Morgan Stanley posted stronger-than-expected fourth-quarter results, as its retail brokerage and asset management businesses won more assets from clients and benefited from rising stock markets. The bank's retail brokerage business, which manages money for wealthy clients, reached the company's pretax profit margin target, and Morgan Stanley raised that target for the coming years. The results underscored how Morgan Stanley, the second largest U.S. investment bank, has retooled itself since the financial crisis. It now earns more revenues from brokerage and asset management than traditional investment banking businesses like underwriting stock offerings and trading bonds. Its shares rose 4.5 percent to $33.46. "We've said pretty consistently we're one step at a time management team," Chief Executive James Gorman said on a conference call, to explain gradual updates to the bank's strategic plan. Three years ago, he said, Morgan Stanley's return on