The wealth management arm of New York-listed Morgan Stanley has expanded its offering for financial advisors.

Morgan Stanley Wealth Management has launched UMAX, a portfolio management and trading application.

Financial advisors will be able to use the application to handle client accounts across models within the select unified managed account (UMA). UMAX will allow advisors to examine and compare investment products against the larger universe of more than 1,200 investment products covered by Morgan Stanley’s global investment manager analysis.

UMAX aims to enhance administrative efficiencies and client solutions by comparing historical and forecasted risk and return for the current portfolio allocation to a proposed portfolio allocation. It also reviews estimated gains and losses on positions so as to manage more tax efficient transitions, and generates client approved transition reports before trades are executed to ensure portfolios are re-allocated in minutes.

“UMAX is a powerful portfolio management and trading tool that allows financial advisors to construct and modify unified managed account models instead of just discrete accounts. UMAX’s ability to so efficiently facilitate changes across multiple UMA portfolios simultaneously is a major step forward in the industry,” said Chad Graves, managing director, Morgan Stanley Wealth Management.

Last month, Morgan Stanley Wealth Management continued an overhaul of its management structure, handing head of private wealth managemen Vince Lumia extra responsibility for the strategic lead management group and Ben Huneke a new role as head of investment solutions. This followed the recent departure of the division's chief executive, Greg Fleming, and subsequent appointments of Andy Saperstein and Shelley O'Connor as co-heads, according to media reports.