Morgan Stanley Advances AI with New Assistant
Morgan Stanley is taking a significant step in its AI adoption with the launch of Debrief, a new assistant expected to save thousands of labor hours for the bank’s financial advisors.
AI-Driven Productivity
Debrief, a tool designed to log detailed records of advisor-client meetings and draft emails and summaries, will be available to Morgan Stanley’s 15,000 advisors by early July. Built with OpenAI’s GPT-4, the assistant listens in on client Zoom meetings, replacing manual note-taking done by advisors or junior employees.
Enhanced Note Quality
“The quality and depth of the notes are significantly better,” Jeff McMillan, Morgan Stanley’s head of firmwide AI, told CNBC. Debrief outperforms humans in note-taking, freeing advisors to focus on client interactions.
Client Consent and Future Plans
Clients must consent to being recorded for Debrief to function. Future updates will enable its use during in-person meetings via corporate devices. Morgan Stanley’s wealth management division, which hosts about 1 million Zoom calls annually, estimates that Debrief saves 30 minutes of work per meeting.
Boosting Advisor Efficiency
Houston-based advisor Don Whitehead, a pilot user of Debrief, noted the program allows advisors to be more present during meetings, eliminating post-meeting note-taking. McMillan predicts that the reclaimed time will be used to better serve clients and attract new ones, potentially increasing Morgan Stanley’s assets under management, which stand at $5.5 trillion, towards the $10 trillion target.
A Year to Measure Impact
McMillan believes it will take at least a year to assess the impact on advisor productivity. He highlights that advisors excel in client engagement, not in administrative tasks like note-taking or research.
Broader AI Vision
Morgan Stanley’s long-term AI vision, as outlined by wealth management head Jed Finn, involves creating a technology layer that aids advisors in all tasks with simple prompts. AI will automate core tasks across the firm, enhancing overall efficiency.
Industry-Wide Changes
Finance jobs are highly susceptible to AI-driven changes, with Citigroup predicting a $170 billion profit boost for the industry by 2028 due to AI adoption. McMillan anticipates business models will evolve in unforeseen ways, emphasizing the need for prompt engineers to train AI systems effectively.
Future Careers in AI
McMillan encourages future generations, including his children, to consider careers in AI as prompt engineers, a role crucial for creating desired outcomes and engaging effectively with both machines and people.
In conclusion, Morgan Stanley’s introduction of Debrief marks a pivotal advancement in integrating AI into financial services, promising enhanced productivity and client service, while setting the stage for future technological innovations.