Morgan Stanley Statistics 2026
By Axis Intelligence Research
Co-author: Sarah Davis | Last updated: August 19, 2026 | License: CC BY 4.0
Morgan Stanley reported net revenues of $21.348 billion and net income of $5.581 billion for the quarter ended June 30, 2026, with earnings of $3.46 per diluted share and a return on tangible common equity of 26.6%. Total client assets across Wealth and Investment Management reached $10.088 trillion, crossing a threshold the firm had been publicly chasing since 2021.
Quick Answer
Morgan Stanley managed $10.088 trillion in total client assets at June 30, 2026, split between $8.084 trillion in Wealth Management and $2.004 trillion of Investment Management AUM. Second-quarter net revenues were $21.348 billion, up 27% year over year. Axis Intelligence Research calculates the firm’s Axis Fee Density Ratio at 45.4% — its lowest reading in the reported window, because trading grew faster than fees.
Key Findings
- Morgan Stanley reported net revenues of $21.348 billion for the second quarter of 2026, a 27% increase from $16.792 billion in the same quarter of 2025, according to the firm’s Form 8-K filed with the SEC on July 15, 2026.
- Total client assets across Wealth Management and Investment Management reached $10.088 trillion at June 30, 2026, up from $9.276 trillion at December 31, 2025, per Morgan Stanley’s Form 10-Q.
- According to Axis Intelligence Research, the Axis Fee Density Ratio (AFDR) — asset management plus net interest revenues as a share of total net revenues — fell to 45.4% in Q2 2026 from 49.4% a year earlier, the lowest reading across the nine periods computed.
- Axis Intelligence Research finds Morgan Stanley’s Client Asset Monetization Rate (CAMR) was 43.8 basis points in Q2 2026, roughly twice Charles Schwab’s 21.6 basis points but below Bank of America’s 55.7 basis points on the same calculation.
- The Federal Reserve’s 2026 stress test projected Morgan Stanley would generate $17.8 billion of pre-tax net income under the severely adverse scenario — the highest figure among all 32 banks tested.
How Much Money Does Morgan Stanley Manage in 2026?
Ted Pick spent two years telling anyone who would listen that $10 trillion was coming. On July 15, 2026, the second-quarter earnings release confirmed the firm had arrived: total client assets across Wealth and Investment Management of $10.088 trillion, up $812 billion in six months.
The number is real. What it means depends entirely on which dollars you count.
Morgan Stanley Client Assets by Channel, June 30, 2026
| Measure | Value | Change from Dec 31, 2025 | Source |
|---|---|---|---|
| Total client assets (WM + IM) | $10,088B | $9,276B | Morgan Stanley Form 10-Q (sec.gov) |
| Wealth Management total client assets | $8,084B | $7,381B | Morgan Stanley Form 10-Q (sec.gov) |
| — Advisor-led client assets | $6,273B | $5,715B | Morgan Stanley Form 10-Q (sec.gov) |
| — Fee-based client assets | $3,022B | $2,753B | Morgan Stanley Form 10-Q (sec.gov) |
| — Self-directed client assets | $1,811B | $1,667B | Morgan Stanley Form 10-Q (sec.gov) |
| Investment Management AUM | $2,004B | $1,895B | Morgan Stanley Form 10-Q (sec.gov) |
| Stock plan unvested public assets | $658B | $534B | Morgan Stanley Form 10-Q (sec.gov) |
Two things in that table deserve more attention than they usually get.
First, the $10.088 trillion headline double-counts. Morgan Stanley’s own Form 10-Q discloses in a footnote that $382 billion of Wealth Management client assets are invested in Investment Management products and therefore sit in both segment totals. The firm is transparent about this; most coverage of the milestone was not.
Second, only $3.022 trillion of the $8.084 trillion in Wealth Management assets are fee-based — 48% of advisor-led assets, a ratio that has not moved since December 2025. The other half sits in brokerage, custody, self-directed and cash management accounts that earn transactional or spread revenue rather than an advisory fee.
Net new assets tell the growth story, and they were extraordinary: $148.1 billion in the quarter against $59.2 billion a year earlier. The filing then does something admirable and slightly deflating — it explains that just over half of that inflow came from IPOs of certain clients in the Workplace channel. Strip the idiosyncratic event and the underlying gathering rate looks strong but not record-breaking. That disclosure is why the number is worth citing at all.
