Morgan Stanley Set to Launch AI Chatbot to Boost Efficiency for Financial Advisers

Morgan Stanley is preparing an AI chatbot developed in collaboration with OpenAI’s ChatGPT to assist its financial advisers. The chatbot aims to help advisers quickly locate necessary research documents and forms, enhancing efficiency by eliminating the need to shift through extensive materials.

While it aids in tasks like data analysis and fraud detection, investment advice will continue to be provided by humans. This AI initiative is a part of Morgan Stanley’s strategy to drive growth in its wealth division, with CEO James Gorman targeting $10 trillion in assets under management. The bank also plans to develop technology for creating meeting summaries, managing client finances, and more. Details of the program are forthcoming. Morgan Stanley’s partnership with OpenAI provides them with preferred access to OpenAI’s resources.

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