Morgan Stanley is a full service broker that primarily targets people who are comparatively rich. MS’s wealth management primarily focuses around their financial advisors. To make up for their overhead, MS charges more per trade, charges maintenance fees based off of your assets, and your financial advisor has a much more active role in your account.
Charles Schwab is a discount broker. They are significantly more DIY so you get less advice/direction from someone and you have to handle more yourself. In return, you have lower per-trade fees, no account maintenance fees, and you’re much more in control. Also worth noting that if you haven’t checked it out already, Schwab has a pretty good checking account you can bundle with your brokerage account.
Ultimately it comes down to how much are you actually investing/are worth, how much you want to pay, and how much control/help you want.
Normally on here you see Schwab recommended much more, but it’s due in large part to the fact that most of us (including myself) don’t have enough assets to warrant looking at a full service broker. If you are worth that much and would want to pay more for someone to guide you/trade for you, then MS might be more your thing.
Disclaimer: Consult your financial professional before making any investment decision.