** Jefferies says Netwealth Group's NWL.AX expanded agreement with Morgan Stanley Wealth Management Australia is a "solid win" for co

** Adds deal represents the first mainstream, scale broker to adopt the Netwealth architecture

** The wealth platform on Tuesday announced a deal with Morgan Stanley to provide a platform solution for ASX-listed equities and domestic investments

** Jefferies, however, flags disclosures do not support a full assessment of this arrangement, given HIN-registered securities are non-custody assets with different fee structures

** Brokerage expects revenue contribution from deal to become clearer in time, considering the above as well as the prospect of several years of migrations

** Jefferies maintains "buy" call, price target A$30.25

** Netwealth down 4.8% so far this year, as of last close