Morgan Stanley is giving financial advisors access to ChatGPT to simulate having its “chief investment strategist, chief global economist, and chief equities strategist on call” at all times.
ChatGPT – the AI-powered tool that can respond to prompts and queries in a human-like way – can help make vast proprietary datasets more accessible: Advisors can use it to access key information, quickly.
Morgan Stanley Wealth Management is using GPT-4 – the newest version of the buzzy chat tool – to drive efficiency and competitive advantage for its financial advisors.
The bot will source its information exclusively from MSWM content: The firm trained ChatGPT on about 100,000 pieces of its own proprietary research. Querying it will allow advisors to receive answers in seconds and more easily digest large amounts of data without manually combing through reports.
This allows them to use Morgan Stanley’s own insights in new, richer ways, free up time, and better serve clients.
“It will be like having our chief investment strategist, chief global economist, and global equities strategist on call for every financial advisor 24/7,” the head of analytics, data, and innovation, Jeff McMillan, said of the tool.
The feature essentially gives advisors superpowers that amp up versus minimize their ability to have personal, trusting relationships with their clients.
Morgan Stanley’s sanctioned use of ChatGPT resembles that of Swedish investment firm EQT, which programmed the chatbot to help its dealmakers more easily benefit from its “Motherbrain” data platform. We expect to see more FinServs proactively rolling out ways for employees to use this tool, though for the time being many big banks have banned work usage of ChatGPT, until it’s properly vetted.