Morgan Stanley is a global financial services firm that raises, manages, and allocates capital across three businesses: Institutional Securities, Wealth Management, and Investment Management. Institutional Securities serves corporations, governments, and institutional investors through investment banking (M&A advisory, equity and debt underwriting) and markets (equities and fixed income trading, prime brokerage). Wealth Management serves individual investors across mass affluent to ultra-high net worth through three channels: advisor-led, self-directed via E*TRADE, and workplace equity plan administration. Investment Management manages money for institutional and individual clients across equities, fixed income, alternatives, and Parametric, an industry-leading tax-efficient direct indexing platform. Morgan Stanley earns advisory and underwriting fees in investment banking, trading spreads in markets, asset-based fees in wealth management (roughly 63 bps on fee-based assets), net interest income on client deposits and loans, and management fees in investment management (roughly 31 bps on AUM). Morgan Stanley's strategy centers on its "Integrated Firm" model, where the workplace channel acquires new wealth clients, those clients migrate from self-directed to advisor-led, and the institutional franchise serves those same corporate clients for capital markets activity. Management targets $10T+ in total client assets across wealth and investment management, and is focused on growing bank lending, scaling Parametric and alternatives, and gaining investment banking and equities market share.