The world of AI continues to evolve, and the US banking giant is said to be rolling out a product for the wealth and asset management side of the business.

JP Morgan has started to launch a generative AI product, telling staff that its own version of OpenAI’s ChatGPT can do the work of a research assistant, a media report said late last week. Separately, Morgan Stanley is also driving a new AI offering for its advisors, including those dealing with wealthy clients.

The lender has given employees of its asset and wealth management division access to a large language model platform which the bank is calling LLM Suite, the Financial Times reported Friday, citing an internal memo.

The eruption of interest in AI – a term covering a wide range of capabilities – has included the private banking and wealth management sector. Reports, such as from PricewaterhouseCoopers, say financial firms have used AI to dramatically boost labor productivity. This news service has carried research and commentary on how different parts of the wealth sector will benefit, such as in crunching data for KYC checks and to flag potential issues, for example. See more commentary here.

The FT report said JP Morgan told staff that LLM Suite could help them with writing, idea generation and summarizing documents through access to third-party models.

“Think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic,” the memo is quoted as saying. It was signed by Mary Erdoes, head of JP Morgan’s asset and wealth management business, Teresa Heitsenrether, the bank’s chief data and analytics officer, and Mike Urciuoli, the asset and wealth management unit’s chief information officer.

The report said the JP Morgan figures called the offering a “ChatGPT-like product” that was to be used for “general purpose productivity” to complement its other apps that handle sensitive financial information called Connect Coach and SpectrumGPT.

This publication understands that the new offering has been developed as a pilot project, and since late last week, it has been rolled out across the wealth and asset management business. It is an AI assistance, and not an AI analyst, as was described by the FT.

Morgan Stanley
Morgan Stanley has adopted a new AI “assistant” that is expected to take over thousands of hours of labor for the bank’s financial advisors, according to CNBC.

The assistant, called Debrief, keeps detailed logs of advisors’ meetings and automatically creates draft emails and summaries of the discussions, bank executives told the news service. The report said the firm plans to release the program to the firm’s roughly 15,000 advisors by early July.

The report said Debrief brings AI into direct contact with advisors’ relationships with wealthy clients.

The program, built using OpenAI’s GPT-4, essentially sits in on client Zoom meetings, replacing the note-taking that advisors or junior employees have been doing by hand, the report, quoted Jeff McMillan, Morgan Stanley’s head of firmwide artificial intelligence, as saying

Research update
Separately, we urge readers to check out this publication by Family Wealth Report: “Family Office Cybersecurity and AI Summit.” The document contains content by a range of authors who examine topics covering AI, security, cyber threats and more.

Also, on a tech theme, work is under way at the publisher of this news service for Tech in Wealth Management Operations in 2024: Challenges and Innovations. This annual report – a must-read analysis and overview of technology and operational issues for wealth managers, banks, family offices and others – includes an online survey and interviews with industry leaders.