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Technology > Artificial Intelligence

Morgan Stanley Readies OpenAI GPT-4 Offering for Advisors

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What You Need to Know

  • Morgan Stanley launched a strategic initiative with AI research company OpenAI, the developer of ChatGPT.
  • MSWM is already developing a service leveraging OpenAI tech to deliver content and insights to advisors.
  • The service is in testing now and will be available to all advisors at the wirehouse by early summer.

Morgan Stanley Wealth Management is using OpenAI’s new GPT-4 technology to help its advisors as part of the launch of a strategic initiative with the artificial intelligence research company, the wirehouse said Tuesday.

As part of the initiative, MSWM is creating its own unique solutions with OpenAI, Morgan Stanley said.

MSWM is already developing an “internal-facing service that leverages” OpenAI technology and Morgan Stanley’s intellectual capital to “deliver relevant content and insights into the hands of Financial Advisors in seconds, helping drive efficiency and scale,” the wirehouse said.

Morgan Stanley didn’t specify in its announcement when that service will launch. But a source familiar with the matter told ThinkAdvisor it is “in testing now and will be available to all advisors by early summer.”

The Morgan Stanley division “will leverage OpenAI’s technology to access, process and synthesize content to assimilate MSWM’s own expansive range of intellectual capital in the form of insights into companies, sectors, asset classes, capital markets, and regions around the world,” the wirehouse said.

MSWM is one of just a handful of GPT-4 launch organizations and Morgan Stanley said it was “currently the only strategic client in wealth management receiving early access to OpenAI’s new products.”

Advisors and their teams will use the new internal capability to “ask questions and contemplate large amounts of content and data, with answers delivered in an easily digestible format generated exclusively from MSWM content and with links to the source documents,” the wirehouse said.

The “stream of interactions and feedback” from those queries will “help further refine the offering while helping Financial Advisors to better serve their clients,” according to Morgan Stanley.

Tuesday’s announcement follows recent MSWM AI projects that include Next Best Action, an internally built AI-based engine intended to deliver timely, customized messages to clients and prospects guided by the firm’s advisors.

MSWM has also been implementing its proprietary Genome capability via the self-directed and workplace channels, using data analytics and machine learning to further personalize client communication.

MSWM is also “considering additional OpenAI technology, which has the potential to enhance the insights from Financial Advisors’ notes and streamline follow-up client communications,” Morgan Stanley said.

FMG Suite recently launched a new AI-powered content personalization engine that it said was designed to help advisors create social media and other online marketing content.

The FMG engine’s technology combines two AI platforms: the Vestorly content curation and compliance platform that FMG acquired in 2022 and OpenAI GPT 3.5, the same version of OpenAI’s tech that powers ChatGPT, Dave Christensen, FMG chief product officer, told ThinkAdvisor.

OpenAI GPT 4 is the next iteration of the AI platform, offering more advanced capabilities.

(Pictured: Morgan Stanley headquarters in New York; Photo: Bloomberg)


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