Artificial Intelligence: Morgan Stanley Empowers Financial Advisors With AI Assistants Running On GPT-4

September 19, 2023 | Artificial Intelligence, News

“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.” – Morgan Stanley

Morgan Stanley (NYSE: MS) has ushered in the generative AI era on Wall Street with the launch of its AI @ Morgan Stanley Assistant, powered by OpenAI’s GPT-4. This move makes Morgan Stanley the first major Wall Street firm to deploy a bespoke solution based on GPT-4 for its employees, marking a significant development in the financial sector.

The bank’s co-President, Andy Saperstein, emphasized the enduring importance of financial advisors while expressing his belief in generative AI’s potential to transform client interactions and streamline advisor practices. The AI @ Morgan Stanley Assistant offers financial advisors rapid access to the bank’s extensive repository of “intellectual capital,” comprising around 100,000 research reports and documents. By efficiently addressing queries about markets, recommendations, and internal processes, this tool liberates advisors and customer service staff to focus more on client engagement. (CNBC)

However, the transition to using this AI requires advisors to frame their questions in full sentences, akin to human conversation, rather than relying on keyword-based searches—a shift in communication style that necessitates adaptation.

The AI initiative at the bank doesn’t stop here. The bank is piloting another tool called Debrief, which automates the summarization of client meetings and generates follow-up emails. This marks a shift in how technology solutions are developed, as OpenAI’s ChatGPT learns from examples of “good” responses rather than relying on traditional code-writing methods.

The adoption of generative AI reflects the growing excitement and impact of AI in various industries, with some experts considering it the next foundational technology. Morgan Stanley’s early embrace of this disruptive technology underscores its commitment to staying at the forefront of innovation in the financial sector.

Related Story: Salesforce Launches EinsteinGPT, Or CRM Powered By Generative AI

Image by Gerd Altmann from Pixabay


Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Epic Lays Off 830 Employees As Metaverse Underperforms
September 29, 2023     Digital Assets, News

Earlier today, Tim Sweeney, the head of Epic Games, shared an email with the company’s employees, announcing some significant changes within the organization. In this message, Sweeney discussed the necessity…
Artificial Intelligence: Mysterious US-Based Books3 Dataset Used To Train AI Was A Massive Trove Of Pirated Books
September 29, 2023     Artificial Intelligence, Latest News, News

Thousands of books penned by some of Australia’s most esteemed authors may have fallen victim to what Booker prize-winning novelist Richard Flanagan has described as “the biggest act of copyright…銅鑼灣_Causeway_Bay_銅鑼灣時代廣場_Times_Square_office_Tower_One_阿里巴巴_Alibaba_Hong_Kong_June_2022_Px3_03.jpg
FinTech: Ant’s Chongqing Consumer Finance Arm Raising $616M To Ramp Up Loans
September 29, 2023     FinTech, News

Chongqing Consumer Finance, the consumer finance arm of Ant Group, a prominent player in China’s financial technology landscape, is currently in the process of raising a substantial sum of fresh…
Venture Capital: Mercury’s Fund V Mops Up $160M For US Startups “Between The Coasts”
September 29, 2023     News, Venture Capital

Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment…