Morgan Stanley Expands AI Tools Across Wealth Management Division
Morgan Stanley is enhancing its wealth management services by expanding AI tools to a broader range of employees.
Key Points
- • Morgan Stanley is rolling out AI tools across its wealth management division to boost productivity.
- • The tools will now be accessible to more employees, not just financial advisors.
- • Emphasis on training and compliance with ethical AI usage is highlighted.
- • The rollout follows the firm's early partnership with OpenAI for generative AI capabilities.
In a significant move toward enhancing its wealth management services, Morgan Stanley is broadening the rollout of AI tools to not only financial advisors but to a wider range of employees within its division. The initiative aims to boost productivity and client engagement, showcasing the firm's commitment to innovative technology adoption in finance.
Sal Cucchiara, Chief Investment Officer of Wealth Management and Investment Management Technology, noted that this expansion signifies a natural progression from their initial generative AI capabilities. Morgan Stanley had previously partnered with OpenAI to launch the AI @ Morgan Stanley Assistant and the AI @ Morgan Stanley Debrief, an AI-powered notetaker set to streamline internal and external meetings.
The new AI tools will enhance user experience and meet advisor requests for mobile access, enabling more effective communication with clients. As highlighted in an internal memo, the firm is placing a strong emphasis on training and compliance for ethical AI usage to address rising concerns within the financial industry about compliance-related issues. Koren Maranca, head of Wealth Management Generative AI, stated that adapting technology in this manner will significantly enhance employee comfort and engagement with these AI tools.