Morganstanley Reviews 119

Morgan Stanley are a company that you should only place your money with if you want to lose it. This is an incredibly dishonest financial firm. I placed huge sums of money with them for many years. My financial advisor was effectively stealing money from the account without my knowledge. I know this now because the funds were not growing at all. I moved the funds to Fidelity and the funds began to immediately grow by very large amounts. I am now managing my funds myself. I am not an expert in finances, but when I was under the care of a financial expert, my accounts were not growing. The other thing that happened is that when I finally came to my senses and moved the funds to Fidelity, Morgan Stanley even stole 500 USD as the funds were leaving my account. We have never been able to find out where the 500 USD went in the transfer. All I know is that the 500 USD did not end up in the accounts the money was transferred to. I receive at least one call each year from someone trying to get me to place my funds with Morgan Stanley. I am sure they trawl through all sorts of resources to find high net worth individuals to induce them to invest with Morgan Stanley. I wish I could give no stars, because they deserve none. Again, only place your money with these thieves if you can afford to lose it.

Super bad customer service.
Recently I got locked out of my Stockplan Connect account and I tried to get online again....almost impossible with this company.

To unlock my online stock account again, I had to call and send in my passport. The SLA of verifying my identification would take 5 business days. After calling back for the 4th time at the 9th business day of the SLA my passport is still not verified. Instead of prioritising this request and make sure they provide some service they are pushing me back to call again in 2 days.

Morgan Stanley is not providing any customer service here, while customer satisfaction should be on top of their mind, when dealing in wealth management.

On top of that the 4 calls `I had to make (from Europe to USA) took in total over 4 hours, since for an unknown reason they had to put me through to 5 different people/departments per call. For a simple exercise as unlocking an online account, this is absolutely unacceptable. Feels like Morgan Stanley makes money, with every minute they keep you on the line.

Conclusion, worst company and absolute horrible customer service!! If you can make a decision to choose a broker for your stock account, don't use this company!! since they will not help you at all when you need it!

My better half gets stock options from work (a large US based tech company with about 85K employees). Recently we placed sell orders for 6 lots of stock. All were set up the same way. They all settled within 3 days of one another. All the proceeds were supposed to be deposited into an in house Morgan Stanley cash account.
2 of the 6 sales' proceeds made it into the account. Checks were issued for the other 4, even after Josh, a Team Leader in the Workplace Solutions Group, assured me that they would go into the account. Josh cancelled the biggest of the checks, and promised to get the funds into the cash account. He did cancel the check, so what I have is no good, but did he get the money into the cash account where I could access it? NO! After asking for a week, I still don't know if the other 3 checks are good or not, so I dare not deposit them for fear of bounced check charges from my bank.
Over a week later, and I am chasing all over trying to get answers. I get promises of calls, but nothing. I contact the "Executive Director" Dan Murphy who is listed on my account, but get nothing. I send emails to Katherine, the Resolutions Associate, and she can't access the information. And she can't take my call.
Calling in to their "customer service" department results in long waits and multiple transfers. Everyone always seems to be a new hire.
Once I tried to get the form for a power of attorney from them. After talking with 3 different people, I had 3 different forms in hand. Helpful? NO!
The one good thing about this company is you can electronically populate tax software with your transactions. Oh, wait. That is only if your account is set up correctly. If they tag you as a global account instead of as a US citizen, you can't use this function. It seems that their default is as a global account. And if the account got set up like this, it is an easy fix, right? NO! They either can't or won't do it.
I'm not sure what barrel bottom Morgan Stanely is going to for its work force, but they're really scraping it. Their employees don't know how to make or show up for appointments, and don't know anything when they do finally show up. They can't write a decent sentence in a business communication. And they don't care. Ignorance and apathy abound.
I can't say anything good about Morgan Stanley. There just isn't anything that they exceed at. If you have any choice at all about who you use for a brokerage, run from Morgan Stanley.

