American investment bank Morgan Stanley has launched an online investing platform, dubbed Morgan Stanley Access Investing, which will be available to customers at a minimum investment of $5,000.
The platform will give investors access to mutual funds and exchange-traded funds (ETFs), an ETF-only market tracking portfolio, and seven thematic portfolios.
The company will charge an advisory fee of 0.35% of invested assets. However, investors will not be charged any additional account service, transaction or termination fees.
Morgan Stanley Wealth Management chief digital officer Naureen Hassan said: “Morgan Stanley Access Investing leverages the firm’s intellectual capital to reach a broader audience of investors who are looking to achieve their financial goals.
“Morgan Stanley Access Investing is an opportunity for financial advisers to grow their book of business by making connections with prospects earlier and eventually establishing full service relationships when clients are ready.”
Recently, several other major US banking groups have launched similar services. Last month, Wells Fargo launched a hybrid robo-adviser named Intuitive Investor, which is available to clients at a minimum investment of $10,000 and an annual advisory fee of 0.5%. Earlier this year, Merrill Lynch launched its online advisory platform named Merrill Edge Guided Investing for clients with as little as $5,000 to invest.