This month, financial services behemoth Morgan Stanley (NYSE:MS) is planning to roll out a generative AI bot to help its wealthy clients, as reported by Reuters.
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Morgan Stanley has developed this virtual assistant in collaboration with OpenAI, the company behind ChatGPT, and has tested it with a thousand financial advisers over the past few months. The tool can be used to sift through documents or find research materials.
But there’s more, Morgan Stanely is also working on a tool that, with client consent, can summarize conversations, draft emails, schedule appointments, and help advisers manage clients’ finances.
Interestingly, Morgan Stanley teamed up with OpenAI in 2022, prior to ChatGPT becoming a prominent name. While the tool will provide assistance to advisers, the actual provision of advice will still remain in the hands of humans.
The company is aiming to reach an AUM (Assets Under Management) of $10 trillion, and its focus on AI is part of the broader industry push toward the rapid adoption of this technology.
Overall, the Street has a consensus price target of $99.75 for Morgan Stanley, accompanied by a Moderate Buy consensus rating. The company’s shares have trended nearly 12% lower over the past six months.
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