Morgan Stanley rolled out a new dashboard for its 15,000-plus advisors, the latest in a series of technology investments that the brokerage has made.
The dashboard, dubbed WealthDesk, is intended to make it easier for advisors to manage client relationships. It will also better integrate the digital tools that Morgan Stanley has introduced in recent years, including
The firm is billing it as a “huge step” for its advisors, who gained access to it this week.
WealthDesk brings together more than 10 applications, such as the firm’s goals planning system and Next Best Action, a client communication tool that uses predictive analytics. The dashboard was developed in-house and replaces several other platforms that advisors previously relied on.
Morgan Stanley has typically chosen to work with a third party on digital products that executives view as unique or easily commoditized. But when it comes to core client experiences, the wirehouse says it prefers to build technology in-house.
Rich Berner is the CEO of Blueberry Pediatrics and a career-long innovator working at the intersection of healthcare and technology. He brings more than twenty years of leadership experience focused on expanding access to care, improving population health, and reducing the cost of care delivery for payers. Blueberry is a national provider of virtual pediatric care that partners with employers, commercial health plans, Medicaid managed care organizations, hospitals, health systems, and families.
By coordinating with a client's other financial professionals, such as lawyers and accountants, financial advisors have the potential to deliver even more value.
Summer meetings might pose a scheduling challenge, but financial advisors could help clients avoid costly mistakes by guiding them away from the common bias in a midyear meeting.
Morgan Stanley’s fintech investments are intended to produce greater efficiency, attract new assets and bolster the bottom line, executives say. It’s also a theme that firm leaders have emphasized during earnings calls with analysts.
Indeed, Morgan Stanley’s efforts often go beyond writing new software. The company is revamping
Of course, Morgan Stanley isn’t alone in pushing the digital frontier. A number of firms are doubling down on fintech in order to bolster and expand their businesses. For example,
--With additional reporting from Sean Allocca.
