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

on Sep 18, 2023
  • Morgan Stanley will go live with its AI assistant for financial advisors on Monday.
  • The GPT-4 based artificial intelligence solution will help save a lot of time.
  • Shares of Morgan Stanley are down nearly 1.0% on Monday morning.

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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

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

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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.

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Financial advisors will get to save a lot of time

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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.

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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).  

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