀ 4,155฀ 3,713฀ –11%
PROFIT฀BEFORE฀TAXES฀ 109฀ 454฀ 317%
PROFIT฀BEFORE฀TAXES฀MARGIN฀ 3%฀ 11%฀ N/A
Satisfaction฀Level฀of฀U.S.฀High฀
Net฀Worth฀Clients฀of฀the฀Firm
(Percent฀Exceptionally฀or฀Very฀Satised)
58
54
50
46
42
54%
2002
58%
2003
Source:฀฀Morgan฀Stanley฀Retail฀
National฀Client฀Satisfaction฀Survey
Source:฀฀Company฀Filings
Source:฀฀Company฀Filings