Retail borkerage and wealth management business firm Morgan Stanley Smith Barney (MSSB) has introduced the first upgrade for its new trading platform in a bid to deal with some problematic issues indicated by the financial advisers.
MSSB, a joint venture between the New York headquartered wealth manager Morgan Stanley and Citigroup, kicked off a new trading platform dubbed as "3D", for its all of 17,000 of its brokers in July this year, as reported by the Financial Times.
Due to the some technical faults, such as inaccurate client account balance positions, a critical function for brokers and financial advisers who deal with customers' investments, the platform failed to meet expectations that resulted in losses.
The asset manager said that it has made more than 20 changes in its new platform intended to deal with the glitch, as reported by the Financial Times.
Commenting on the improvement, Morgan Stanley managing director Jeff McMillan told Financial Times, "This is the first major set of enhancements."
"But there's no silver bullet. It's a lot of little things but some of those are incredibly meaningful for some advisers."
The company said that it will perform two more significant updates in November and December, this year.
"The system works, business is getting done, and we have seen no negative impact on the performance of the business," MSSB added.