Morgan Stanley Wealth Management is giving its advisors a tool for helping baby boomer clients with elder care. According to On Wall Street, FAs will now be able to offer services including geriatric health evaluations, coordination of records and insurance coverage, and assistance with claims through PinnacleCare, a New York-based health care management company with which Morgan Stanley has had a partnership for nine years.

Clients pay a flat fee for initial services like evaluations and research, On Wall Street reports; they may then buy add-on services or pay an annual fee for ongoing help. Deanna Rodriguez, executive director of lifestyle advisory services at Morgan Stanley Wealth Management, told the publication that advisors had demanded the new services in response to a groundswell of requests from clients.

On Wall Street also quotes Greenwich, Conn.-based Morgan Stanley advisor Peter Chieco as saying that the elder care service “adds a lot of value” for clients, some of whom are nervous about the new health care legislation.

PinnacleCare chairman and founder Bruce Spector gave presentations to Morgan Stanley’s FAs all over the country, telling them the new resource would help differentiate them from competitors. Previously, On Wall Street says, advisors had been referring clients with chronic or terminal illnesses to PinnacleCare for help with finding specialists and coordinating treatment.

In a press release, Morgan Stanley said, "This relationship further expands the value that financial advisors can offer clients by incorporating access to the management of health issues into wealth planning discussions."