Investors Believe AI Will Help Advisors Better Serve Clients: Study

Morgan Stanley, for its part, was one of a small handful of companies receiving early access to GPT-4. It is developing a service leveraging OpenAI tech to deliver content and insights to its advisors.

But an economist warns that ChatGPT could spell “disaster” for financial advisors. And major banks are cracking down on its use.

“While AI is clearly groundbreaking, and we are just scratching the surface of its potential impact within financial services, this data aligns with an insight we’ve known for some time: The clients who are most engaged with their financial advisors are also the most satisfied,” Jeff McMillan, MSWM’s head of analytics, data and innovation, said in a statement.

“Within this context, AI should be viewed not as a replacement of human guidance, but as a powerful tool to help turbocharge a financial advisor’s practice management and client interaction capabilities.”

In recent comments, Morningstar chief executive Kunal Kapoor also suggested that AI could be revolutionary. He noted that investors, especially those who have not worked with an advisor, have trouble seeing the value in financial advice, and that AI should put advisors “in a position to provide a much better investing experience and do that at scale.”

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