Sarah Davis: Workplace is the cheapest client-acquisition funnel in American wealth management, and Morgan Stanley knows it. You administer someone’s stock plan for years at near-zero take rate, their company lists, and just over half a quarter’s record net new assets land inside a relationship you already own. The flow is real. The revenue on it arrives later, at a lower spread, and only if the assets stay.
What Are Morgan Stanley’s Revenues by Segment?
Institutional Securities produced $11.040 billion of the quarter’s revenue — 51.7% of the firm total before intersegment eliminations — on the back of an Equity business that grew 69% year over year.
Morgan Stanley Segment Revenues, Q2 2026 vs Q2 2025
| Segment / line | Q2 2026 ($MM) | Q2 2025 ($MM) | Change | Source |
|---|---|---|---|---|
| Institutional Securities | 11,040 | 7,643 | +44% | Morgan Stanley Form 8-K (sec.gov) |
| — Investment Banking | 2,437 | 1,540 | +58% | Morgan Stanley Form 8-K (sec.gov) |
| — Advisory | 798 | 508 | +57% | Morgan Stanley Form 10-Q (sec.gov) |
| — Equity underwriting | 851 | 500 | +70% | Morgan Stanley Form 10-Q (sec.gov) |
| — Fixed income underwriting | 788 | 532 | +48% | Morgan Stanley Form 10-Q (sec.gov) |
| — Equity | 6,300 | 3,721 | +69% | Morgan Stanley Form 8-K (sec.gov) |
| — Fixed Income | 2,455 | 2,180 | +13% | Morgan Stanley Form 8-K (sec.gov) |
| — Other | (152) | 202 | n/m | Morgan Stanley Form 8-K (sec.gov) |
| Wealth Management | 8,856 | 7,764 | +14% | Morgan Stanley Form 8-K (sec.gov) |
| — Asset management | 5,261 | 4,411 | +19% | Morgan Stanley Form 8-K (sec.gov) |
| — Transactional | 1,167 | 1,264 | −8% | Morgan Stanley Form 8-K (sec.gov) |
| — Net interest | 2,254 | 1,910 | +18% | Morgan Stanley Form 8-K (sec.gov) |
| Investment Management | 1,646 | 1,552 | +6% | Morgan Stanley Form 8-K (sec.gov) |
| Firm net revenues | 21,348 | 16,792 | +27% | Morgan Stanley Form 8-K (sec.gov) |
The Wealth Management transactional line fell 8%, which looks like weakness and is not. Morgan Stanley moved its deferred cash compensation hedges to derivatives in the first quarter of 2026; the prior-year quarter included $294 million of mark-to-market gains on those investments that no longer run through net revenues. Adjust for that and transactional revenue rose on higher client activity.
Regional Revenue Growth, Q2 2026 vs Q2 2025
| Region | Net revenue change | Principal driver | Source |
|---|---|---|---|
| Americas | +22% | Wealth Management asset management fees; Investment Banking | Morgan Stanley Form 10-Q (sec.gov) |
| EMEA | +11% | Markets businesses within Institutional Securities | Morgan Stanley Form 10-Q (sec.gov) |
| Asia | +71% | Equity within Institutional Securities | Morgan Stanley Form 10-Q (sec.gov) |
Asia at +71% is the number that should have led more coverage than it did. Morgan Stanley attributes the firm’s record Equity result specifically to strength in that region, and Equity financing revenues — prime brokerage balances, in plain English — rose to $3.202 billion from $1.891 billion. Prime brokerage revenue scales with client leverage. That is a cyclical engine, and it is currently running hot.
The Axis Fee Density Ratio: How Durable Is Morgan Stanley’s Revenue?
For a decade the consensus story about Morgan Stanley has been the pivot: a trading house becoming a wealth manager, swapping volatile market revenue for recurring fee income. It is a good story. Nobody publishes a single reproducible number that tests it.
So Axis Intelligence Research built one.
Axis Fee Density Ratio (AFDR) measures the share of total net revenues that comes from balance-linked, recurring sources rather than market-activity-driven ones.
AFDR = (Asset management revenues + Net interest revenues) ÷ Net revenues × 100
Both inputs are reported line items on Morgan Stanley’s consolidated income statement, so any analyst can recompute every reading from the same filings. Asset management revenue scales with client asset balances; net interest scales with deposits and lending. Investment banking, trading, commissions and investment gains all scale with market activity and sit outside the numerator by design.
