Morgan Stanley Wealth Management has launched Institute of Family Wealth Management (IFWM) that aims to focus on family wealth.

The IFWM is an interactive e-learning program that provides financial advisors the resources, process and knowledge to transform individual relationships into family relationships.

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The institute is part of the group’s strategy designed to assist the firm’s financial advisors better serve clients’ growing multigenerational needs.

Available via tablet or PC, the digital curriculum will focus on important planning needs of clients and their entire families, including spouses, children and aging parents, and the skills to engage these family members in the planning process.

The company’s financial advisors will provide practical and tactical advice through video messages and best practices on how to apply the learnings in client engagements in addition to informed the content.

Following the completion of the program, the advisors will receive a family wealth advisor designation.

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The program specifies 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 conversations that assist families understand and transition wealth from one generation to another.

Jim Tracy, director of consulting group wealth advisory solutions at Morgan Stanley, said: "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.

"By building stronger relationships with clients and their entire families, we will lead the industry with our distinct family focus. Online advice is proliferating, but nothing can replace the value of personal advice from a highly trained professional who can ask the right questions," he added.