Generative AI and the Future of Work | Mike Walsh | Futurist Keynote Speaker

Summary

Morgan Stanley has been pioneering the integration of generative AI into financial advisory, using OpenAI's technology to boost productivity and deliver faster, more accurate insights to clients. This AI-driven shift is transforming the role of financial advisors, enabling them to focus on high-value tasks rather than manual work. The trend extends beyond tech companies, with firms like WhatsApp and Moderna achieving massive success with lean teams. As AI scales productivity, the challenge for businesses is to leverage technology to ensure employees engage in truly valuable work. The future of work will blend human expertise with AI-driven efficiency, offering personalized service at unprecedented scales.

Takeaways

• 😀 Generative AI is transforming industries, with Morgan Stanley leading the way in integrating AI into financial advisory services.
• 😀 Before the launch of ChatGPT, Morgan Stanley worked with OpenAI for over a year to explore how AI could scale financial advisory work.
• 😀 The AI used by Morgan Stanley was specifically trained on internal data, including documents and investment information, to ensure accuracy and avoid false data.
• 😀 AI allows financial advisors to shift focus from manual tasks like document collection to higher-value activities that directly benefit clients.
• 😀 The experiment with AI has been running for months, and the results are showing how the definition of work is changing in financial advisory roles.
• 😀 The AI system is designed to reference the source of its information, helping advisors validate the advice and providing transparency.
• 😀 Companies are increasingly questioning the true value of work, as AI enables them to achieve high productivity with fewer employees.
• 😀 Examples like OpenAI, WhatsApp, and Midjourney highlight how tech companies can operate with minimal staff while achieving massive success.
• 😀 Adobe, with 44,000 employees, is a contrast to smaller tech firms like Midjourney, which has only 11 staff, raising questions about workforce size and efficiency in the AI age.
• 😀 The AI-powered future may blur the line between technology and personal relationships, reminiscent of the film *Her*, where AI provides intimate, personalized interactions at scale.

Q & A

How has Morgan Stanley embraced generative AI?

Morgan Stanley has embraced generative AI by working with OpenAI since before the launch of ChatGPT. They have integrated AI into their operations by training it on their own internal documents, such as investment information, and ensuring that AI-generated responses are referenced back to the original sources for validation.

What was the goal of Morgan Stanley's AI experiment with financial advisors?

The goal was to help financial advisors become more productive by automating labor-intensive tasks, such as document collection and creation. This allowed them to focus on providing value to clients more quickly and efficiently.

How does the AI system ensure the accuracy of its advice?

The AI system references the original document or source where the information was derived from, allowing advisors to validate whether the advice given is correct or not.

What impact has AI had on the definition of work for financial advisors?

AI has shifted the definition of work by reducing the time spent on repetitive tasks and enabling financial advisors to focus more on delivering value to clients. The AI helps handle administrative work, improving overall productivity.

What are the long-term plans for scaling Morgan Stanley's AI experiment?

The long-term plan is to expand the AI experiment from 300 financial advisors to 16,000 advisors, significantly increasing the scale of AI integration within the company.

What are some examples of companies with fewer employees that still achieve great success?

Examples include Twitter, which now has about 1,300 employees, OpenAI with 375 employees, WhatsApp with 55 employees when it sold for $20 billion, and Moderna with 830 employees during its vaccine development phase.

How does the example of Adobe compare to that of Midjourney in terms of employee size?

Adobe, with around 44,000 employees, contrasts sharply with Midjourney, a generative AI company that only has 11 employees. This demonstrates how AI-driven companies can operate with far fewer people than traditional tech companies.

What is the potential downside of the growing role of AI in business?

The potential downside is the risk of job displacement. However, the key focus should be on leveraging AI to enhance human productivity and ensure that employees are engaged in more valuable work, rather than fearing AI will entirely replace human roles.

How is the concept of 'valuable work' evolving in the context of AI integration?

Valuable work is now being defined by how effectively employees can leverage AI to enhance their productivity, allowing them to focus on higher-level tasks that drive value, rather than performing repetitive or administrative duties.

How does the movie 'Her' relate to the future of AI-powered advisors?

In the movie 'Her,' the AI character had deeply personal relationships with many individuals, providing highly individualized interactions at scale. Similarly, AI-powered advisors in the future could maintain personalized relationships with many clients at once, enhancing productivity while making clients feel individually cared for.