MiB: Mandell Crawley, Morgan Stanley, Private Wealth Management

This week, we speak with Mandell Crawley, who is Morgan Stanley’s head of private and international wealth management. Morgan Stanley’s Private Wealth Management runs over a trillion dollars in assets for 3 million UHNW clients.

Crawley co-leads the institutional client coverage group, and is a member of the firm’s management committee, global wealth management operating committee, multicultural client strategy committee and global securities operating committee. Previously, he was Morgan Stanley’s chief marketing officer.

He discusses his unconventional career path — he joined the firm as a high school intern in 1992 and never left. He took the full time job, while going to college at night, eventually getting his MBA from Fordham.

We also discuss the lack of diversity in the financial services industry for both people of color and women. He presents himself — one of the highest positioned African American men in finance — as proof that the challenge can be met.

We discuss ESG investing as a rising practice among younger investors. There has been a move towards cash, as investors have become more defensive, as well as a move towards gold and other meals.

Crawley explains why he believes the current change in attitudes towards structural racism and the Black Lives Matters movement may be different this time — the shock and awareness of police murders of young black men and women could be longer lasting than we have seen in the past. Additionally, he is getting far fewer questions about politics and taxes in 2020 than came hi way in 2016.

A list of his favorite books are here; A transcript of our conversation is available here Monday.

You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Overcast, Google, Bloomberg, and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Salim Ramji, Head of iShares Index and ETFs for BlackRock, Ramji’s division manages $4.6 trillion of Blackrock’s $7.1 trillion in assets.