Morgan Stanley Wealth-Management Fees Hit Record in 4Q

The transcript discusses market expectations, execution strategies, and the performance of core business areas like wealth management and investment banking. It highlights the impact of tax reforms and interest rates on Morgan Stanley's future outlook, focusing on client sentiment, tax rate implications, and shareholder returns. Analysts are raising estimates for Morgan Stanley and other large banks, considering the evolving regulatory framework and tax effects.

Discuss the potential effects of the tax rate on Morgan Stanley's capital plan for returning to shareholders.

What insights were provided regarding the earnings power of Morgan Stanley and the analysts' expectations?