What if we told you that Morgan Stanley’s alternative investments platform only lets less than 10% of the funds they review onto their shelves—and that this selectivity is exactly what's turning the entire wealth management industry on its head?

In this episode of the Private Markets and Wealth Forum with Glenn Schorr, you’ll hear how Morgan Stanley’s scale, innovation, and relentless dedication to client outcomes have transformed its alternative investments business from a select group of power users raising $6-$7 billion a year, to a game-changing platform managing over $250 billion.

Jed Finn, Head of Wealth Management, and Allison Nest, Head of Investment Solution Products, pull back the curtain on how their team’s relentless focus on operational due diligence, open architecture, and customized product development sets them apart.

Discover why over 70% of Morgan Stanley advisors now utilize alternatives, how major growth initiatives are pulling in first-time users, and what they believe the future holds for competition, democratization, and product innovation in private markets—even as “passive” investing tries to find its foothold.

Key highlights you can’t miss:

The secret “special sauce” behind Morgan Stanley’s ALTS platform and why it’s fueling exponential growth
How exclusive, first-access deals and relentless due diligence protect clients and change the industry’s risk calculus
The real story on RIAs, custodians, tech-enabled platforms, and why Morgan Stanley will never “white label” its advantage
Eye-opening innovation: Single-ticket, turn-key alt solutions lowering the barrier for clients and advisors alike
The candid outlook on fees, manager selection, and why alternatives are still sold—not bought

Timestamped Overview:

[00:00] Intro & episode framework

[00:16] Meet Jed Finn, Allison Nest, and an overview of Morgan Stanley’s wealth platform

[03:09] Allison Nest’s background & journey in building the alts business

[06:19] The “special sauce” of Morgan Stanley’s alternative investments organization

[08:46] Why operational due diligence is a true differentiator

[10:57] State of the platform: assets, penetration, and advisor adoption

[13:13] Strategies to drive further adoption—education, ease, and innovation

[16:04] Single-ticket ALTS innovation and client outcomes

[20:29] How selective is the platform? Due diligence and manager onboarding

[25:01] Relationship model with asset managers & servicing the platform

[28:36] RIAs, democratization, and why Morgan Stanley’s scale is hard to match

[33:10] Why Morgan Stanley will never be a white-label backbone

[34:24] Alternatives in retirement channels & target date innovation

[36:49] Fees, competition, and replicating institutional pricing

[38:35] Will passive investing ever disrupt private markets?

[42:41] Closing: Outlook for ALTS penetration and Morgan Stanley’s growth path

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Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site:

https://evercoreisi.mediasterling.com/disclosure⁠

01: The Power of The Platform: Morgan Stanley’s Jed Finn and Alison Nest

Evercore: Flow of Funds with Glenn Schorr

01: The Power of The Platform: Morgan Stanley’s Jed Finn and Alison Nest