What did Morgan Stanley's CEO say about AI in wealth management?

Ted Pick said AI can "do a lot of the early work" in preparing clients for financial decisions, but it ultimately comes down to whether a client trusts their financial advisor.

How is Morgan Stanley involved with AI?

The bank participates as a lender of capital for the AI build-out and deploys the technology internally to pursue greater scale, productivity and efficiency.

Large Language ModelsTop Companies' AI MovesAI Business & IndustryTop Companies AI8m agoOct 15, 2026, 06:30 JST

Morgan Stanley CEO Ted Pick: Wealth Is "a people business"

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3 Key Points

What happened
Morgan Stanley is lending capital to the AI build-out and using AI internally, while CEO Ted Pick told analysts on the third-quarter earnings call that wealth management is "a people business."
Why it matters
Pick's stance suggests the bank sees its advisor relationships as hard to replicate with an AI agent, even as it works with OpenAI.

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Context & Analysis

Morgan Stanley's measured AI posture came against a backdrop of caution from rivals on the same earnings days. On Tuesday, JPMorganChase's chief financial officer warned that the rise of AI agents could intensify competition for deposits and customer relationships, and Goldman Sachs CEO David Solomon urged governments and technology firms to establish stronger safeguards against dangers such as credit risks and rogue AI bots. Pick's comments on Wednesday struck a relatively optimistic tone, focusing on how Morgan Stanley is best positioned to benefit from the ongoing acceleration in AI development.

The bank's wealth-management business was an early adopter of AI services, and it has worked with OpenAI since at least 2023, launching generative AI tools for financial advisors. At the same time, the firm is leaning into its role as an advisor whose knowledge and expertise in areas such as wealth management would be hard to replicate with an AI agent, according to Pick's remarks to analysts.

Those comments followed a strong quarter for the bank. Morgan Stanley was among the banks that supported Space X's IPO in June, and its wealth-management business posted record quarterly revenues of $9.1 billion, with net new assets driven in part by flows from initial public offerings.

FAQ

What did Morgan Stanley's CEO say about AI in wealth management?: Ted Pick said AI can "do a lot of the early work" in preparing clients for financial decisions, but it ultimately comes down to whether a client trusts their financial advisor.
How is Morgan Stanley involved with AI?: The bank participates as a lender of capital for the AI build-out and deploys the technology internally to pursue greater scale, productivity and efficiency.
How long has Morgan Stanley worked with OpenAI?: Morgan Stanley has worked with OpenAI since at least 2023, launching generative AI tools for financial advisors.

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