Morgan Stanley Taps New Sports and Entertainment Group Head
Morgan Stanley Wealth Management has filled a high-profile marketing spot that has been open for almost a year by appointing Sandra L. Richards to head its Global Sports and Entertainment business.
The GS&E unit helps advocates for advisors who qualify as “sports and entertainment directors,” coordinating presentations they make at training camps and other events that Morgan Stanley sponsors. About 95 of the firm’s more than 16,000 brokes have the internal designation, which is meant to highlight their expertise in handling newfound, and often short-lived, income streams for athletes and entertainers.
“Working in close partnership with the field management leadership teams, Sandra will lead our efforts to position the Firm as the wealth management provider of choice for this unique client segment,” Jim McCarthy, MSWM national sales manager, wrote in a November memo.
Richards, who joined Morgan Stanley Wealth in 2007 from the Jackie Robinson Foundation, will add GS&E responsibilities to her current role heading “segment sales & entertainment” for the wealth unit, a job that includes coordinating sponsorships, local advertising and personalized marketing programs for some advisers.
Richards replaces Drew Hawkins, a former complex manager who became the first head of GS&E four years ago. Hawkins left Morgan Stanley in January as part of a “mutual agreement reached in the context of business restructuring,” according to a filing the firm made with state regulators. He had spent his 28-year brokerage career with the company, according to his BrokerCheck history, and is not currently registered with Finra.
To qualify for Morgan Stanley’s GSE designation, brokers must draw a “significant percentage” of revenue from athletes or entertainers, and complete education programs, according to a spokeswoman. The firm two years ago was managing around $35 billion for sports and entertainment celebrities, according to a profile of Hawkins in The Baltimore Sun.