Morgan Stanley, the renowned investment bank based in New York, is set to revolutionize the work of its financial advisors with the introduction of an artificial intelligence (AI) assistant named Debrief. This AI assistant, built on OpenAI’s GPT-4, aims to enhance efficiency and engagement by handling administrative tasks and providing valuable insights to advisors. With client consent, Debrief will actively participate in advisor-client meetings, taking comprehensive notes, identifying action items, summarizing key points, drafting emails, and saving information into Salesforce.
Vince Lumia, the head of Morgan Stanley Wealth Management client segments, stated that Debrief will significantly improve advisors' daily workflow, allowing them to dedicate more time to meaningful engagement with their clients. Jeff McMillan, Morgan Stanley’s head of firmwide artificial intelligence, emphasized the superior quality and depth of Debrief’s notes compared to those taken by human analysts. “The truth is, this does a better job of taking notes than the average human,” he said.
This new AI assistant is the latest development in Morgan Stanley’s partnership with OpenAI, following the successful deployment of the AI @ Morgan Stanley Assistant, a chatbot that provided financial advisors with access to the bank’s vast technical knowledge. The chatbot has already been adopted by 98% of the bank’s financial advisor teams, underscoring the growing reliance on AI in the industry.
McMillan envisions a future where AI serves as an efficiency-enhancing layer that bridges the gap between advisors and various applications, such as execution and order entry, CRMs, reporting tools, and risk analysis. He believes that AI can streamline processes and empower employees to make better decisions by leveraging AI’s capabilities.
Morgan Stanley plans to roll out Debrief to its approximately 16,000 wealth advisors in the coming weeks. This move aligns with the wider trend on Wall Street, where major banks are increasingly embracing AI to drive operational improvements. JPMorgan Chase, for instance, has developed its own large language model called ChatCFO, intended to support its finance team. The bank has also made AI training a regular part of its employee onboarding process. According to Mary Erdoes, head of JPMorgan Chase’s wealth and asset management unit, AI has significantly reduced the time spent on menial tasks and information retrieval, empowering bankers to make faster and well-informed decisions.
Daniel Pinto, president of JPMorgan, shares Erdoes' sentiment, mentioning that AI will have a huge impact on the bank’s large workforce of developers, operations staff, and call-center employees. Pinto estimates the value of AI use cases at JPMorgan to be between $1 billion and $1.5 billion. Goldman Sachs CEO, David Solomon, also recognizes the immense potential for productivity gains and efficiency improvements through the adoption of AI in the bank’s operations.
As AI continues to transform the financial industry, banks are tapping into its capabilities to enhance operational efficiency, empower employees, and provide better service to their clients. The introduction of AI assistants like Debrief marks yet another milestone in the ongoing integration of AI into the daily workflow of financial advisors, promising a future where human and machine collaboration drives increased productivity and overall success in the industry.
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