Morgan Stanley is today bidding goodbye to the Smith Barney name, as it re-brands its brokerage behemoth as Morgan Stanley Wealth Management, the US firm has confirmed.

The brand overhaul, which has been planned for some time, comes shortly after the two owners of the joint venture brokerage - Morgan Stanley and Citigroup - agreed on a purchase price that allows Morgan Stanley to take full control of it over time. Morgan Stanley recently boosted its stake to 65 per cent and will buy the remaining 35 per cent no later than June 1, 2015.

"Tomorrow, Morgan Stanley Smith Barney officially becomes Morgan Stanley Wealth Management. As many of you know, we will be communicating this change through a variety of marketing initiatives, which you will be able to leverage with your clients. Over the years, the Smith Barney name has earned broad respect and admiration, and we have deep appreciation for the ways in which the Smith Barney tradition is strengthening our franchise,” James Gorman, Morgan Stanley CEO, and Greg Fleming, wealth management head, said in a memo.

The Smith Barney name traces its roots back to the 1800s. However, many firms have revamped their brands in response to the competitive post-crisis environment. Morgan Stanley will be investing in a six-week advertising campaign in print and online to highlight the change, which will focus on the concept of legacy.

“Morgan Stanley Wealth Management employees also will receive a book illustrating the values that have propelled Morgan Stanley throughout our 75-year history. It includes first-hand accounts and Q&A with some of our colleagues, and it can be shared with clients. Finally, we will be sending written communications to all of our clients, notifying them that we are now officially Morgan Stanley Wealth Management,” said the memo.