Digest October 13th

Morgan Stanley Cuts Deferred Compensation Requirements, Adds Performance Bonuses

Starting in 2026, Morgan Stanley is reducing the portion of advisor compensation that must be deferred, while introducing new bonuses for cash deposit generation and client asset growth, encouraging more immediate performance alignment.
Barron’s

SEC Panel Recommends Stronger Investor Protections for Private Fund Access

An SEC committee has urged tighter safeguards for retail investors using private funds. The proposals include more robust disclosures, adjusted accredited‑investor standards, and encouragement for access through regulated vehicles to manage complexities like illiquidity and opaque valuation.
The Wall Street Journal

Vanguard Fined $19.5 Million Over Misleading Advisor Pay Disclosures

The SEC found that Vanguard’s disclosures in its Personal Advisor Services program misled clients—claiming advisors had no financial incentives when in fact bonuses tied to retention and performance existed. Vanguard has since updated its disclosures and removed conflicting statements.
Barron’s