Shelley O'Connor Shelley O’Connor, Chairman and CEO of Morgan Stanley Private Bank N.A. and Morgan Stanley Bank N.A.

Morgan Stanley launched a new initiative, Women Without Limits, which aims to empower women and girls through financial literacy and professional development.

There are three “pillars” of internal and external support to the venture, according to the firm. The first is to reach out to clients to help them develop financial security and independence.

Second, the firm will work with communities and organizations it already has partnerships with, such as Girl Scouts of the USA, and provide financial literacy resources.

Third, Morgan Stanley will showcase its current female leaders as well as develop initiatives to grow a pipeline of young female talent.

“In a year when we celebrate the centennial of women’s right to vote, we can see both how far we have come, and how much more we still can do to support and empower our female employees, clients and women in our communities to help meet their financial and life goals,” according to Shelley O’Connor, chairman and CEO of Morgan Stanley Private Bank and Morgan Stanley Bank.

Aug. 26 is Women’s Equality Day in the U.S., said Andy Saperstein, head of Morgan Stanley Wealth Management, who added that “financial literacy and equality for women in corporate America still require our attention, and we are committed to helping address these crucial steps toward female empowerment.”

The firm also will host an inaugural event for its financial advisors, employees, recruits and leaders. The live and pre-recorded virtual event will be Sept. 30 and Oct. 1, during which several female leaders, including WNBA Commissioner Cathy Engelbert and former MetricStream CEO Shellye Archambeau, will speak.

“Women Without Limits encompasses highly curated and impactful partnerships, programs and resources that are independently impactful, but when combined, provide a valuable platform to help female clients growth their wealth, empower women in our local communities, and support female employees to develop and thrive in their careers,” said Kara Underwood, managing director, head of wealth management diversity and inclusion at Morgan Stanley, in a statement.

— Related on ThinkAdvisor: