The use of artificial intelligence is at varying stages in wealth management, but one Wall Street firm has been keen to gain a competitive advantage as an early adopter.
Morgan Stanley became the first wealth management firm to become a strategic partner of Open AI in March 2023 and six months later fully rolled out is AI @ Morgan Stanley Assistant, a GenAI powered chatbot offering FAs quick access to all of Morgan Stanley’s intellectual capital.
It also created a new role for its head of analytics, data and innovation, Jeff McMillan, who became its firmwide head of artificial intelligence earlier this year.
Now, the firm’s AI solution has a new capability as AI @ Morgan Stanley Debrief enables generation of notes of client meetings on behalf of financial advisors, subject to client approval, and the surfacing of action items.
It automatically generates a summary of the meeting which can be emailed if required and saves a note into Salesforce.
“We are thrilled to add yet another groundbreaking tool to our FA toolkit—further enhancing our industry-leading1 Advisor platform,” said Vince Lumia, Head of Morgan Stanley Wealth Management Client Segments. “AI @ Morgan Stanley Debrief drives immense efficiency in an advisors’ day-to-day, allowing more time to spend on meaningful engagement with their clients. Because at the end of the day, the financial advisor’s service, advice, and relationships with clients—the human touch—remains fundamental.”
The use of the AI @ Morgan Stanley Assistant has reached 98%, the firm says, and McMillan, as head of AI, is clearly delighted at how the technology is being used and how it is developing into a suite of tools for advisors.
“As we reach critical mass in our AI @ Morgan Stanley endeavors, we envision a world where AI serves as an efficiency enhancing interaction layer that sits between our colleagues and the many applications they interact with such as execution and order entry, CRMs, reporting tools and risk analysis, just to name a few,” he said. “Through this rollout, financial advisors continue to see first-hand the real benefits GenAI delivers to their practices. And we’re just getting started in unlocking the true power of this technology for all of Morgan Stanley.”
Also, Summit Wealth Group nabs a Commonwealth advisor in Tennessee, Oxford Financial adds two managing directors, and Verdence draws an ultra-high-net-worth advisor from Fidelity.
When advisors have tech to handle meeting prep and organization, it frees up time they can reinvest more thoughtfully into helping clients.
LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
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