Morgan Stanley is launching a robo-advisory platform in an effort to reach client segments the company had not previously been serving, according to Co-Head of Wealth Management Andy Saperstein.
"In the fall, we'll launch our robo, which is effectively a self-directed-type offering," he said during a presentation at the Deutsche Bank Global Financial Services Conference.
Saperstein's comments confirmed media reports that said Morgan Stanley was set to roll out a robo-adviser in 2017. The new product will target investors who have some funds to invest but do not want a specific adviser giving them advice, he explained.
Saperstein said the platform is largely being constructed to accommodate children of Morgan Stanley clients. "Right now, without a specific offering that we have for them, they have to go elsewhere even though they are clearly open to having an account with us," he said.