Morgan Stanley Wealth Management Announces Latest Game-Changing Addition to Suite of GenAI Tools

Rhea-AI Summary

Morgan Stanley Wealth Management (MSWM) has rolled out AI @ Morgan Stanley Debrief, a new AI tool powered by OpenAI that aids Financial Advisors (FAs) in client meetings. With client consent, it generates meeting notes, summarizes key points, creates draft emails, and logs notes into Salesforce. This tool aims to enhance the efficiency of FAs, freeing up their time for more meaningful client interactions. Feedback from advisors has been overwhelmingly positive, highlighting the tool’s ability to save time and improve client engagement. The rollout follows Morgan Stanley's partnership with OpenAI, and over 98% of advisory teams have adopted the AI @ Morgan Stanley Assistant launched in September 2023. Jeff McMillan, Head of Firmwide Artificial Intelligence, envisions AI serving as an efficient interaction layer between colleagues and various applications. Morgan Stanley was named North America's best bank for wealth management by Euromoney in 2023.

Positive

• The introduction of AI @ Morgan Stanley Debrief could significantly enhance FA efficiency by automating note-taking and summarizing key points in meetings.
• Feedback indicates that the tool saves advisors approximately 30 minutes per meeting, allowing them to focus more on client decisions.
• The tool's ability to create draft emails and integrate with Salesforce can streamline operations and improve client communication.
• 98% adoption rate of the AI @ Morgan Stanley Assistant among Financial Advisor teams demonstrates strong internal support and effectiveness.
• Morgan Stanley's recognition as North America's best bank for wealth management by Euromoney supports its industry-leading position.

Negative

• None.

AI @ Morgan Stanley Debrief acts as notetaker, summarizer and first draft communication composer for client meetings, greatly enhancing efficiency and enabling scale for Advisors and their practices

NEW YORK--(BUSINESS WIRE)-- Morgan Stanley Wealth Management (MSWM) today announced the next innovation milestone in its AI @ Morgan Stanley suite of GenAI tools for Financial Advisors (FAs). The new AI @ Morgan Stanley Debrief is an OpenAI-powered tool that, with client consent, generates notes on a Financial Advisors’ behalf in client meetings and surfaces action items.

After the meeting, it summarizes key points, creates an email for an Advisor to edit and send at their discretion, and saves a note into Salesforce.

“We are thrilled to add yet another groundbreaking tool to our FA toolkit—further enhancing our industry-leading¹ Advisor platform,” said Vince Lumia, Head of Morgan Stanley Wealth Management Client Segments. “AI @ Morgan Stanley Debrief drives immense efficiency in an Advisors’ day-to-day, allowing more time to spend on meaningful engagement with their clients. Because at the end of the day, the Financial Advisor’s service, advice, and relationships with clients—the human touch—remains fundamental.”

Feedback from Financial Advisor teams has been overwhelmingly positive:

• "AI @ Morgan Stanley Debrief has revolutionized the way I work. It's saving me about half an hour per meeting just by handling all the notetaking. This has really freed up my time to concentrate on making decisions during client meetings. It's been a total game-changer." (Don Whitehead; Houston, Texas)
• “AI @ Morgan Stanley Debrief has become a crucial part of how I engage with my clients. After the meeting I can quickly review, edit and send an executive summary email while the meeting is still fresh in our minds. Clients have found these summaries to be a valuable addition to our process. I feel that all Financial Advisors should incorporate this tool into their client engagement model.” (Zach Goldberg; Short Hills, NJ)
• "Because of AI @ Morgan Stanley Debrief, I can have deeper, more personal conversations with my clients. I don't have to rely on my team to jot down notes and action items anymore. It summarizes discussion topics and outlines the next steps, which makes our meetings so much more productive. Clients are also really excited to take part in Morgan Stanley’s journey in adopting Artificial Intelligence." (Victoria Bailey; Menlo Park, CA)

AI @ Morgan Stanley Debrief comes after Morgan Stanley Wealth Management announced its relationship with OpenAI as its only wealth management strategic partner in March 2023 and fully rolled out the AI @ Morgan Stanley Assistant in September 2023—an award-winning² GenAI powered chatbot offering FAs quick access to all of Morgan Stanley’s intellectual capital. To date, 98% of Financial Advisor teams have adopted the Assistant.

