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.
A strategic partnership between the wealth management platform and Callan Family Office aims to build better software for advisors working with complex clients.
At Morningstar's conference last month, speakers from companies like Blackstone, BlackRock and PIMCO added helpful context to the recent headlines on risk and alternatives.
A focus on alternative investments, low confidence in traditional stocks and bonds, and values-driven investing are at the forefront of millennials' wealth habits.
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.
