Morgan Stanley’s latest venture into artificial intelligence with the introduction of their new assistant, Debrief, is an intriguing development that holds the promise of revolutionizing the workflow of the bank’s financial advisors. Expected to streamline thousands of hours of labor, Debrief utilizes generative AI to keep meticulous logs of advisors’ meetings, automatically creating draft emails and summaries of discussions. This move marks a significant step towards incorporating AI into the core operations of a major Wall Street bank.
Debrief has been built with the use of OpenAI’s GPT-4, enabling it to actively participate in client Zoom meetings and replace the manual note-taking traditionally done by advisors or junior staff. According to Jeff McMillan, Morgan Stanley’s head of firmwide artificial intelligence, the quality and depth of notes generated by Debrief surpasses those created by human counterparts. Furthermore, Debrief requires client consent for every recording, ensuring compliance with privacy regulations. Future iterations of the program are expected to extend its use to in-person meetings and corporate devices.
The implementation of Debrief has shown immediate productivity gains, with estimates suggesting that the program saves around 30 minutes per meeting. Advisors who have piloted the software, such as Houston-based advisor Don Whitehead, have reported being able to focus more on client interactions, as the burden of note-taking is significantly reduced. This newfound efficiency is anticipated to enhance advisor-client engagement, thereby boosting the growth of assets under management and client retention for Morgan Stanley.
While the short-term benefits of Debrief are evident, the long-term impact on financial advisors is yet to be fully understood. McMillan describes Morgan Stanley’s foray into generative AI as a “grand experiment in productivity,” suggesting that the reclaimed time could be reallocated to client-focused activities. However, the transformative effects of AI on traditional finance roles, as highlighted by a recent Citigroup report, indicate a looming shift in business models that may be challenging to anticipate. McMillan believes that prompt engineers will play a crucial role in shaping the future of AI integration in financial institutions, underscoring the need for specialized skill sets in this evolving landscape.
Morgan Stanley’s adoption of artificial intelligence through Debrief represents a significant leap towards enhancing the productivity and efficiency of financial advisors. While the initial results are promising, the long-term implications on the financial industry remain uncertain. The bank’s vision of creating a seamless technological layer to assist advisors in their daily tasks reflects a broader trend towards automation in finance. As the industry continues to embrace AI technologies, the role of prompt engineers and the need for adapting to changing business models will become paramount in navigating the evolving landscape of financial services.