“As we reach critical mass in our AI @ Morgan Stanley endeavors, we envision a world where AI serves as an efficiency enhancing interaction layer that sits between our colleagues and the many applications they interact with such as execution and order entry, CRMs, reporting tools and risk analysis, just to name a few,” said Jeff McMillan, Head of Firmwide Artificial Intelligence at Morgan Stanley. “Through this rollout, Financial Advisors continue to see first-hand the real benefits GenAI delivers to their practices. And we’re just getting started in unlocking the true power of this technology for all of Morgan Stanley.”

1. Euromoney: North America’s best bank for wealth management 2023: Morgan Stanley
2. Morgan Stanley Wealth Management: AI @ Morgan Stanley Assistant

About Morgan Stanley Wealth Management
Morgan Stanley Wealth Management is a leading financial services firm that provides access to a wide range of products and services to individuals, businesses, and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement, and trust services.

About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/.

This material may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the material refers to website material of Morgan Stanley Wealth Management, the firm has not reviewed the linked site. Equally, except to the extent to which the material refers to website material of Morgan Stanley Wealth Management, the firm takes no responsibility for, and makes no representations or warranties whatsoever as to, the data and information contained therein. Such address or hyperlink (including addresses or hyperlinks to website material of Morgan Stanley Wealth Management) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through the material or the website of the firm shall be at your own risk and we shall have no liability arising out of, or in connection with, any such referenced website. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”) provides certain technology tools and services supported by artificial intelligence via an arrangement with OpenAI LLC (“OpenAI”), an unaffiliated third party. Morgan Stanley employees using such technology tools and services are bound by all applicable Morgan Stanley policies and procedures. Neither Morgan Stanley nor its affiliates are responsible any products or services offered by OpenAI on a basis separate from its arrangement with Morgan Stanley and any references to such in this material do not imply endorsement, sponsorship, or verification by Morgan Stanley.

Artificial intelligence (AI) is subject to limitations, and you should be aware that any output from an IA-supported tool or service made available by the Firm for your use is subject to such limitations, including but not limited to inaccuracy, incompleteness, or embedded bias. You should always verify the results of any AI-generated output.

© 2024 Morgan Stanley Smith Barney LLC. Member SIPC.

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Media Relations:

Lynn Cocchiola, Lynn.Cocchiola@morganstanley.com

Lindsey Madnick, Lindsey.madnick@morganstanley.com

Source: Morgan Stanley Wealth Management

FAQ

What is AI @ Morgan Stanley Debrief?

AI @ Morgan Stanley Debrief is a new OpenAI-powered tool that assists Financial Advisors by automating note-taking, summarizing meetings, and drafting communications.

How does AI @ Morgan Stanley Debrief enhance Financial Advisor efficiency?

The tool saves advisors time by taking notes and summarizing meetings, enabling them to focus more on client interactions and decision-making.

How has AI @ Morgan Stanley Debrief been received by Financial Advisors?

The feedback has been overwhelmingly positive, with advisors noting significant time savings and improved client engagement.

When did Morgan Stanley launch the AI @ Morgan Stanley Assistant?

Morgan Stanley fully rolled out the AI @ Morgan Stanley Assistant in September 2023.

What is the adoption rate of the AI @ Morgan Stanley Assistant among Financial Advisor teams?

The adoption rate of the AI @ Morgan Stanley Assistant among Financial Advisor teams is 98%.

What recognition has Morgan Stanley received in 2023?

Morgan Stanley was named North America's best bank for wealth management by Euromoney in 2023.