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Morgan Stanley is Launching a Wealth Management AI Chatbot

AI | Sep 18, 2023

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Morgan Stanley, a leading name in investment banking and wealth management, is set to redefine the financial advisory landscape with its latest AI innovation, an AI-powered Morgan Stanley Assistant

Collaborating with OpenAI, the bank has developed a generative AI chatbot, aiming to enhance the experience for its wealthy clientele and streamline operations for its financial advisors.

The AI chatbot, named the "AI @ Morgan Stanley Assistant," is designed to provide financial advisors with rapid access to a vast database containing approximately 100,000 research reports and documents. This initiative is part of Morgan Stanley's broader strategy to bolster its wealth division, which has recently witnessed a 16% surge in net revenue.

One of the unique features of this chatbot is its ability to understand and respond to full-sentence queries, mimicking human-like interactions. Advisors are encouraged to communicate with the chatbot as they would with a human assistant, moving away from the traditional keyword-based search approach.

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Morgan Stanley envisions the chatbot to do more than just fetch documents. With client consent, the AI could potentially:

  • Generate summaries of meetings;
  • Draft follow-up emails;
  • Update the bank's sales database; and
  • Schedule subsequent appointments.
  • (Note, the bank is also piloting a tool named "Debrief" that can automatically summarize client meetings and generate follow-up emails.)

While other financial giants like Goldman Sachs and JPMorgan Chase are exploring generative AI technology, Morgan Stanley stands out as the first major Wall Street firm to deploy a solution based on OpenAI's GPT-4 for its employees.

Will Investors and Advisors Use It?

Given the potential benefits, it's highly likely that both investors and advisors will embrace this AI innovation. For investors, the chatbot promises a more streamlined and efficient interaction with their financial advisors. On the other hand, advisors stand to benefit from the enhanced operational efficiency, allowing them to focus more on client interactions and less on administrative tasks.

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However, the success of this AI initiative will hinge on its accuracy, reliability, and the value it brings to both investors and advisors. As with any new technology, there will be a learning curve, and the real test will be its adoption rate among Morgan Stanley's clientele and advisory team.


NCFA Jan 2018 resize - Morgan Stanley is Launching a Wealth Management AI ChatbotThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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