Morgan Stanley 2003 Annual Report Download - page 26
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Please find page 26 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.12 Afterspendingtwoyearslisteningtoclientsandtirelesslybuildingcapa-
bilitiesacrossanumberofserviceandproductplatforms,John’sgroup
recentlyintroducedClientOne
—
ahigh-touchmodelthatputsthenan-
cialadvisoratthecenterofapersonalizedapproachtoprovidingamore
sophisticatedofferingtoafuentclients.WebelieveClientOnehelps
todifferentiateusfromcompetitionthroughaclearerunderstandingof
clientsacrosstheirlifecycleandastrongerinvolvementwiththemover
time.Anintensenancialadvisortrainingprogramhasbeeninitiated
toaccomplishtheseobjectives.TieringofclientsintoPlatinum,Gold
andBluegivesustheabilitytoofferoptimalpricingandbenetstoour
bestclients.Andourrecentlyannounced“StatementofCommitmentto
Clients”clearlyidentieswhatclientscanexpectfromusandwhatwe
expectofthemaspartofourongoingrelationships.Inaddition,John
created,forthersttime,thepositionofClientAdvocate,whowillactas
anombudsmantorectifyproblemsandidentifyconictsonbehalfofour
individualclients.Allthesestepstogetclosertoclients,combinedwithan
improvedmarketenvironment,haveresultedinasignicantreboundin
ourindividualinvestorbusiness,andwebelievetheypositionuswellfor
theyearsahead.
OurDiscoverunit,alreadyveryintunewiththeirCardmembersand
theirbehavior,spentmuchofthepastcoupleofyearstailoringitsoffering
andnarrowingitsfocustoamoreprotablecustomersegment.Today,
wefeelweareinamuchbetterpositiontoservicetheseclientsanduse
ourCashbackBonus®
positioningtobroadentheproductsolutionsavail-
abletothem.AndDiscover’smorethan4millionmerchantpartners
increasinglyviewDiscoverasthelowestcost,mostexibleproviderof
cardservices.
Someofthechangeswehavemadeonbehalfofourclientswerenot
initiatedfrominsidethermbutratherweretheresultofagreements
wemadeaspartofoutsideregulatoryaction.Issuesrelatedtothesale
ofmutualfundproductsbyourretailbrokersisonesucharea.Greater
transparencyiscalledforinthewayweconductthisbusinessandhow
clientspayusfortheproductswesell.Asofthiswriting,wehaveagreed
toanumberofchangesmovingforward,includingaMutualFundsBillof