Wide majority believe AI will be an investing and trading game changer and will help Financial Advisors better serve clients
Morgan Stanley Wealth Management announced results from its quarterly individual investor pulse survey. The results reveal insights into how investors view Artificial Intelligence (AI) and possible investing use cases:
“Our goal is to arm our Financial Advisors with innovative technology that can help them be more efficient in their practices, giving them more time to do what they do best—serve their clients”
- Most believe AI will be revolutionary for financial services. The wide majority (72%) of investors believe that AI is a game changer for investors and traders and nearly three out of four (74%) believe the technology will help Financial Advisors (FA) better serve their clients. In fact, over three out of five (63%) would be interested in working with a Financial Advisor that leverages it.
- But AI will not take the place of human guidance. Over four out of five investors (82%) believe that artificial intelligence will never replace human guidance. And nearly nine out of ten (88%) agree that the human-to-human FA relationship is extremely important.
- Enthusiasm is most pronounced among younger investors. In particular, 35-44 year old investors over index from the general population in their views that AI will be a game changer (87% v. 72%), that it will help FAs better serve clients (89% v. 74%), their interest in working with an FA who leverages it (85% v. 63%), and their belief that AI will not replace the FA/Client relationship (84% v. 82%).
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“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,” said Jeff McMillan, Head of Analytics, Data and Innovation for Morgan Stanley Wealth Management. “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.”
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“Our goal is to arm our Financial Advisors with innovative technology that can help them be more efficient in their practices, giving them more time to do what they do best—serve their clients,” said Vince Lumia, Head of Field Management for Morgan Stanley Wealth Management. “It’s encouraging to see excitement for artificial intelligence tools not just within the Financial Advisor ranks, but among investors as well.”
The research comes on the heels of Morgan Stanley Wealth Management’s recent announcement in which it is developing an internal-facing service that leverages OpenAI technology and Morgan Stanley’s vast intellectual capital to deliver relevant content and insights into the hands of Financial Advisors in seconds, helping drive efficiency and scale.
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