Outgoing Morgan Stanley CEO James Gorman revealed that the company is actively enhancing its artificial intelligence tools to develop "virtual financial advisors." 

Gorman discussed those tools during a recent Bloomberg TV interview, where incoming CEO Ted Pick joined him. According to Gorman, the tools are built on the foundation of early machine learning programs and were presented to Morgan Stanley's corporate board of directors earlier this month.

AdvisorHub reports that the "virtual financial advisor" is more appropriately described as a virtual financial advisor assistant. Additionally, Morgan Stanley is exploring the implementation of a generative AI system that would assess particular trades to enhance a client's portfolio. After identifying potential trades, the system would request the investor's approval to execute and confirm the trade.

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