Morgan Stanley (NYSE:MS) is set to release its artificial intelligence system for financial advisors and their support staff on Monday, according to memo seen by CNBC.
The tool, called the AI @ Morgan Stanley (NYSE:MS) Assistant, was created with OpenAI’s latest generative AI software GPT-4.
“Financial advisors will always be the center of Morgan Stanley wealth management’s universe,” Morgan Stanley co-president Andy Saperstein said in the memo, as reported by CNBC.
“We also believe that generative AI will revolutionize client interactions, bring new efficiencies to advisor practices, and ultimately help free up time to do what you do best: serve your clients.”
AI @ Morgan Stanley Assistant will reportedly give financial advisors swift access to the firm's database of about 100,000 reports and documents, freeing up time for them to engage with clients by streamlining the query process with regard to recommendations, internal processes and more.
The company is also trialing a tool called DeBrief which will summarize client meetings and generate follow-up emails.
Morgan Stanely shares traded modestly higher, up 0.3% to US$88.72, on Monday afternoon.
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