AI Helps Financial Advisors Save Time

The ability of artificial intelligence to transcribe conversations and categorize them by topic can save financial advisors 10 to 15 hours per week, Morgan Stanley CEO Ted Pick said Monday (June 10).

The global financial services firm has seen this savings when using an AI @ Morgan Stanley tool that performs these tasks during meetings with wealth management clients, Pick said while speaking at the Morgan Stanley Annual U.S. Financials, Payments and Commercial Real Estate Conference.

“That’s an enormous productivity quantum, and that’s not even getting to anticipating what might be the right conversation to have,” Pick said.

Because financial advisors tend to have conversations with wealth management clients three or four times a year, having each one transcribed and categorized by AI saves time and enables the advisors to use that information in future conversations, Pick said.

For example, if they talked in an earlier meeting about tax issues, estate planning or another topic, the financial advisor can lead the conversation point by point, reminding the client about the topics that were discussed and providing suggested actions, Pick said.

“And then of course you can use your imagination, thinking ahead, what if we all knew what certain conversations would be based on what we think will happen in November?” Pick said. “How can then the [financial advisors], based on not only what they’ve observed in the marketplace but based on conversations they’ve had with that person or other conversations they’re having contemporaneously, can be used to get the most effective product and service to the client.”

Morgan Stanley launched its AI assistant for financial advisors in September, saying the tool facilitated access to 100,000 research reports and documents. It also said another tool being piloted automatically summarizes the content of client meetings and generates follow-up emails.

In May, Morgan Stanley said in a report that Microsoft’s debut of a line of AI-ready personal computers could usher in a new wave of PC sales.

The financial services firm said that 75% of chief information officers in Europe and the United States are either evaluating or planning to evaluate AI PCs.

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