United StatesFinance and insurance2023 – ongoingMorgan Stanley
AI @ Morgan Stanley Assistant for financial advisors
Morgan Stanley's GPT-4 research assistant was adopted by 98% of financial advisor teams
Problem
Morgan Stanley's wealth management advisors answered client questions from a body of about 100,000 research reports and internal documents. Finding the right passage took time away from clients.
Approach
After announcing a partnership with OpenAI in March 2023, the firm built an internal assistant on GPT-4 that answers advisors' questions from its own documents, and rolled it out fully in September 2023. Before scaling it up, the firm set up evaluations in which advisors and prompt engineers graded the answers. In 2024 it added Debrief, a tool that, with client consent, takes meeting notes and drafts follow-up emails for advisors to edit.
Results
Takeaway
Employees used the assistant internally; advisors and prompt engineers graded its answers before wider rollout. The firm and OpenAI reported 98% adoption by advisor teams, without figures on time saved or revenue.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Internal work and knowledge managementMarketing and sales
- Innovation type
- Process innovation
- AI technology
- Generative AI
- Adoption
- Co-developed with a partner
- Evidence
- Company's own claim
Sources
Source summaries
Morgan Stanley announced AI @ Morgan Stanley Debrief, an OpenAI-powered tool that, with client consent, records notes in advisor meetings, summarises them, drafts a follow-up email and saves a note to Salesforce. It recalls that the firm announced its OpenAI relationship in March 2023 and fully rolled out the Assistant in September 2023, and states that 98% of advisor teams have adopted the Assistant.
InvestmentNews reported the launch of Debrief and the firm's statement that use of the Assistant among advisors had reached 98%. A wealth management executive described Debrief without giving figures for its performance.
Citing a company memo reported by CNBC, Fortune reported that the AI @ Morgan Stanley Assistant launched on 18 September 2023 and gives advisors access to about 100,000 research reports and documents. A firm representative says it is built on OpenAI's GPT-4, and Fortune described the most common kinds of questions advisors ask it.
OpenAI reported that more than 98% of Morgan Stanley's advisor teams actively use the Assistant. It describes how the firm built evaluations first, with advisors and prompt engineers grading answers for accuracy and coherence, and later worked with OpenAI to improve document retrieval.
Full details are in the original sources.