I am currently with Morgan Stanley as a result of a relationship I have had for years with a college buddy. He was at Smith Barney before they merged with Morgan Stanley.
I trust this guy but mostly do my own thing. I do not pay the advisory fee (too high), but a per-transaction commission that I negotiated. While it is lower that their usual, it is still higher than Fido and Vanguard. But, I would never trust anyone from those companies for advice.
My advisor gives breaks on other fees and charges, and overall I think it is a good value. I do have a lot of other money at both Vanguard and Fido.
When they converted Smith Barney customers to the Morgan Stanlely systems, they downgraded a lot of the features I used to have with Smith Barney. Very, very bad. Smith Barney wasn't great, but the Morgan Stanley system is really awful. I have made adjustments and live with it, but I came very close to bolting at first.
I would not do what you are considering. I have a good friend who is with a different Morgan Stanley person in some kind of managed account and they buy and sell frequently. He doesn't pay commissions; just the percentage of assets, but he has tons of transactions to report on his tax return as a result of extremely high transaction volume.