Axis Fee Density Ratio, Morgan Stanley, 2024–2026
| Period | Asset mgmt ($MM) | Net interest ($MM) | Net revenues ($MM) | AFDR | Source |
|---|---|---|---|---|---|
| FY 2024 | 22,499 | 8,611 | 61,761 | 50.4% | Axis Intelligence Research from Morgan Stanley Form 8-K (sec.gov) |
| Q2 2025 | 5,953 | 2,347 | 16,792 | 49.4% | Axis Intelligence Research from Morgan Stanley Form 8-K (sec.gov) |
| Q3 2025 | 6,441 | 2,491 | 18,224 | 49.0% | Axis Intelligence Research from Morgan Stanley Form 8-K (sec.gov) |
| Q4 2025 | 6,788 | 2,855 | 17,890 | 53.9% | Axis Intelligence Research from Morgan Stanley Form 8-K (sec.gov) |
| FY 2025 | 25,145 | 10,046 | 70,645 | 49.8% | Axis Intelligence Research from Morgan Stanley Form 8-K (sec.gov) |
| Q1 2026 | 6,730 | 2,703 | 20,580 | 45.8% | Axis Intelligence Research from Morgan Stanley Form 8-K (sec.gov) |
| Q2 2026 | 6,912 | 2,780 | 21,348 | 45.4% | Axis Intelligence Research from Morgan Stanley Form 8-K (sec.gov) |
| H1 2026 | 13,642 | 5,483 | 41,928 | 45.6% | Axis Intelligence Research from Morgan Stanley Form 10-Q (sec.gov) |
The finding runs against the narrative. Morgan Stanley’s most durable revenue base grew 16.8% year over year in the second quarter — $9.692 billion against $8.300 billion. Over the same period, market-sensitive revenue grew 37.3%, to $11.656 billion from $8.492 billion. Fee density fell four percentage points not because the fee engine stalled but because the trading engine outran it.
This matters for anyone modelling the next downturn. At an AFDR near 54%, as in Q4 2025, roughly half the top line is anchored to balances that do not evaporate when volumes dry up. At 45.4%, meaningfully more of the quarter depends on clients continuing to transact. Record results and rising earnings volatility are the same sentence here.
Sarah Davis: Read the AFDR alongside the buyback price. Morgan Stanley repurchased $1.5 billion of stock in the quarter at an average of $197.64 a share, against $123.22 a year earlier — a 60% higher entry price, funded by the most market-dependent revenue mix in the reported window. That is not a criticism of the trade. It is the trade, stated plainly.
What Does Morgan Stanley Earn on Each Dollar of Client Assets?
Client asset totals are the trophy metric of American wealth management, and they are close to meaningless on their own. A trillion dollars of self-directed brokerage cash and a trillion dollars of discretionary managed portfolios earn radically different revenue.
Client Asset Monetization Rate (CAMR), an Axis Intelligence Research construction, puts the two sides together.
CAMR (bps) = (Quarterly segment net revenues × 4) ÷ Period-end client assets × 10,000
Client Asset Monetization Rate, Q2 2026
| Firm / segment | Client assets | Q2 2026 revenue | CAMR | Source |
|---|---|---|---|---|
| Bank of America, Global Wealth & Investment Management | $4,934B | $6,871MM | 55.7 bps | Axis Intelligence Research from Bank of America 2Q26 results |
| Morgan Stanley, Wealth Management | $8,084B | $8,856MM | 43.8 bps | Axis Intelligence Research from Morgan Stanley Form 10-Q (sec.gov) |
| The Charles Schwab Corporation | $13,085B | $7,072MM | 21.6 bps | Axis Intelligence Research from Schwab Form 10-Q (sec.gov) |
Charles Schwab reported $13.085 trillion in client assets at June 30, 2026 — 62% more than Morgan Stanley’s Wealth Management franchise — and generated $1.784 billion less revenue from them in the quarter. Bank of America’s wealth businesses hold $4.934 trillion, 39% less than Morgan Stanley, and monetize each dollar 27% harder.
Scope of the comparison. These three firms define client assets differently, and the spread between them is partly definitional rather than commercial. Schwab’s total includes very large self-directed and RIA-custodied balances that were never intended to carry an advisory fee. Bank of America reports Merrill and Private Bank client balances and excludes the low-yield workplace and self-directed pools that Morgan Stanley includes. CAMR is therefore a business-mix indicator, not a like-for-like fee schedule — the correct reading is that a firm’s monetization rate reveals what kind of assets it actually gathers, not whether it charges its clients more than a competitor does.
