Morgan Stanley is pushing further into artificial intelligence adoption with a new assistant expected to save thousands of hours for the bank’s financial advisors.
The assistant, called Debrief, is designed to log detailed records of advisors’ meetings and automatically generate draft emails and summaries of discussions.
The bank plans to roll out the program to its approximately 15,000 advisors by early July, marking a significant step for generative AI use in a major Wall Street firm.
Enhancing advisor efficiency with OpenAI
Debrief, built using OpenAI’s GPT-4, will significantly reduce the time advisors spend on note-taking. Traditionally, advisors or junior employees take notes during client meetings, a task that Debrief can now handle more efficiently.
The assistant uses machine learning to generate comprehensive notes that are reportedly more accurate than those taken manually.
Morgan Stanley’s wealth management division conducts about 1 million Zoom calls annually. By automating note-taking, Debrief could save advisors an estimated 30 minutes per meeting.
This time saving allows advisors to focus more on client interactions and less on administrative tasks.
Consent and ethical considerations
Clients must consent to being recorded each time Debrief is used. Future updates will enable the assistant to be used on corporate devices during in-person meetings. This rollout will test the productivity gains promised by generative AI, which has recently gained significant traction on Wall Street.
Houston-based advisor Don Whitehead, who has been testing the software, noted that the AI integration allows advisors to be more present during meetings, as they no longer need to focus on note-taking.
This change could improve client service and potentially increase Morgan Stanley’s assets under management.
Potential impact on financial advisors
The broader vision for AI at Morgan Stanley involves creating a technology layer that assists advisors with various tasks, such as sending proposals, balancing portfolios, and generating reports. These core tasks, set to be automated, are universal across the firm, including its trading and banking divisions.
While AI adoption could displace some finance jobs, it also promises to boost industry profits. Citigroup reports that AI adoption could increase the industry’s profit by $170 billion by 2028.
However, the process is still in its early stages, and the long-term impact on business models remains uncertain.
McMillan, Morgan Stanley’s head of firmwide artificial intelligence, acknowledges the potential for disruption but also sees new opportunities.
The need for prompt engineers, who train AI to produce desired outcomes, is growing. This new role is essential for fine-tuning AI applications like Debrief, ensuring they perform effectively.
McMillan advises young people to consider careers as prompt engineers, highlighting the shift in job roles and skills needed in the evolving workplace.
Morgan Stanley’s Debrief marks a significant advancement in the use of AI in financial services. By automating note-taking and other administrative tasks, the assistant aims to enhance advisor productivity and client service.
As the bank continues to integrate AI across its operations, the long-term impact on efficiency and profitability will be closely watched.
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