I retired from a large pharma company which moved retiree accounts to a "different section of Morgan Stanley." Could not locate my needed 1009 for 2020, called MS and it took 15 minutes before Dillon came online. After asking all the ID questions he then transferred me to another unit of MS where Thomas answered and they asked the same ID questions. He walked me through the login process which failed during 3 attempts. He said he would email the needed 1099. 3 hours later I was able to login and print the 1099. Dillon was fine, helpful. Thomas did not provide the required documentation. Not a good experience for the end user at all.

My late mother had an account with them over which she gave them investment control and which was, in my opinion, ruthlessly churned-and-burned to beef up their commissions. After my mother passed I had the account reviewed by an independent broker, who said that while there was probably nothing criminal in how they managed the account, he saw many trades he would not have done for an elderly client. To add insult to injury, the company recently lost our data to a security breach. Overall I cannot recommend Morgan-Stanley, and a piece of advice to the reader: don't give control of your money to anyone.

Lost 60% of my portfolio on bad judgement and deceit. Refused to help me pull back accounts. Felt threatened and uneasy with them the last 4 years 2015-2019. Brokers at the Morgan Stanley Dallas Preston plaza office were or seemed to be mentally incapable or just didn't give a 💩 about my life savings. The Nicholas group should be avoided at all costs! The names Maria and jim Nicholas stand for OBLITERATION and CHAOS. If you question Morgan Stanley on its POOR GUIDANCE and DECISIONS they will close your accounts. Poor excuses and ethics are the usual with this group! Mental issues might possibly be another issue in that office as well.

I have worked in Europe for a US tech compamy for past 10 years and part of my compensation is stocks deposited to Morgan Stanley US broker account. I sold some stocks over the years and proceeds would be send via international transfer to my bank account. Worked without issues for 10 years.
5 weeks ago, in June, I made a larger sell hoping to protect life savings from Covid economic consequences, and this wire has not reached my account. I have since spent hours on customer service phoneline at Morgan Stanley, patiently following guidance to resolution, and heard mostly fluff, pointing fingers to undefined external actors
'can you try to find the wire in your bank' 'we couldn't contact your bank' 'we couldn't contact intermediary bank' 'I'm not sure what they did, there is no case number attached' 'we are awaiting for funds to get back' are fluff answers i've been hearing last 3 weeks. I have not received any document for validating the wire or tracing the wire.
There is an alarming lack of dedication to fix the situation and lack of operational effectiveness and transparency. How can it take weeks for Morgan Stanley to investigate and fix a wire?
I would not recommend Morgan Stanley as a place to keep life savings and investments.

Archaic and outdated powerhouse trading on a name that’s ready to fall. It’s extremely expensive and a hard to use website. I’d recommend the Freetrade app over this terribleness any day. Steer clear if you value your sanity and good user experience.

Nothing to offer

The most amazingly bad user experience that I've seen so far, starting with dinosaur-age systems (don't think of contacting by form or eMail, only form) and very user un-friendly processes: got me locked for failing my security question (which is a horrible type of security anyway) and didn't send an eMail with instructions nor a proper error message when I tried to reconnect.

But it wouldn't matter because the Support Center is only a US number (even the one specific for Europe) that I can't call with my current mobile plan.

I could expect something like this from a company with 30 employees with low fees and all... but who wants a well-stablished company for this kind of experience?

Amazing company to work with and love the employee benefits.

The current global economic crisis is roaming all over the world. Every nation, continents even the strong have been hit hard by these economy. God knows, even one of the best equity banks like Morgan Stanley were huge victims of the non-sparing economic crisis. But even with the challenges, Morgan Stanley has proved to its shareholders, customers and other stakeholders that it can stand firm and progress even in time of crisis. I will not put it high because of any other reason, but for the reason of proper equity and financial planning. With more than 60,000 employees the company has stood high during the American financial crisis and is proving to manage, buy and operate more business than ever. Over the last decade the company has increased its capital share by an increased rate, increased its global offices and expansion projects which are yielding much returns upon the appreciation of the all the stakeholders.