ChatGPT for Investing: Morgan Stanley's AI Chatbot For Wealth Advisory

High-net-worth clients seeking investment advice at Morgan Stanley MS may soon find themselves conversing with a chatbot during their meetings. 

The bank will showcase an artificial intelligence bot developed in partnership with OpenAI, the creators of ChatGPT. This initiative comes after successful testing with 1,000 financial advisers.

Also Read: ChatGPT Bug Bites JP Morgan: Looks To Develop AI Software For Investment Advice

Upon obtaining clients' consent, the AI bot will perform various tasks, including creating meeting summaries, drafting follow-up emails, updating the bank's sales database, scheduling future appointments, and providing insights on managing finances related to taxes, retirement savings, and inheritances, Reuters reports.

Bankers will also benefit from the chatbot as they can efficiently locate research materials and forms, eliminating the need to sift through extensive document archives.

The Impact of AI on Wealth Management

Morgan Stanley's Chief Information Officer of Wealth and Investment Management, Sal Cucchiara, views AI as a transformational force in the industry, potentially comparable to the internet's impact. 

Executives from both Morgan Stanley and OpenAI finalized a deal granting the bank preferred access to product development for wealth management. 

This partnership reflects the growing importance of AI in the financial sector.

While the AI bot will provide valuable insights and administrative support to financial advisers, the core function of giving investment advice will remain in the hands of human advisers. 

Employees now view AI as a complementary tool, not a replacement for their roles.

AI's Role in Morgan Stanley's Growth Strategy

This AI initiative aligns with Morgan Stanley's strategy to bolster its wealth division, which reported a 16% increase in net revenue and substantial growth in new client assets. CEO James Gorman aims to reach $10 trillion in assets under management, and investments in AI technology are pivotal in achieving this ambitious goal.

Price Action: MS shares traded higher by 0.38% at $83.84 premarket on the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.