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Morgan Stanley Introduces Generative AI Era on Wall Street: Financial Advisor Assistant

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Morgan Stanley Launches Generative AI Era on Wall Street with Financial Advisor Assistant

Morgan Stanley has officially ushered in the generative AI era on Wall Street with the introduction of an assistant for financial advisors. The bank's latest generative AI software, developed in collaboration with OpenAI, is now fully live for all financial advisors and their support staff, according to a memo obtained by CNBC.

Enhancing Client Interactions and Efficiency

Morgan Stanley Co-President Andy Saperstein emphasized the significance of financial advisors in the firm's wealth management universe. He expressed the belief that generative AI will revolutionize client interactions, bring new efficiencies to advisor practices, and ultimately allow advisors to focus on what they do best: serving their clients.

A Cutting-Edge Solution Based on GPT-4

Morgan Stanley's assistant, known as the AI @ Morgan Stanley Assistant, provides financial advisors with quick access to the bank's extensive "intellectual capital" database, which includes approximately 100,000 research reports and documents. By streamlining the process of answering market-related queries, providing recommendations, and navigating internal processes, the assistant enables advisors to allocate more time towards engaging with clients. According to Jeff McMillan, head of analytics, data, and innovation at Morgan Stanley wealth management, the development of the AI @ Morgan Stanley Assistant involved meticulous curation of documents and rigorous testing by human experts. The challenge lay in ensuring that the program would generate high-quality responses, despite its seemingly straightforward text-based interface. One adjustment for advisors is the requirement to phrase questions in full sentences, simulating a conversation with a human rather than relying on keyword-based search queries. This shift in approach aims to enhance the natural interaction between advisors and the AI assistant.

Future Plans and Expanded AI Solutions

The AI @ Morgan Stanley Assistant is just the beginning of Morgan Stanley's foray into generative AI. The firm is currently piloting another tool called Debrief, which automatically summarizes client meeting content and generates follow-up emails. McMillan highlighted that utilizing OpenAI software necessitated a fundamentally different approach compared to previous technology efforts. OpenAI's ChatGPT leverages massive language models to produce human-like responses, learning from examples of what constitutes "good" output. This enables the system to reason and apply logic akin to human thinking. The excitement surrounding AI has had a profound impact on the stock market and has compelled industries to grapple with its implications. Some experts even consider AI as the next foundational technology. McMillan expressed his astonishment at the transformative potential of AI and emphasized the importance of seizing the disruptive opportunities it presents. In conclusion, Morgan Stanley's introduction of the AI @ Morgan Stanley Assistant marks the beginning of the generative AI era on Wall Street. By leveraging cutting-edge technology, the firm aims to enhance client interactions, improve efficiency, and stay at the forefront of innovation in the financial industry.


Morgan Stanley's pioneering move to integrate generative AI into their financial advising services marks a significant shift in the financial industry. This development could have far-reaching implications for new businesses, particularly those in the financial sector or those considering AI integration.

Implications for New Businesses

For startups, this development underscores the increasing importance of AI in enhancing efficiency and improving customer interaction. It demonstrates the potential of AI to streamline operations and free up time for more strategic tasks. New businesses can take note of this trend and consider how AI might be utilized in their own operations.
Lessons Learned
The key takeaway for new businesses is the transformative potential of AI. As demonstrated by Morgan Stanley, AI can revolutionize traditional business practices, bringing about increased efficiency and improved customer service. However, successful integration requires careful planning and execution, including meticulous curation of data and rigorous testing. In conclusion, Morgan Stanley's launch of a generative AI assistant for financial advisors heralds a new era on Wall Street. This development provides valuable insights for new businesses, highlighting the transformative potential of AI and the importance of embracing disruptive opportunities. As AI continues to evolve, it is crucial for new businesses to stay abreast of these developments and consider how they might be leveraged for success.
Story First Published at: https://www.cnbc.com/2023/09/18/morgan-stanley-chatgpt-financial-advisors.html
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