Koren Picariello, a Morgan Stanley managing director and its head of wealth management generative AI, said Morgan Stanley took a similar path. Throughout the 2010s, the company used machine learning for several purposes, like seeking investment opportunities that meet the needs and preferences of specific clients. Many of these techniques are still used. Morgan Stanley’s first major generative-AI tool, Morgan Stanley Assistant, was launched in September 2023 for employees such as financial advisors and support staff who help clients manage their money. Powered by OpenAI’s GPT-4, it was designed to give responses grounded in the company’s library of over 100,000 research reports and documents. The second tool, Morgan Stanley Debrief, was launched in June. It helps financial advisors create, review, and summarize notes from meetings with clients. “It’s kind of like having the most informed person at Morgan Stanley sitting next to you,” Picariello said. “Because any question you have, whether it was operational in nature or research in nature, what we’ve asked the model to do is source an answer to the user based on our internal content.” Picariello said Morgan Stanley takes a similar approach to using generative AI while maintaining accuracy. The company’s AI-generated meeting summaries could be automatically shared with clients, but they’re not. Instead, financial advisors review them before they’re sent. Meanwhile, Morgan Stanley is concentrating on making the company’s AI tools easy to understand. “We’ve spent a lot of time thinking through the UX associated with these tools, to make them intuitive to use, and taking users through the process and cycle of working with generative AI,” Picariello said. “Much of the training is built into the workflow and the user experience.” For example, Morgan Stanley’s tools can advise employees on how to reframe or change a prompt to yield a better response.