Morgan Stanley, the investment management solution provider, headquartered at New York is now pushing forth all its resources to amplify its business in the prime area which is “Technology”. On Monday, the firm launched WealthDesk, which is a completely new platform, designed to serve its army comprised of 15,000+ financial advisors.
The sole purpose of this platform is to cater the financial advisors, a single dashboard to help them seek aid for any kind of financial planning, implementation of tasks, and advice related to finances. This effort is actually the part of a bigger technology strategy being carried out at Morgan Stanley. The firm recently rolled out its tool dubbed “Next Best Action”. This particular tool uses the help of artificial intelligence in order to help the advisors get a better hold over the communications being carried out with the clients. The firm also paired up with the BlackRock in order to deliver its platform for risk analytics named Aladdin for its advisory force.
This new platform shall serve as the place where all the financial advisors can easily access all the tools without having to go through several stages of searching. This will evidently reduce the time wasted by advisors in moving to and fro from one application to another.
An executive working for Morgan Stanley stated that the company is intentionally spending a big chunk of money as compared to any other firms. He also added that the investment company works on the practice of bringing together its advisors and clients together in a platform that serves some of the best technologies.
The addition of this new platform also allows the advisors to monitor their assets held by clients elsewhere. This includes accounts such as 401(k) that helps create a rather accurate plan for the associated financial transactions or savings. The platform is comprised of 4 main parts which include portfolio advice, portfolio risk, implementation of relationship fee, and the client playback.
The platform “WealthDesk” was conceived in-house resulting in the early adoption of the technology by 10 to 15 percent of the financial advisors. The remaining population of the firm has the option to gradually bring in the technology in their daily practices, as confirmed by the executives at the company.
Morgan Stanley also plans to provide an extensive series of training for the proper use of the platform in the year 2019. This includes the advisors working at the branch and regional sessions as well.