By midyear, all of Morgan Stanley’s thousands of wealth advisers are expected to have access to a new artificial-intelligence-powered chat tool.
The tool, which is already in use by about 600 staff members, gives advisers answers to questions such as "Can you compare the investment cases for Apple, IBM and Microsoft?” and follow-ups such as "What are the risks of each of them?” An adviser can ask what to do if a client has a potentially valuable painting — and the knowledge tool might provide a list of steps to follow, along with the name of an internal expert who can help.
"What we’re trying to do is make every client or every financial adviser as smart as the most knowledgeable expert on any given topic in real time,” said Jeff McMillan, the head of analytics, data and innovation for Morgan Stanley Wealth Management.