Financial advisors and employees at Morgan Stanley Wealth Management will be required to be in the office at least four days a week starting May 5, according to an internal communication sent to staff on Monday, which Funds Society has seen.
“Much has changed since the height of COVID,” began the memo, signed by Jed Finn, Head of Wealth Management at the investment bank. “What hasn’t changed, however, is that the vast majority of us do our best work when we’re together in person,” he added.
In another section, Finn emphasized that the success of the business depends on personal relationships and the informal interactions that happen when people share the same space. The note also stated that supervisors are expected to be in the office five days a week unless they have an approved exemption.
Financial firms have been assertive in demanding employees return to the office after the pandemic began affecting the U.S. in 2020, leading to more flexible work policies and the widespread adoption of remote work.
Although Finn acknowledged in his message that “there’s a lot of passion on all sides of this issue,” he maintained that “to continue growing the business and ensure we meet our goals—not just for the current team, but for the future—we believe spending more time together in person will improve our effectiveness.”
In 2022, Morgan Stanley limited remote work to 90 days a year with no exceptions. In January, JP Morgan asked its hybrid employees to return to the office five days a week starting in March, sparking hundreds of comments and complaints from staff, according to Reuters.
Finn’s note also indicated that exceptions might be considered. “We know that in an organization of our size, with a diverse mix of businesses, locations, and roles, there will be situations where more flexibility in work arrangements is required—or even preferred,” he wrote. “With manager and/or advisor approval, those situations may continue,” he added.
For Guadalupe Barriviera
