American investment bank Morgan Stanley has launched an advisory platform dubbed WealthDesk, enabling its financial advisers to have a consolidated view of various portfolios and manage client relationships more effectively.

With the new platform, Morgan Stanley aims to combine planning, advice and implementation on a single dashboard.

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Developed in-house, the platform combines various digital tools offered by the bank including the Goals Planning System (GPS) platform with portfolio construction.

WealthDesk integrates with Morgan Stanley’s Portfolio Risk Platform. Powered by Aladdin, the Portfolio Risk Platform incorporates risk analytics to enable advisers assess the portfolio changes before they are made.

Besides, WealthDesk offers an advisory fee calculator, designed to enable advisers develop a pricing strategy against the services they provide.

The new platform also offers client playback, which offers clients a summary of their plans every quarter.

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The latest move is part of the digital strategy at Morgan Stanley, which claims that it is “intentionally spending more money than a lot of the other firms”.

Similar to Morgan Stanley, several banking majors have been ramping up their digital game in the recent times.

Last month, UBS partnered with Broadridge Financial to launch a new software platform for its financial advisers in the US.  In the same month, HSBC Bank USA teamed up with digital wealth manager Marstone to launch an investment advice platform called HSBC Wealth Track.

Earlier this year, UBS Wealth Management USA introduced a digital advice platform called UBS Advice Advantage, in collaboration with robo-adviser SigFig.