Morgan Stanley Unveils AI Assistant for Financial Advisors
Morgan Stanley has launched an artificial intelligence (AI)-powered assistant for financial advisors.
The new AI @ Morgan Stanley Assistant tool, developed as part of a collaboration with the OpenAI artificial intelligence research laboratory, is now available to all Morgan Stanley Wealth Management advisors after being piloted to about 1,000 for several months, according to a company memo obtained by CNBC on Monday.
Morgan Stanley co-president Andy Saperstein said in the memo: “Financial advisors will always be the center of Morgan Stanley wealth management’s universe. We also believe that generative AI will revolutionize client interactions, bringing new efficiencies to adviser practices, and ultimately help free up time to do what you do best: serve your clients.”
The AI @ Morgan Stanley Assistant will save advisors and customer service employees time in addressing queries about markets, recommendations, and internal processes by giving them quick access to the bank’s extensive database of research reports and documents, according to the report.
Rather than employing standard coding approaches, the system learns what constitutes a “good” response by studying examples given to it. This allows the AI to use human-like reasoning and logic, resulting in more accurate and contextually appropriate answers.
The AI @ Morgan Stanley Assistant is just the start of Morgan Stanley’s intentions for generative AI solutions. The bank is presently testing Debrief, a product that automatically summarizes the content of customer meetings and generates follow-up emails.
In March, Morgan Stanley revealed it was developing an OpenAI-powered chatbot to help its 16,000 financial advisers filter through internal research data for pertinent information.
