PLANADVISER - Summer 2023 - 10
On the Move
Ben Cardin to Retire
Morgan Stanley to Change CEO
Ben Cardin, Maryland senator
Senator Ben
James Gorman, CEO
and chairman of Morgan Stanley
Cardin, D-Maryland,
announced that he will not seek
re-election in 2024. Cardin first
entered politics in 1968 and was
recently a key figure in passing the
SECURE 2.0 Act of 2022, follow-up to
the Setting Every Community Up for Retirement Enhancement
Act of 2019. He has been a strong proponent of retirement
reform and often worked closely with former Senator
Rob Portman, R-Ohio, who retired last year. Among
Cardin's contributions to retirement security, he specifically
cites encouraging small businesses to start a retirement
plan and increasing plan access for lower-income
Americans.
In a statement, he said, " During the next two years,
... [a]s Small Business chair, I will continue to work on
behalf of small businesses in Maryland and across the
country who still face a tough economic climate. We need
to keep building up the tools available to help our small
businesses, especially women-owned, veteran-owned,
minority-owned, and underserved entrepreneurs. I plan to
make the most of every moment left. "
Morgan Stanley's CEO and chairman,
James Gorman, plans to step down in
the next 12 months, he announced in
mid-May.
Gorman was named CEO in 2010,
replacing John Mack, who had steered the firm through
the financial crisis. Gorman, 64, presided over a push by
the New York City-based investment bank into wealth
management and investment advice; the investment
management division, now, as of March 31, employs 1,300
financial professionals overseeing $1.4 trillion in assets
under management.
Gorman's move into retail investment management
included the acquisition of E*Trade Financial Corp. in
February 2020, at which time he said the deal would make
Morgan Stanley a top player across financial advisory, selfdirected
investing and workplace savings. That October,
the firm also bought wealth manager Eaton Vance Corp.,
bringing on $500 billion in AUM, as well as the new addition's
capabilities
in individual
customized investment solutions.
separate accounts and
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PLANADVISER - Summer 2023
Table of Contents for the Digital Edition of PLANADVISER - Summer 2023
Leadership in Practice
SECURE 2.0 Insecurities
The Need for NQDC Support
Advisers’ Huge Opportunity
Do 3(38)s Assume More Risk?
Match for Student Debtors
'The Question Stands
PLANADVISER - Summer 2023 - C1
PLANADVISER - Summer 2023 - C2
PLANADVISER - Summer 2023 - 1
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PLANADVISER - Summer 2023 - 14
PLANADVISER - Summer 2023 - 15
PLANADVISER - Summer 2023 - Leadership in Practice
PLANADVISER - Summer 2023 - 17
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PLANADVISER - Summer 2023 - 26
PLANADVISER - Summer 2023 - 27
PLANADVISER - Summer 2023 - SECURE 2.0 Insecurities
PLANADVISER - Summer 2023 - 29
PLANADVISER - Summer 2023 - 30
PLANADVISER - Summer 2023 - 31
PLANADVISER - Summer 2023 - The Need for NQDC Support
PLANADVISER - Summer 2023 - 33
PLANADVISER - Summer 2023 - Advisers’ Huge Opportunity
PLANADVISER - Summer 2023 - Do 3(38)s Assume More Risk?
PLANADVISER - Summer 2023 - Match for Student Debtors
PLANADVISER - Summer 2023 - 37
PLANADVISER - Summer 2023 - 'The Question Stands
PLANADVISER - Summer 2023 - 39
PLANADVISER - Summer 2023 - 40
PLANADVISER - Summer 2023 - C3
PLANADVISER - Summer 2023 - C4
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