Morgan Stanley wealth management wing turns to GPT-4 to help financial advisors

Morgan Stanley

Morgan Stanley is set to introduce a sophisticated chatbot from OpenAI to assist the bank's financial advisors, according to a March 15 statement by the company.

Morgan Stanley's wealth management division has adopted GPT-4, an advanced natural language processing tool, to streamline its vast knowledge base, OpenAI said in a press note.

GPT-4 will reportedly assist financial advisors in accessing and organising the bank's wealth of data, thereby enabling more informed and accurate decision-making.

The artificial intelligence tool was put on trial through 300 advisors and will be extensively implemented in the following months, according to a CNBC report.

Since last year, Morgan Stanley has been exploring how to harness its intellectual capital with GPT’s embeddings and retrieval capabilities—first GPT-3 and now GPT-4.

The model will power an internal-facing chatbot that performs a comprehensive search of wealth management content and “effectively unlocks the cumulative knowledge of Morgan Stanley Wealth Management,” said Jeff McMillan, Morgan Stanley's wealth management division's head of analytics, data, and innovation, whose team is leading the initiative.

“You essentially have the knowledge of the most knowledgeable person in Wealth Management—instantly”, McMillan adds. “Think of it as having our Chief Investment Strategist, Chief Global Economist, Global Equities Strategist, and every other analyst around the globe on call for every advisor, every day. We believe that is a transformative capability for our company.”