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Make Data Work
September 26–27, 2016: Training
September 27–29, 2016: Tutorials & Conference
New York, NY

Driving change: Intelligent systems in wealth management

Jeff McMillan (Morgan Stanley)
9:30am–10:00am Tuesday, 09/27/2016
Location: 1 E 14 Level: Non-technical
Average rating: ****.
(4.60, 5 ratings)

Banks have historically relied on intelligent systems to make massive, high-frequency trading decisions. But how can that intelligence be scaled to individual wealth management clients with a wide variety of needs, strategies, and risk tolerance? There’s no doubt that new and better AI is still needed in financial services, but the biggest priority is building the organization that creates leverage from advanced analytical systems so banks can help investors think long term but act with urgency.

Jeff McMillan shares his firsthand experience using intelligent systems to drive a significant change in the wealth management field. While at Morgan Stanley, Jeff studied how to scale its best investment thinking and “microtarget” it to specific financial analysts and clients. He then built the Morgan Stanley 3D Insights system to generate personalized strategies for each of Morgan Stanley’s clients and injected those strategies directly into its corporate CRM system. With very little training or business process change overhead, individual wealth advisors now have access to investment recommendations derived from powerful predictive models. They can choose whether to take those suggestions based on their personal experience and knowledge of the client. As a result, Morgan Stanley is fundamentally changing the client service model from merely “selling” things to one that focuses on finding the things that customers want/need to invest in. And it’s just the beginning.

Photo of Jeff McMillan

Jeff McMillan

Morgan Stanley

Jeffrey McMillan is currently chief analytics and data officer for Morgan Stanley, where he built out the industry’s first data-driven investment recommendation platform that delivered targeted investment ideas. He focuses on developing the next generation of wealth management practices that look to leverage sophisticated analytics and digital capabilities to help relationship managers deliver the highest-quality investment advice customized to the unique needs of each client. Previously, Jeff was managing director at Credit Suisse within its private banking and wealth management business.