Morgan Stanley Family Office Resources has launched a virtual educational programme, dubbed as The Morgan Stanley Family Legacy and Governance (FLAG) Institute.
The programme aims to help financial professionals address and implement family governance processes for wealth management clients.
Morgan Stanley said it is first of its kind initiative from the firm for estate planning lawyers, certified public accountants, family office executives, and other professionals who deal with human capital side of working with ultra-high-net-worth (UHNW) clients.
The Institute will enable professionals to support harmonious decision-making and success within families. It will also help them focus on clients in the ultra-high-net-worth space.
Morgan Stanley head of Family Governance and Wealth Education Glenn Kurlander said: “With nearly 40 years of practice in the family governance space, we are excited to share our experience with estate planning professionals who focus their practice on the ultra-high-net-worth segment, helping them deepen their understanding of this critical space.”
First annual Institute, which took place this week, covered themes related to the elements of a family governance system.
Morgan Stanley executive director and Family Office resources generalist Elizabeth Chand commented: “There are many excellent and well-established programmes that help estate planning professionals continue developing their technical skills in the field.
“While these areas are of undeniable importance, we believe that a family’s long-term success and happiness depend to a far greater extent on their ability to develop, nurture and manage their human capital – matters that come within the ambit of family governance and legacy.”
Other developments at Morgan Stanley
In July this year, Morgan Stanley reported that a data breach involving a third-party vendor exposed the personal data of some corporate clients.
The cyber-attack, taking advantage of a vulnerability in vendor’s server Accellion FTA, exposed client names, addresses and date of birth among other data. The exposure was repaired in five days.
In June, Morgan Stanley Investment Management and the Multicultural Strategy Group launched Morgan Stanley Next Level Fund to support diverse startups.
In May, the firm hiked its stake in securities and fund management ventures in China as part of its strategy towards full control.