Morgan Stanley to Launch OpenAI-powered Assistant for its Advisors

Debrief is powered by OpenAI’s GPT-4 and will replace the manual note-taking done by advisors or junior employees during client Zoom meetings.
Morgan Stanley to Launch OpenAI-powered Assistant for its Advisors
Image source: Morgan Stanley

Morgan Stanley is coming up with a new AI assistant that is expected to reduce hours of labor for the bank’s financial advisors. Dubbed “Debrief,” the assistant will keep detailed logs of advisors’ meetings and automatically create summaries and draft emails based on the discussion, as per a CNBC report.

The financial firm plans to release the program to its roughly 15,000 advisors by early July this year. This would mark the most significant stride in the adoption of generative AI at a major Wall Street bank.

The company had earlier created a ChatGPT-like service to help advisors tap through the enormous repository of research and data. Now, Debrief brings AI into direct contact with advisors’ relationships with rich clients.

Debrief is powered by OpenAI’s GPT-4 and will replace the manual note-taking done by advisors or junior employees during client Zoom meetings. In a statement made to CNBC, Jeff McMillan, Morgan Stanley’s Head of Firmwide Artificial Intelligence, says, “What we’re finding is that the quality and depth of the notes are just significantly better.”

“The truth is, this does a better job of taking notes than the average human,” adds McMillan.

According to a recent Citigroup report, finance jobs are the most prone to AI displacement, and AI adoption could boost the industry’s profit by $170 billion by 2028.

While the process is still in its infancy, McMillan acknowledged that business models will likely change in ways that are hard to predict.

In the future, there will be an overwhelming demand for millions of prompt engineers to train AI to generate desired outcomes for organizations, he said. It took Morgan Stanley months to fine-tune prompts for Debrief, McMillan noted.

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