Morgan Stanley will officially launch an AI assistant for financial advisors today

Morgan Stanley (NYSE: MS) will reportedly launch an artificial intelligence-powered assistant for financial advisors on Monday.

Morgan Stanley is beating peers in the AI race

The multinational investment bank had first revealed plans of such an assistant based on GPT-4 (OpenAI) in March.

Its peers including Goldman Sachs and JPMorgan are also exploring the potential of AI in financial services – but Morgan Stanley is the first one on Wall Street that’s actually going live with such a solution. Andy Saperstein – its Co-President said today in memo:

We believe Gen AI will revolutionise client interactions, bring new efficiencies to advisor practices, and ultimately help free up time to do what you do best: service your clients.

The said memo was first obtained by CNBC. Shares of Morgan Stanley are down nearly 1.0% on Monday.

Financial advisors will get to save a lot of time

The AI assistant will enable quick access to the bank’s database comprising a hundred-thousand research reports and other relevant documents, as per Jeff McMillan – the Head of Analytics, Data, and Innovation at Morgan Stanley Wealth Management.

Financial advisors will now be able to focus more engaging with their clients as AI @ Morgan Stanley Assistant frees up a significant chunk of their time, he added.

We saw a window of opportunity that was just completely disruptive, and I think as an organization, we didn’t want to get left behind.

The news arrives about a couple months after Morgan Stanley reported market-beating results for its second financial quarter (read more).