AMP mulls AI in financial advice, as Morgan Stanley launches ChatGPT assistant
Morgan Stanley will soon launch the AI @ Morgan Stanley Assistant in the US. Australian institutions could soon follow.
Australian financial services giant AMP is exploring the potential use of artificial intelligence in wealth advice, after Morgan Stanley revealed plans to roll out a virtual assistant powered by OpenAI for its US advisors.
Morgan Stanley worked with OpenAI to develop its own proprietary AI chatbot, the AI @ Morgan Stanley Assistant, according to reports in the US media overnight. The bot is designed for the company's wealth management business, not its investment bank, and aims to reduce the administrative burden on advisers and their support staff.
The tool can parse through the company's database of 100,000-plus reports and documents to find relevant information for an adviser on behalf of a client. The chatbot isn't an attempt to replace humans, co-president Andy Saperstein said in a memo seen by CNBC, but rather a tool to "help free up time to do what you do best: serve your clients."
For now, the AI @ Morgan Stanley Assistant is for the global investment giant's American financial advisers only.
