We've speculated whether Bank of America regrets its deals for Countrywide and Merrill Lynch. We've also wondered if perhaps JPMorgan has had second thoughts about its Washington Mutual deal. But no one thinks Morgan Stanley has any buyer's remorse over its Smith Barney deal.

James Gorman, CEO of Morgan Stanley, told analysts at a conference that the deal will go forward according to the same trigger dates set forth in the original deal, which will ultimately result in the bank owning all of Smith Barney.

Bloomberg notes that Morgan Stanley has an option to acquire an additional 14 percent in 2012, 15 percent in 2013 and Citigroup's remaining stake in 2014, while Citigroup can force Morgan Stanley to buy its stake either in 2015 or a year after Morgan Stanley utilizes its second option. So Morgan Stanley would appear to have some flexibility.

One gets the feeling that the results of the combination so far have been good enough for Gorman to want to accelerate. My sense is that the wealth management industry is going to emerge as one of the big winners, especially as more retail customers decide to jump back in the market. Advice is getting more valuable every day. While there are some marketing challenges, the opportunity is immense.

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