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☆ The ultrawealthy can take loans to save millions on estate taxes. Here's the exclusive tactic they deploy to protect their inheritance.
▼ + stars: | 2024-07-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Currently, a 40% federal estate tax applies to estate values topping $13.61 million for individuals and $27.22 million for married couples. When someone dies, their heirs have nine months to file a federal estate tax return if their inheritance meets those minimums. Here's how a Graegin loan could work in practice, according to Doyle:Related storiesHeirs of a $10 million estate could be on the hook for $4 million in federal estate taxes. The taxable estate is $1 million less, which means the family will save $400,000 in estate taxes considering the 40% tax rate. More households will be on the hook for estate taxes, and loans to pay them could become more popular.

Persons: —, Sam, Jere Doyle, Jose Reynoso, Doyle, Eric Mann, Neal Gerber Eisenberg, overallocated, Mann, John F, Koons, Robert Strauss, Weinstock Manion, Strauss, haven't Organizations: Service, Business, Mellon Wealth Management, Clarfeld, Wealth, IRS, Pepsi, Republican

☆ Rich collectors want to give art to their kids, but they don't want it. Here's what they can do instead, and they can save millions on taxes, too.
▼ + stars: | 2024-06-30 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Read previewNearly 80% of wealthy art collectors want their masterpieces to stay in the family, according to a Bank of America survey. For instance, the survey found that collectors between 21 and 43 have a greater appreciation for sculptures and antiquities than older art aficionados. Rich art collectors are reluctant to address the issue, according to Rosemary Ringwald, head of art planning at Bank of America's private bank. Collectors are increasingly picking art executors or art trustees to oversee their possessions after they die, she said. The ideal executor does not have a financial interest in the art and isn't a prospective owner of it.

Persons: —, Rich, Rosemary Ringwald, Ringwald Organizations: Service, Bank of America, Business, Bank of, IRS, Bank Locations: Aspen

☆ Citi Wealth's horrible tech is infuriating clients and employees and endangering its turnaround
▼ + stars: | 2024-06-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +11 min

But even clients who get through the door can be reluctant to park more assets with Citi, according to a wealth advisor. To understand the extent of Citi Wealth's tech woes and the stakes, Business Insider spoke with 14 current and former employees. Andy Sieg took over Citi Wealth in September after leaving Merrill Wealth Management. Citi Wealth clients are losing their patienceCiti receives 27,000 monthly complaints from wealth customers, according to the audit. Getting bank statements emailed is difficult for Citi private bank clients when it's a matter of checking a box at other major banks.

Persons: —, Andy Sieg, Roth, Ernst & Young, EY, Merrill Lynch, Sieg, Morgan Stanley, Kris, Wells, Mike Mayo, Jane Fraser, Shadman Zafar, Alois Pirker Organizations: Service, Revlon, Citi, Business, Ernst, Citi Wealth, Merrill Wealth Management, Morgan, Citigroup, Apple, Microsoft, Bankers, Employees, Work, Fidelity, Advisors

☆ Andy Sieg Could Be Citi's Next CEO If He Can Fix a Broken Wealth Business
▼ + stars: | 2024-06-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +23 min

Andy Sieg shocked the finance industry last spring when he left Merrill Wealth Management. AdvertisementBank of America analyst Ebrahim Poonawala recently argued that Citi should consider selling the wealth business if it cannot improve its profitability. AdvertisementWhile Sieg has told Citi managing directors to manage up less, a former Merrill executive who worked under him said Sieg was adept at it. Former Citi managing directorAdvertisementVahid's position will be taken by Kris Bitterly, the global head of investment products, in September. Mirroring tactics that supercharged Merrill, Sieg has changed Citi Wealth's compensation scheme to prioritize asset gathering, to the consternation of several employees.

Persons: Andy Sieg, Kevin Crain, Sieg, Crain, Jane Fraser, Fraser, Morgan Stanley, Merrill, Smith Barney, Ebrahim Poonawala, Wells, Mike Mayo, Brian Moynihan, Alex Wong, Moynihan, Fraser isn't, Mayo, anoint, Jamie Dimon, Jennifer Piepszak, Marianne Lake, Viswas Raghavan, Jane, He'd, George H, Bush, Bill Schreyer, Merrill Lynch, Dave Komansky, David Komansky, YOSHIKAZU TSUNO, Phil, Doug, Lord Abbett, David Poole, Citi's, there's, That's, Poole, Glenn Schorr, Jim O'Donnell, O'Donnell, Sieg's, Andy Sieg's, Naz Vahid, David Bailin, Bailin, Naz, Phil Waxelbaum, Vahid, Kris, Don Plaus, Keith Glenfield, Dawn Nordberg, Edward Jones, They're, Ernst & Young, he's Organizations: Merrill Wealth Management, Business, Citi, Bank of America, Morgan, BI, Merrill, Bank, Citigroup, JPMorgan, Harvard, Penn State, JPMorgan Advisors, United Arab, Citi . Citi, Work, Citi lifer, Former Citi, North, Citi Alliance, Citi Wealth, Bloomberg, Ernst &, Citizens Bank Locations: Sieg, Wells Fargo, Merrill, Bellefonte , Pennsylvania, Poole, Singapore, United Arab Emirates, Mexico, London, Aventura , Florida, Asia, Manhattan, North America

