Morgan Stanley, under the leadership of Chief Executive Officer Ted Pick, is set to reduce its workforce by several hundred positions, marking the first such move during Pick's tenure.

In a recent quarterly earnings call, Pick highlighted the importance of the wealth segment, emphasizing its role as the firm's primary revenue driver and expressing a commitment to its growth. Last year, the wealth unit accounted for 48 percent of the total revenue, surpassing the investment bank's contribution of 42.2 percent.

As reported by AdvisorHub, the layoffs will spare advisors and their support teams. Affected employees include those in the E-Trade self-directed channel, the stock plan business, and certain management and sales roles within the organization.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.