In a bid to help advisors turn individual clients into family relationships, Morgan Stanley Wealth Management has launched a new educational program for its advisors that focuses on improving their ability to serve clients’ multigenerational needs.
The U.S. firm says it is launching its Institute of Family Wealth Management (IFWM) to focus on family wealth. The firm says that the curriculum for the interactive e-learning program is entirely digital (and is accessible via tablet or PC) focuses on the planning needs of clients and their entire families, and the skills needed to engage these family members in the planning process.
Advisors that successfully complete the program earn a “Family Wealth Advisor” designation, which it says, “indicates a mastery of topics such as estate planning from the family perspective, families and philanthropy and family enterprises, as well as demonstrated ability to have effective conversations that help families understand and transition wealth from one generation to another.”
“We are on the cusp of the largest wealth transfer in history, and we recognize the need for industry-leading family-focused solutions,” said Andy Saperstein, head of investment products and services. “The IFWM demonstrates our dedicated approach to building meaningful family relationships.”
“Innovative approaches such as the IFWM are part of our ongoing efforts to enhance the effectiveness of our financial advisors to the benefit of our clients,” said Jim Tracy, director of Morgan Stanley’s Consulting Group Wealth Advisory Solutions. “By building stronger relationships with clients and their entire families, we will lead the industry with our distinct family focus.”