☆ Andy Sieg is quickly shaking up Citi's wealth business. At least 21 senior execs have left since his arrival.
▼ + stars: | 2024-06-10 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

But the leadership of its ailing wealth unit is continuing to undergo major changes under its new boss Andy Sieg. Citi's wealth unit has seen at least 21 senior executives exit since Merrill Lynch veteran Sieg joined in September. The latest is Julia Carreon, global head of wealth platform and experiences. Sieg also plans to expand Citi's already successful wealth business in Asia. Here is our running list of senior departures from Citi Wealth.

Persons: —, Andy Sieg, Merrill Lynch, Sieg, Julia Carreon, Naz Vahid, Carreon, David Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merrill, Don Plaus, Hale Behzadi, Dawn Nordberg, Morgan Stanley, Citi David, Francesco Bertoni, Alfonso Camacho Bustillo, Hoyt, Paul Hodes, Robert Hoffman, Keith Lee Hong, Li, Liu, Fernando Lopez Munoz, Alex Marshall, Eduardo Martinez Campos, Luigi Pigorini, Fernando Senso, Jeff Sutton, Naz, Vahid, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Service, Citi, Citi Wealth, Business, Bankers, Citi Global Wealth, North America, Francesco Bertoni EMEA, Hoyt Gier Global, South, Asia, Fernando Lopez Munoz Head, Tate, Eduardo Martinez Campos Head, Mark Mills Regional, Fernando Senso Castilla Global, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Paul Hodes Asia, South Asia, Keith Lee Hong Kong, Asia Pacific, Shyam Sambamurthy South Asia, Fernando Senso Castilla, America, West China, hcuccinello@businessinsider.com

Mike Kratky, 33, Leerink PartnersLeerink PartnersSector: Medical devices and technologyKratky's young career underwent a major shift in March 2020 — and it wasn't remote work. The Colgate University graduate thinks he's a better analyst for it because he now understands how readers of his research think. "The stock calls won't always go my way," Kratky said. All eight of the outperform-rated medtech stocks Leerink has covered since October have outperformed the S&P 500 and their industry index. The medtech industry is experiencing rapid change, particularly with the advent of GLP-1 drugs that treat obesity and diabetes.

Persons: Mike Kratky, Kratky, Leerink, He's, he's, Kratky's, — James Faris Organizations: Leerink Partners Leerink Partners, Nasdaq, Riley Securities, Colgate University, Tandem Diabetes Care Locations: Leerink

☆ JPMorgan's private bank is launching a generative AI tool. A top exec walks us through her tech strategy and how she wants to transform bankers' jobs.
▼ + stars: | 2024-05-23 | by ( Bianca Chan | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

JPMorgan is testing a generative AI "copilot" within its private bank, a move that is already saving advisors a couple of hours a day. AdvertisementHow Donnelly's team drives innovation in the private bankJPMorgan's private bank caters to clients with at least $10 million in assets. The unit's $974 billion in assets are managed by just over 3,500 client advisors. When the CEO of JPM's private bank tapped an advisor with little to no technical experience to lead digital product for his division, it was intentional. He didn't "want the individuals that are deciding the advisor experience and client experience not to sit amongst the front-office users," she said.

Persons: Karen Donnelly, Donnelly, Morgan Stanley, Mary Erdoes, Dan Pinto's, JPMorgan's, She's, aren't, David Frame, —, Donnelly doesn't, gunning Organizations: Service, JPMorgan, Business, Advisors, ChatGPT

☆ JPMorgan is making a big bet on AI. Here's how its private bankers are using it.
▼ + stars: | 2024-05-23 | by ( Bianca Chan | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

☆ Wall Street advisors are flocking to this small law firm to claw back pay from wealth giants like Morgan Stanley and Merrill Lynch
▼ + stars: | 2024-05-21 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

For Ajamie LLP, a Houston law firm with 11 attorneys, taking on banks with billion-dollar war chests is becoming a booming business. This ruling was used by a lawyer on another case, Ohio-based Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. He said he has been contacted by advisors hailing from "really any financial firm that offers deferred compensation to financial advisors." During that suit, Ajamie was contacted by Matt Shafer, the lead plaintiff in the Morgan Stanley case. The Morgan Stanley suit inspired Kelly Milligan, now the named plaintiff in the Merrill Lynch class action, to reach out.

