But I think it may not resonate until they have a specific reason for it to do so. So we have provided a number of communications out to the broad field letting them know that this does exist. I think the level of awareness probably varies greatly across the advisor universe based on those that either know they have a client interested or who may have an interest themselves, or may see this as an opportunity to try to build out their client base around this space.

FA: Is the platform currently open to advisors who are not affiliated with Morgan Stanley?

Irby: It’s currently available only to Morgan Stanley Wealth Management advisors across the full wealth management business.

FA: How are fees set up, and what benefits does the platform offer?

Irby: The fee structure for the impact investing platform currently is no different than how a client of the firm would work with an advisor on any traditional investment product. All products that are part of the Investing with Impact Platform go through the traditional due diligence channels and the traditional platforms of the firm.

If a product is being branded as an impact-oriented or sustainable-oriented product we make sure that they have actually outlined clearly in their documentation and materials what that means and how they’re implementing that. We must also feel comfortable with the way the organization is structured and that the investment process they have in place matches the commitment they’re making.

FA: What types of measurable environmental and social impact variables does Morgan Stanley look for? 

Irby: Morgan Stanley has devised a platform that allows our clients to invest in many areas that align with their own personal mission. As a firm, we look for portfolio managers with clearly stated impact goals and investment practices that support the stated impact goals.

FA: Where do you see impact investing heading?

Irby:  I think there is a lot of movement happening in this space globally. The U.S. has clearly lagged and is behind Europe. I think that is starting to change. We’re seeing a lot more interest, whether it be broadly in this space or around specific issue areas, but I think this is something that is going to continue to increase as a focus area down the road—and by down the road I probably mean about 10 years. I don’t know that it will be a separate and distinct category any more, but I think the majority of the factors in this space can be viewed in the context of financial opportunity and/or risk and will be mainstreamed increasingly into the investing process.