Morgan Stanley Kicks Off Generative AI Era on Wall Street with Assistant for Financial Advisors
Morgan Stanley has introduced a generative AI assistant, leveraging OpenAI, to aid its financial advisors and support staff. This tool provides swift access to research, improving efficiency and client engagement. Unlike typical search engines, it requires full-sentence queries. It's part of the bank's plan to adopt generative AI, including future tools like Debrief for client meeting summaries. Jeff McMillan highlights AI's learning capability from 'good' examples, marking a significant shift from traditional programming. The AI's rollout is stirring industry change and market excitement.
Law firm leaders should take note of Morgan Stanley's proactive approach to integrating AI technology to streamline operations and enhance client services. The legal industry can learn from this example by considering the following advice:
Adopt AI Strategically: Law firms should assess how AI can enhance their services. This could include automating document review, legal research, or predicting legal outcomes based on historical data.
Collaborate with Clients: Develop AI strategies to address their needs and preferences to create a more personalized service.
Invest in Training: Encourage legal professionals to adapt to AI tools, focusing on full-sentence communication and interaction, as seen with Morgan Stanley's advisors adjusting to the AI assistant.
Drive Change: Use AI to push the boundaries of traditional legal work, freeing up attorneys to engage in higher-value, client-focused activities.
Get in the Game: Recognize that AI is a disruptive technology that can offer a competitive edge and prevent the firm from falling behind in a rapidly evolving legal landscape.