New York City-based Morgan Stanley Smith Barney LLC on Monday announced the launch of Mogan Stanley Access Investing, a new online investing platform designed to capture a younger, less affluent clientele.
The service will build portfolios comprised of mutual funds and exchange-traded funds (ETFs), utilizing both active and passive strategies. It carries an investment minimum of US$5,000, and charges an advisory fee of 0.35% on assets under management (AUM).
At the same time, the new service aims to enable its financial advisors to “expand their reach and nurture future clients by building a pipeline to the next generation of high net worth clients,” the firm says in its announcement.
“Morgan Stanley Access Investing is an opportunity for financial advisors to grow their book of business by making connections with prospects earlier and eventually establishing full service relationships when clients are ready,” says Naureen Hassan, chief digital officer at Morgan Stanley Wealth Management, in a statement.