Morgan Stanley To Roll Out OpenAI-Powered Assistant For Financial Advisors: 'Quality And Depth Of The Notes Are Just Significantly Better'

Morgan Stanley MS is set to launch an AI-powered assistant to enhance the workflow of its financial advisors.

What Happened: The AI assistant, named Debrief, will automate the note-taking process during client meetings, creating draft emails and summaries of the discussions, CNBC reported on Thursday. The program, built using Microsoft Corp.-backed OpenAI’s GPT-4, will be rolled out to the firm’s approximately 15,000 advisors by early July.

"What we're finding is that the quality and depth of the notes are just significantly better," Jeff McMillan, Morgan Stanley’s head of firmwide artificial intelligence said. "The truth is, this does a better job of taking notes than the average human."

The AI assistant will also free up valuable time for advisors, potentially leading to increased client engagement and business growth.

Debrief will initially be used in client meetings, with future versions allowing advisors to use the program on corporate devices during in-person meetings. Clients must consent to be recorded each time Debrief is used.

"As a financial adviser I'm doing four, five or six meetings a day," said Don Whitehead, a Houston-based advisor who's been testing the software. By "having the note-taking service built in through AI, you can really be invested in the meeting, you're actually a lot more present."

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Why It Matters: This move by Morgan Stanley is in line with the increasing adoption of AI in the financial sector. Earlier in May, a PricewaterhouseCoopers report highlighted a significant surge in productivity in AI-driven sectors, including professional and financial services. This growth was nearly five times faster than in other sectors.

Moreover, OpenAI’s ChatGPT Enterprise has been gaining traction in the industry, with PwC becoming its largest customer in May. A study by the University of Chicago also found that OpenAI’s GPT-4 had a relative advantage over humans in financial analysis and forecasting, further underlining the potential of AI in the financial sector.

This development comes at a time when the financial services industry is increasingly relying on AI and machine learning technologies to enhance customer experiences and operational efficiency. The integration of AI in financial services is seen as crucial for adapting to remote working conditions and meeting evolving consumer needs.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote