At a conference on Monday, Morgan Stanley CEO Ted Pick told investors that AI might save financial advisers 10 to 15 hours a week
“This has the potential to be a game-changer,” Pick stated, noting that the bank’s tool for transcribing and inputting notes from client meetings into a database could increase the productivity of advisers.
He also stated that it could assist advisers in refining the topics they discuss with affluent clients and customizing investment products to meet their specific requirements.
Pick, like his coworkers Jamie Dimon at JPMorgan Chase and David Solomon at Goldman Sachs, believes that the elevated interest rates in the United States will continue.
He stated, “It is beneficial for business; we will print tickets.” Offering trading platforms, facilitating market transactions, or assisting clients in reducing their exposures during volatile trading conditions will all help achieve this.
Pick stated that the bank intends to expand its lending to high-net-worth clients by utilizing sophisticated products like structured lending.
“As deposits continue to grow, loans and tailored lending will grow,” according to him.
Morgan Stanley will preserve its “sacrosanct” dividend, according to Pick, who also stated that stock buybacks would be contingent upon shared values. “I am a dividend investor,” he declared.
The bank’s stock has increased by over 12% in the past year.