MSWM is one of a handful of GPT-4 launch organizations, and the only one in wealth management, to gain access to the tool. The financial services firm will leverage OpenAI’s technology to access, process and synthesize content from its stock of intellectual capital in the form of insights into companies, sectors, asset classes, capital markets, and regions around the world. Financial advisors will use the internal capability to ask questions and contemplate large amounts of content and data, with answers delivered in an easily digestible format generated exclusively from MSWM content and with links to the source documents.
The announcement follows news of recent MSWM AI projects that include Next Best Action, an internally-built AI-based engine that delivers timely, customized messages to clients and prospects guided by advisors. MSWM has also been implementing its proprietary Genome capability through the self-directed and workplace channels, which uses data analytics and machine learning to further personalize client communication.
“We believe trust-based relationships and human advice will always be valued by clients, and the financial advisor and their teams will remain the center of our wealth management universe,” said Andy Saperstein, Co-President and Head of Morgan Stanley Wealth Management. “We aim to leverage OpenAI’s breakthrough technology into a competitive advantage in how our advisors can harness Morgan Stanley’s knowledge and insights in ways that were once never thought feasible. This technology is a game changer in synthesizing our expansive intellectual capital, bringing the value and richness of it to a whole new level, and in the process freeing up valuable time for advisors to do what they do best—serve their clients.”
He added that Morgan Stanley has a track record of integrating technology and innovation into its operating environment, from the Smith Barney integration, to its risk and portfolio analytics work with BlackRock’s Aladdin platform.
“Innovation is a driving force in our position as a Category of One in the industry,” said Jeff McMillan, Head of Analytics, Data & Innovation for Morgan Stanley Wealth Management. “We see first-hand that we are in a period of rapidly advancing, powerful technological development. We comb through hundreds of startups and tech firms to find technologies that can help enrich and improve the client experience, while aligning with appropriate controls.”