Synopsis: Morgan Stanley's CEO Ted Pick highlighted the significant time-saving potential of artificial intelligence for financial advisers, estimating a weekly savings of 10 to 15 hours. He discussed the bank's AI tool that enhances adviser productivity by transcribing and entering client meeting notes.
Morgan Stanley's CEO Ted Pick highlights how artificial intelligence (AI) could save financial advisers significant time each week.
AI could save Morgan Stanley's financial advisers 10 to 15 hours a week, CEO Ted Pick told investors at a conference on Monday.
"This is potentially game-changing," Pick said, noting that the bank's AI tool for transcribing and entering notes from client meetings could enhance advisers' productivity.
Additionally, AI could help advisers refine discussion topics with wealthy clients and customize investment products to their needs, he said.
Last year, Reuters reported Morgan Stanley was testing a generative AI chatbot developed with OpenAI.
Pick anticipates high U.S. interest rates to continue, aligning with views from JPMorgan Chase's Jamie Dimon and Goldman Sachs' David Solomon.
"It's good for business - we'll be printing tickets," he said, referring to providing trading platforms, market-making, and helping clients hedge in volatile conditions.
The bank also plans to increase lending to high-net-worth clients through advanced products like structured lending, Pick said.
"As deposits grow, loans and tailored lending will expand," he said.
Separately, Pick stated that Morgan Stanley would uphold its "sacrosanct" dividend, while stock buybacks would depend on share prices. "I'm a dividend guy," he said.
The bank's stock has risen over 12% in the past year.
In conclusion, Morgan Stanley's CEO Ted Pick emphasized the transformative potential of artificial intelligence in saving financial advisers substantial time and enhancing productivity.
With AI tools aiding in client interactions and investment customization, the bank is poised to improve efficiency and client service.
Additionally, Morgan Stanley plans to expand lending to high-net-worth clients and maintain a strong dividend policy, reflecting its robust financial health.
The bank's stock performance, rising over 12% in the past year, underscores its positive trajectory amid favorable business conditions and strategic advancements.
