Morgan Stanley, Charles Schwab, and the Recruiting Move That Went Off the Rails

Morgan Stanley lost a multimillion dollar arbitration case last week involving several parties and which centered on a recruiting move that went off the rails nearly four years ago. 

To understand how the yearslong legal dispute ended up before a panel of Finra arbitrators, one has to dial the clock back to March 29, 2019. That’s when advisors Christopher Armstrong and Randall Kiefner left Charles Schwab to join Morgan Stanley.

It…