Changes in Morgan Stanley Smith Barney's executive structure indicate stronger emphasis on high-net-worth retail business ahead.
Just a few key points:
* Paul Hatch, head of investment strategy, has formally added "retirement services, corporate equity solutions, and wealth advisory services" to his portfolio.
* Ben Huneke, who used to handle business development for Morgan's wealth management unit, will now run business development for the entire brokerage firm.
* Jeff Hack, formerly CFO at Smith Barney, is back as chief operating officer.
Taken together, the moves seem to tip a strategy of increased focus on wealth management and other broad-based advisory services.
And Hack's return could soothe friction between the old Morgan Stanley crowd and their new Smith Barney colleagues.