Morgan Stanley is advancing its integration of artificial intelligence with the introduction of an AI-powered assistant designed to significantly reduce the workload of its financial advisors. The assistant, named Debrief, will automate the creation of detailed meeting logs, draft emails, and summaries, according to bank executives. This innovative tool is set to be rolled out to approximately 15,000 advisors by early July, representing a major milestone in the application of generative AI in a major Wall Street institution.

Debrief leverages OpenAI’s GPT-4 to virtually attend client meetings, taking over the note-taking tasks traditionally handled by advisors or junior staff. Jeff McMillan, Morgan Stanley’s Head of Firmwide Artificial Intelligence, noted that the quality and comprehensiveness of Debrief’s notes surpass those taken by humans. Client consent is required for each use of Debrief, which is currently utilized in virtual meetings but is expected to expand to in-person meetings on corporate devices in the future.

The adoption of Debrief is anticipated to be a real-world test of the productivity gains promised by generative AI. Morgan Stanley’s wealth management division, which hosts around 1 million Zoom calls annually, estimates that Debrief can save approximately 30 minutes of work per meeting. This allows advisors to focus more on client engagement during meetings rather than post-meeting administrative tasks.

Advisors like Don Whitehead from Houston have reported enhanced presence and engagement in client meetings due to the AI’s note-taking capabilities. The reallocation of time saved by Debrief is expected to enable advisors to better serve existing clients and seek new ones, potentially driving growth in Morgan Stanley’s assets under management, which stood at $5.5 trillion as of March, with a goal of reaching $10 trillion.

McMillan emphasized that the success of this initiative would become clearer over the next year, as the bank assesses whether the technology is genuinely enhancing advisor productivity. Ultimately, Morgan Stanley envisions a seamless integration of AI in various tasks across the firm, from sending proposals to balancing portfolios and generating reports, thereby transforming the nature of financial advisory work.

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