Morgan Stanley’s own disclosures corroborate the direction. The firm reports an average fee rate on fee-based client assets of 61 basis points in Q2 2026 against 62 a year earlier, and an Investment Management average fee rate of 28 basis points against 31. CAMR for Wealth Management fell from 45.7 basis points in Q4 2025 to 43.8 in Q2 2026. Three independent measurements, one direction: assets are compounding faster than the revenue attached to them.
How Did Morgan Stanley Perform in the 2026 Federal Reserve Stress Test?
The Federal Reserve’s 2026 supervisory stress test produced the single most flattering set of Morgan Stanley numbers published this year, and almost nobody wrote about them.
Morgan Stanley in the 2026 Severely Adverse Scenario
| Measure | Morgan Stanley | 32-bank aggregate | Source |
|---|---|---|---|
| Starting CET1 ratio (2025:Q4) | 15.0% | 12.8% | Federal Reserve DFAST 2026 (federalreserve.gov) |
| Projected minimum CET1 ratio | 12.5% | 11.2% | Federal Reserve DFAST 2026 (federalreserve.gov) |
| Projected ending CET1 ratio | 17.6% | 12.7% | Federal Reserve DFAST 2026 (federalreserve.gov) |
| Pre-provision net revenue (9 quarters) | $41.9B | $719.0B | Federal Reserve DFAST 2026 (federalreserve.gov) |
| Net income before taxes (9 quarters) | +$17.8B | +$1.2B | Federal Reserve DFAST 2026 (federalreserve.gov) |
| Total loan loss rate | 3.3% | 6.9% | Federal Reserve DFAST 2026 (federalreserve.gov) |
| Commercial & industrial loan loss rate | 48.5% | 9.0% | Federal Reserve DFAST 2026 (federalreserve.gov) |
Morgan Stanley’s projected pre-tax net income of $17.8 billion was the highest of all 32 banks in the exercise, ahead of Goldman Sachs at $17.1 billion and Charles Schwab at $15.9 billion. Its CET1 ratio ends the nine-quarter horizon at 17.6% — higher than it started — because a fee-and-spread business keeps earning through a recession in a way a credit-card lender does not.
The C&I number is the one to sit with. At 48.5%, Morgan Stanley carries the highest projected commercial and industrial loan loss rate of any bank in the test, against a 9.0% aggregate. The Fed’s report notes the range across banks runs from 3.4% to 48.5%; Morgan Stanley is that ceiling. The portfolio is small enough that a 48.5% loss rate still leaves total loan losses at 3.3%, less than half the aggregate — but it is a concentrated, low-diversification book, and the supervisory models say so loudly.
Context on what the test does not do this year: in February 2026 the Board voted to hold stress capital buffer requirements at prior levels until 2027 while it finalises revisions to the framework. Morgan Stanley’s SCB stayed at 4.3%. The 2026 results changed no capital requirement for anyone — which is precisely why four large banks raised dividends the day they were published.
Sarah Davis: The stress test is the closest thing the market gets to an audited answer on business-model durability, and it says something the quarterly headlines do not. Morgan Stanley makes more money than any peer in a hypothetical severe recession, and it lends into a narrower book than any peer while doing it. Both facts come from the same balance sheet, and only one of them shows up in the earnings release.
