#MorganStanley #WealthManagement #GenerativeAI
Morgan Stanley is revolutionizing the role of its wealth advisors by introducing Debrief, an OpenAI-powered assistant designed to streamline thousands of work hours. This cutting-edge tool meticulously logs advisors' meetings and autonomously generates draft emails and summaries of the discussions. Developed using OpenAI's GPT4, Debrief effectively participates in client Zoom meetings, replacing manual note-taking traditionally done by advisors or junior staff.
The bank plans to roll out Debrief to its approximately 15,000 advisors by early July, marking a significant advancement in the utilization of generative AI within a major Wall Street institution. This new tool integrates AI directly into advisors' crucial client relationships, enhancing their productivity and efficiency.
Debrief's superior quality and depth of notes produced are unmatched by human counterparts, as highlighted by McMillan of Morgan Stanley's firmwide intelligence. Client consent is mandatory for recording during Debrief usage, with future iterations permitting advisors to utilize the program on corporate devices for face-to-face meetings.
The forthcoming deployment of Debrief is expected to save around 30 minutes per meeting, liberating advisors from post-meeting note-taking chores to focus more on client needs. This transformative impact of generative AI on advisor productivity is set to unfold over the next year, potentially leading to increased assets under management and client-advisor retention for Morgan Stanley.
The bank aims to double its client assets to $10 trillion, leveraging AI to streamline various tasks such as proposal sending, portfolio balancing, and report generation. McMillan emphasizes the need for prompt engineers to train AI systems effectively, foreseeing a shift in business models and encouraging individuals to consider careers as prompt engineers.
Original Article: https://www.cnbc.com/2024/06/26/morgan-stanley-openai-powered-assistant-for-wealth-advisors.html
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