The revolution of generative artificial intelligence is quietly taking place at Morgan Stanley.
The investment bank has recently introduced AI @ Morgan Stanley Assistant, a new AI tool that allows financial advisers to access approximately 100,000 research papers and documents efficiently.
However, in its initial days, the bot has proven to be less than helpful, according to multiple sources. It is not easily found on the company’s internal web page and falls short compared to more popular generative AI tools like ChatGPT or Bard, as reported by these sources.
One source at the bank mentioned, “It’s spotty on accuracy and selective in what it can actually answer.” They added that they consistently received the response, “I’m unable to answer your question.”
Others have dismissed the initiative, announced with great fanfare by Morgan Stanley co-president Andy Saperstein, as nothing more than a publicity stunt.
One source scoffed at rebranding the bot as “AI,” suggesting it was merely a ploy to make the bank appear more technologically advanced compared to its competitors.
“It’s the same old stuff, and they just call it AI,” said the source.
While Bard and ChatGPT are more advanced AI tools, they do not offer specific financial advice and only provide general information about investing and different investment options. Morgan Stanley’s tool aims to provide more precise guidance but has not yet achieved that goal.
Andy Saperstein, co-president of Morgan Stanley, stated, “Financial advisers will always be the center of Morgan Stanley wealth management’s universe.” He added, “We also believe that generative AI will revolutionize client interactions, bring new efficiencies to adviser practices, and ultimately help free up time to do what you do best: serve your clients.”
A spokesperson for Morgan Stanley said, “We listen closely to our Advisors, and feedback on our first-of-its-kind AI @ Morgan Stanley Assistant has been very positive and productive, marked by strong engagement and adoption.”
In recent months, banks have been competing to hire top talent and establish themselves as leaders in the AI sector. One firm has even developed an index to rank banks based on their competitiveness in this area.
These developments have raised concerns about potential job losses among Wall Street workers who are already feeling wary. However, for now, Morgan Stanley advisers have little reason to worry.
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