Morgan Stanley Capital, Balance Sheet and Employee Statistics
| Measure | June 30, 2026 | Prior period | Source |
|---|---|---|---|
| Total assets | $1,675,057MM | $1,420,270MM (Dec 2025) | Morgan Stanley Form 10-Q (sec.gov) |
| Deposits | $446,068MM | $415,523MM (Dec 2025) | Morgan Stanley Form 10-Q (sec.gov) |
| CET1 capital ratio (Standardized) | 14.9% | 15.0% (Dec 2025) | Morgan Stanley Form 10-Q (sec.gov) |
| Total risk-weighted assets (Standardized) | $589,397MM | $552,515MM (Dec 2025) | Morgan Stanley Form 10-Q (sec.gov) |
| Tier 1 capital | $97,217MM | $92,728MM (Dec 2025) | Morgan Stanley Form 10-Q (sec.gov) |
| Liquidity Coverage Ratio | 129% | 130% (Q1 2026) | Morgan Stanley Form 10-Q (sec.gov) |
| Net Stable Funding Ratio | 116% | 118% (Q1 2026) | Morgan Stanley Form 10-Q (sec.gov) |
| Book value per share | $67.80 | $61.59 (Jun 2025) | Morgan Stanley Form 8-K (sec.gov) |
| Tangible book value per share | $53.18 | $47.25 (Jun 2025) | Morgan Stanley Form 8-K (sec.gov) |
| Worldwide employees | 82,944 | 80,393 (Jun 2025) | Morgan Stanley Form 8-K (sec.gov) |
| Countries with offices | 42 | — | Morgan Stanley Form 8-K (sec.gov) |
| Quarterly dividend per share | $1.15 | $1.00 | Morgan Stanley Form 8-K (sec.gov) |
One discrepancy worth flagging for anyone citing the capital ratio. Morgan Stanley’s July 15 earnings release reported a Standardized CET1 ratio of 14.8%, described in the filing as an estimate as of the press date. The Form 10-Q filed subsequently reports 14.9%. Axis Intelligence Research uses 14.9% as the figure of record, since the 10-Q supersedes the press-date estimate. Several data aggregators are still carrying 14.8%.
Full-year 2025 provides the annual baseline: net revenues of $70.645 billion, net income applicable to Morgan Stanley of $16.861 billion, EPS of $10.21 and ROTCE of 21.6%, per the full-year 2025 earnings release. Wealth Management contributed $31.754 billion and gathered $356.3 billion of net new assets across the year.
Methodology
Collection. Every figure in this analysis was retrieved on August 19, 2026 from primary filings: Morgan Stanley’s Form 8-K earnings releases for Q2 2026 and Q4/FY 2025, its Form 10-Q for the quarter ended June 30, 2026, The Charles Schwab Corporation’s Form 10-Q for the same quarter, Bank of America’s second-quarter 2026 results, and the Federal Reserve’s 2026 Dodd-Frank Act stress test publication. No figure in this article is sourced from a data aggregator, an analyst note, or a secondary summary.
AFDR formula. Axis Fee Density Ratio = (Asset management revenues + Net interest revenues) ÷ Net revenues × 100, using consolidated income statement lines exactly as reported. Both passes of the arithmetic were computed independently and reverse-checked against reported totals; the maximum reconciliation gap across all nine periods was $18 million on a $61.8 billion base, attributable to rounding at one decimal place.
Percentage changes. Percentage-change columns in the tables above are computed from the two reported values shown in the same row and are not separately sourced; both operands carry their own CSV rows.
CAMR formula. Client Asset Monetization Rate (bps) = (Quarterly segment net revenues × 4) ÷ Period-end client assets × 10,000. Annualising a single quarter carries seasonality; readings should be compared across the same quarter year over year rather than sequentially where possible.
Scope of these metrics. AFDR treats net interest revenue as durable, which holds while deposit balances and lending books are stable but overstates durability during a sharp deposit repricing cycle. CAMR uses period-end rather than average client assets, which understates the rate in a quarter with heavy late-period inflows — Q2 2026 is such a quarter for Morgan Stanley, so 43.8 basis points is a conservative reading. Neither metric adjusts for the $382 billion of Wealth Management assets that also appear in Investment Management AUM; segment-level calculations are unaffected because the double-count sits across segments, not within them.
What we did not do. We did not merge Morgan Stanley’s client asset figure with peer figures into a market-share estimate. The three firms’ definitions of “client assets” are not reconcilable from public disclosure, and a combined denominator built from incompatible definitions would produce a number that looks authoritative and means nothing.
About This Dataset
The accompanying CSV contains 153 rows covering Morgan Stanley firm-level, segment-level, regional, capital and stress-test statistics, plus the peer observations and the Axis-calculated AFDR and CAMR series. Every row carries the source organisation, source document, source URL, retrieval date, a primary-source flag and an Axis-calculated flag; calculated rows carry a method note pointing to the formula disclosed above.
Coverage spans FY 2024 through Q2 2026, global geography with regional breakouts for Americas, EMEA and Asia. Released under CC BY 4.0 — free to use commercially and non-commercially with attribution.
Citation: Axis Intelligence Research, Morgan Stanley Statistics 2026: Revenue, Client Assets, AUM and Segment Performance Data, 2026.
