Morgan Stanley has announced that they’ll be removing the ability to apply for a new Access Investing account from December 1, 2022.
An email sent out by Morgan Stanley advises the following:
Morgan Stanley values you as a client and is committed to providing you with information related to your account(s).
Effective December 1, 2022, Access Investing® will no longer be offering the ability to open new accounts. This will have no impact to your existing account(s) and you may continue to fund your account(s). Rebalancing and ongoing maintenance of your account(s) will continue as well, and the ability to adjust your risk tolerance, time horizon and other goal parameters will remain available.
Please note, if you have a draft plan but have not yet completed it, you can still do so prior to December 1st, 2022 by logging on to Morgan Stanley Online. However, after that date, all draft plans will expire.
If you have any questions or require additional information, please review the Access Investing ADV Brochure. You may also contact us at 866-479-1844 (Option 1).
Thank you for the opportunity to continue to serve your financial needs.
The reason why this matters is that the Access Investing account was the cheapest and easiest method to being eligible for the Morgan Stanley Amex Platinum card. As Greg detailed here,
for a cost of ~$300 per year you would be eligible for a $695 Annual Engagement Bonus which offsets the Platinum card’s annual fee. Update: As several people have correctly commented below, what used to be a cost/opportunity cost of ~$300 per year is now much higher than that due to increased interest rates.
In addition to the regular Amex Platinum benefits and welcome offer, the Morgan Stanley Platinum card has a couple of other notable features:
- The ability to cash out Membership Rewards on a 1cpp basis (although the Schwab Platinum card can cash out at 1.1cpp)
- A free Platinum authorized user card which gives the authorized user access to airport lounges including the Centurion Lounge and a Priority Pass membership
While it’s disappointing that Morgan Stanley will be ending Access Investing for new applications, they are at least giving a couple of months notice to give people time to apply by December 1, 2022 and maintaining existing accounts that are open as of that date. If you’ve had your eye on the Morgan Stanley Amex Platinum card, the next few weeks could be a good time to work on that.