Granite Bay Emerges as New Private Wealth Business Led by

By John Pranay (Editor)

A group of senior financial advisors, previously employed by Morgan Stanley Wealth Management, have launched a new private wealth business, Granite Bay, in Australia. The move comes after the advisors left their positions at Morgan Stanley two weeks before Christmas. The new venture has already established offices in Sydney and Brisbane and is signing up clients nationwide.

The departure of the Morgan Stanley Wealth Management advisors, led by Steve Moon, has been followed by the establishment of Granite Bay, a new private wealth business. The firm has secured the chairmanship of former QIC boss Damien Frawley and is reportedly signing up clients across the country. The move highlights the ongoing trend of financial advisors leaving established institutions to start their own ventures.

• January 1, 2026: A group of senior financial advisors, led by Steve Moon, leave Morgan Stanley Wealth Management.

• December 25, 2025: The advisors depart two weeks before Christmas.

• January 2026: The advisors establish Granite Bay, a new private wealth business, with Damien Frawley as chairman.

• January 2026: Granite Bay opens offices in Sydney and Brisbane.

• Ongoing: The firm is signing up clients across the country.

The departure of the Morgan Stanley Wealth Management advisors has significant implications for the financial industry in Australia. The establishment of Granite Bay has already attracted the attention of former QIC boss Damien Frawley, who has taken on the role of chairman. The firm's managing partner, Steve Moon, is a well-known figure in the industry, having previously held a senior position at Morgan Stanley.

The establishment of Granite Bay has raised concerns about the potential risks associated with the departure of senior financial advisors from established institutions. These risks include:

• Regulatory risks: The departure of senior advisors may lead to a loss of institutional knowledge and expertise, potentially compromising the stability of the financial system.

• Financial risks: The establishment of a new private wealth business may lead to a concentration of assets and a potential increase in risk-taking behavior.

• Physical risks: The departure of senior advisors may lead to a loss of jobs and economic instability in the regions where they were previously employed.

The establishment of Granite Bay is likely to be closely watched by the financial industry and regulatory bodies in Australia. The firm's success will depend on its ability to attract and retain clients, as well as its ability to navigate the complex regulatory environment. Upcoming dates and events that may impact the firm's success include:

• February 2026: The Australian Securities and Investments Commission (ASIC) is expected to review the firm's registration and compliance with regulatory requirements.

• March 2026: The firm is expected to launch a new product range, which may attract the attention of regulatory bodies.

The establishment of Granite Bay highlights the ongoing trend of financial advisors leaving established institutions to start their own ventures. This trend is driven by the desire for greater autonomy and flexibility, as well as the potential for higher earnings. However, it also raises concerns about the potential risks associated with the departure of senior advisors, including regulatory, financial, and physical risks. Crucially, this overlooks the potential benefits of innovation and competition that can arise from the establishment of new firms. As the financial industry continues to evolve, it is likely that we will see more firms like Granite Bay emerge, challenging the status quo and pushing the boundaries of what is possible.

Assessment: Bullish.

1. Morgan Stanley Wealth Management tearaways set up new shop — https://www.afr.com/street-talk/morgan-stanley-wealth-management-tearaways-set-up-new-shop-20260113-p5ntlr

Methodology: This analysis combines real-time data aggregation from manually selected global sources with advanced AI synthesis, engineered to provide neutral and data-driven insights.