APA: Axis Intelligence Research. (2026). Morgan Stanley statistics 2026: Revenue, client assets, AUM and segment performance data. https://axis-intelligence.com/morgan-stanley-statistics/
MLA: Axis Intelligence Research. “Morgan Stanley Statistics 2026: Revenue, Client Assets, AUM and Segment Performance Data.” Axis Intelligence, 2026, axis-intelligence.com/morgan-stanley-statistics/.
Chicago: Axis Intelligence Research. “Morgan Stanley Statistics 2026: Revenue, Client Assets, AUM and Segment Performance Data.” Axis Intelligence, 2026. https://axis-intelligence.com/morgan-stanley-statistics/.
Frequently Asked Questions
Does Morgan Stanley’s $10 trillion client asset figure double-count anything?
Yes, and the firm discloses it. $382 billion of Wealth Management client assets at June 30, 2026 are invested in Investment Management products and are counted in both segments. The unduplicated total is therefore closer to $9.706 trillion. Analysts citing the milestone should state which basis they are using.
Why did Morgan Stanley’s fee-based asset flows fall while net new assets hit a record?
Net new assets were $148.1 billion while fee-based asset flows were $39.1 billion, down from $42.8 billion a year earlier. The two measures capture different things: net new assets count every inflow including brokerage, custody and workplace balances, while fee-based flows count only assets moving into advisory relationships that charge on assets. Just over half the quarter’s net new assets came from Workplace-channel IPO liquidity, which enters at zero advisory fee and converts to fee-based assets slowly, if at all.
What is the difference between Morgan Stanley’s AUM and its client assets?
AUM is a $2.004 trillion Investment Management figure covering assets the firm manages under a mandate. Client assets is an $8.084 trillion Wealth Management figure covering everything the firm provides services on, including self-directed brokerage accounts where Morgan Stanley makes no investment decisions. Combining them gives the $10.088 trillion headline. Fee rates on the two pools differ by an order of magnitude in places.
Is Morgan Stanley’s Wealth Management fee rate compressing?
The disclosed average fee rate on fee-based client assets moved from 62 to 61 basis points year over year, and Investment Management’s average fee rate fell from 31 to 28 basis points. Axis Intelligence Research’s CAMR for Wealth Management fell from 45.7 to 43.8 basis points between Q4 2025 and Q2 2026. The compression is real but gradual, and it is driven more by asset mix — growth in lower-fee Parametric and separately managed products — than by price cuts on existing relationships.
How exposed is Morgan Stanley’s revenue to a trading slowdown?
The Axis Fee Density Ratio puts durable, balance-linked revenue at 45.4% of the second-quarter top line, down from 49.4% a year earlier and 53.9% in Q4 2025. The remaining 54.6% depends on clients transacting: underwriting, advisory, trading, commissions. Equity financing revenue of $3.202 billion, which scales with prime brokerage client leverage, is the single largest cyclical exposure inside that share.
Why does Morgan Stanley have the highest projected C&I loan loss rate of any US bank?
The Federal Reserve’s 2026 severely adverse scenario projects a 48.5% commercial and industrial loan loss rate for Morgan Stanley against a 9.0% aggregate across 32 banks. The driver is portfolio composition rather than credit quality per se: Morgan Stanley’s corporate book is small, concentrated, and weighted toward leveraged transactions that the supervisory models treat harshly. Because the book is small, the firm’s total projected loan loss rate is still 3.3%, less than half the aggregate.
How many financial advisors and employees does Morgan Stanley have?
Morgan Stanley reported 82,944 worldwide employees at June 30, 2026, up from 80,393 a year earlier, with offices in 42 countries. The firm does not disclose a separate financial advisor headcount in its quarterly filings, so any advisor count circulating for 2026 is an estimate rather than a reported figure. It does disclose 8.7 million self-directed households and 6.6 million workplace stock plan participants.
Which is bigger, Morgan Stanley or Charles Schwab?
It depends on the yardstick, which is why the question keeps producing contradictory answers. Schwab held $13.085 trillion in client assets at June 30, 2026 against Morgan Stanley Wealth Management’s $8.084 trillion. Morgan Stanley generated $8.856 billion of Wealth Management revenue that quarter against Schwab’s $7.072 billion firm-wide. Schwab gathers more assets; Morgan Stanley earns roughly twice as much per dollar gathered.