Morgan Stanley announced that it will limit its brokers to 90 days per year to perform remote work.
The wirehouse is looking to get staff back in the office and fulfill supervisory duties, according to several inside sources familiar with the changes consigned by Advisorhub.
The policy changes will take effect July 1st.
Morgan Stanley CEO’s James Gorman has been a strong advocate of the move back to the office. Gorman has repeatedly reiterated that “anyone who goes to a restaurant should also come to the office and learn from their peers.”
Brokers requesting additional time to work remotely will have to demonstrate an alternative work location. Eligibility for a remote office will be based on criteria such as length of service or membership in production-based recognition clubs and senior approval.
Those working from an alternate remote location will also be subject to additional monitoring requirements, such as periodic remote inspections.
It is uncertain how many brokers will be able to opt for alternative jobs, a Morgan Stanley spokesperson told the U.S. media outlet.
On the other hand, flexibility options will differ from employee to employee depending on their role and eligibility.
This measure may cause some brokers to leave the company. Especially if some competing firms such as UBS Wealth Management USA are taken into account.
The Swiss firm has said it will not force U.S. brokers to return to their position. Bank of America, on the other hand, called its employees back to the office on March 1, although brokers were exempt from this policy.
For Marcelo Soba
