Morgan Stanley Private Wealth Management, or PWM, is planning to hire an additional 200 financial advisers over the next three to five years, to reach a goal of 700 advisers, according to a company spokeswoman.

Morgan Stanley PWM, a unit of the joint venture between Morgan Stanley (MS) and Smith Barney, is now combined with Citi Family Office and focuses on ultra-high-net-worth clients with a minimum net worth of $20 million.