Call them cyborgs. Morgan Stanley is about to augment its 16,000 financial advisers with machine-learning algorithms that suggest trades, take over routine tasks and send reminders when your birthday is near.
The project, known internally as “next best action,” shows how one of the world’s biggest brokerages aims to upgrade its workforce while a growing number of firms roll out fully automated platforms called robo-advisers. The thinking is that humans with algorithmic assistants will be a better solution for wealthy families than mere software allocating assets for the masses.
At Morgan Stanley, algorithms will send employees multiple-choice recommendations based on things like market changes and events in a client’s life, according to Jeff McMillan, chief analytics and data officer for the bank’s wealth-management division. Phone, email and website interactions will be cataloged so machine-learning programs can track and improve their suggestions over time to generate more business with customers, he said.