Morgan Stanley Wealth Management (MSWM) has entered into a strategic agreement with artificial intelligence research and deployment lab OpenAI to provide its financial advisors with an improved chatbot.
The chatbot will leverage OpenAI’s new GPT-4 technology, an advanced system driven by artificial intelligence (AI).
Through the new deal, the wealth manager will use OpenAI’s technology to access, process and synthesise content to deliver integrated insights to different companies, sectors, asset classes, capital markets and regions worldwide.
Using the new chatbot, financialaAdvisors and their teams will be able to ask their queries and as well as examine large amounts of content and data.
Answers will be provided in an easy format that would be developed exclusively from MSWM database. Links to the source documents will also be provided.
The latest development follows recent MSWM AI projects comprising Next Best Action, an internally-built AI-based engine that helps financial advisors to offer timely, tailormade updates to their clients.
It also comes after Morgan Stanley’s investment management unit obtained approval from China Securities Regulatory Commission (CSRC) to fully own its mutual fund joint venture in China.
Morgan Stanley Wealth Management head and co-president Andy Saperstein said: “We believe trust-based relationships and human advice will always be valued by clients, and the Financial Advisor and their teams will remain the centre of our wealth management universe.
“We aim to leverage OpenAI’s breakthrough technology into a competitive advantage in how our Financial Advisors can harness Morgan Stanley’s knowledge and insights in ways that were once never thought feasible.
“This technology is a game changer in synthesising 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 Financial Advisors to do what they do best—serve their clients.”