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Morgan Stanley Smith Barney Launches Female FA Blog

By Helen Kearney
July 7, 2009
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After settling its past issues with sex discrimination cases, the new joint venture of Morgan Stanley Smith Barney has launched a blog to help women interested in becoming financial advisors.

The blog includes case studies of successful female advisors, including Ami Forte, who left her job as a fashion buyer for Saks Fifth Avenue 14 years ago to join Smith Barney’s office in St. Petersburg, Fla.

"You would be surprised about the similarities between a buyer and a financial advisor," Forte writes on the blog. "It is serious finance when you are managing a large budget for a major retail chain—you have to know what will sell and likewise when you are advising people on what to do with their money, you better know where best to invest it." She was included in Barron’s list of Top 100 financial advisors in 2007 and 2008.

In 2007, Morgan Stanley paid out $46 million to settle a case brought on behalf of 2,700 female brokers and trainees who claimed they were paid less than their male colleagues. Under the terms of the settlement the firm was required to put in place training programs and account distributions to help female brokers.

Smith Barney has also faced claims of discrimination by female brokers. Last year its former parent company Citigroup agreed to pay $33 million to settle a case brought by 2,500 female brokers.

“We are committed to making Morgan Stanley Smith Barney the firm of choice for the world’s best financial advisors, and this initiative is part of our efforts to cast a wide net for talent and support women in their careers and professional development,” said Andy Saperstein, head of wealth management at MSSB, in a statement.

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