Persons: —, Jack Edwards, Edwards, Morgan Stanley, Morgan Stanley's, Alan Rosca, Merrill Lynch, Sen, Ted Cruz, Wells Fargo, Wells, Ajamie, Matt Shafer, Kelly Milligan, It's Organizations: Service, Ajamie LLP, Business, University of Virginia School of Law, Big Law, RBC Capital Markets, Financial Industry Regulatory Authority Locations: Houston, Ohio, Ajamie, Texas, Carolina

☆ Leaked Memo: The head of Citi's fastest-growing wealth business is leaving. Read Andy Sieg's announcement.
▼ + stars: | 2024-05-14 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Read previewCiti's ailing wealth business has one bright spot: a division devoted to serving rich law-firm partners and other wealthy executives. She's one of at least 20 senior wealth executives to depart since Andy Sieg took over Citi's wealth business in September after leaving Merrill Lynch. AdvertisementAndy Sieg took over Citi's wealth division in September after leaving Merrill Lynch. Merrill LynchVahid's unit, Wealth at Work, is the smallest but fastest-growing part of Citi's wealth division. Naz then spearheaded the expansion of this successful model with the creation of Wealth at Work, a cornerstone of our Wealth business.

Persons: —, Mehrnaz, Naz, Vahid, Andy Sieg, Merrill Lynch, Sieg, Naz Vahid, Andy Organizations: Service, Citi, Business, Wealth, Law Firm Group

☆ Fidelity whistleblower alleges he was fired for raising red flags over pressure to sell pricey investments
▼ + stars: | 2024-05-07 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Read previewA former Fidelity financial advisor has accused the brokerage of unlawfully firing him after filing a whistleblower complaint. Fidelity ranked branch managers by the number of client assets in more expensive investments such as stock-managed accounts, Maeker said. Financial advisors who did not score highly were awarded little to no stock or threatened to be fired, Meaker said. This race to zero has led to more pressure on high-fee products, as Maeker's branch manager told him. In turn, financial advisors were pushed to sell more Tier 3 investments by awarding 10 times the amount of compensation for Tier 3 investments versus Tier 1.

Persons: —, Michael Maeker, Maeker, Meaker, FINRA Organizations: Service, Fidelity, Department of Labor, Business, Financial Industry Regulatory Authority, Treasury, Northern, Northern District of, Securities and Exchange Commission, SEC, Reuters Locations: Dallas, Northern District, Northern District of Texas

☆ Meet the 37-year-old Apollo partner behind the $26 billion bid for Paramount
▼ + stars: | 2024-05-02 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +1 min

Skydance has been vying to buy Paramount. The private equity giant teamed up with Sony for a $26 billion bid. AdvertisementApollo Global Management and Sony have teamed up to buy Paramount for $26 billion, according to reports on Thursday. The all-cash offer has been submitted to Paramount's board, a person close to the negotiations confirmed to Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: Skydance, Aaron Sobel, —, David Ellison, Larry Ellison Organizations: Paramount, Sony, Service, Global Management, Business, Skydance Media

☆ Sony and Apollo offer $26 billion for Paramount: report
▼ + stars: | 2024-05-02 | by ( Paul Squire | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

Sony and Apollo Global Management are reportedly bidding big for Paramount. AdvertisementSony and the private equity firm teamed up for an all-cash offer of $26 billion for Paramount Global, The Wall Street Journal reported on Thursday. Sony and Apollo's offer was nonbinding, according to the JournalApollo's bid comes after Paramount announced its CEO Bob Bakish was stepping down Monday. Apollo previously bid $11 billion for just Paramount's movie studio, the Wall Street Journal reported in March. Apollo partner Aaron Sobel co-signed the offer letter with Sony CEO Tony Vinciquerra, people familiar with the situation told the Journal.

Persons: Bob Bakish, They've, Hayley Cuccinello, Aaron Sobel, Tony Vinciquerra, Sobel, Lee Solomon, Shari Redstone hasn't Organizations: Sony, Apollo Global Management, Paramount, Paramount Global, Street, Skydance Media, RedBird Capital Partners, KKR, Apollo, Wall Street, Legendary Entertainment, Concord Music Group

☆ Morgan Stanley's new wealth boss Jed Finn shares his playbook from playing matchmaker with E-Trade clients to getting advisors to teach each other how to use AI
▼ + stars: | 2024-05-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

AdvertisementThe units are combining their outsourced investment services for ultra-high-net-worth wealth clients and institutional customers. The wealth management arm is there to help them pay less taxes on their windfall and manage their fortune. That said, Morgan Stanley has drawn the line in the past at some offerings like health savings accounts. AdvertisementFor Finn, those offerings are a means to an end: converting as many of these clients as possible to become fee-paying wealth management clients. The revenue and margins of the workplace channel and E-Trade, which Morgan Stanley acquired for $13 billion in 2020, are "irrelevant," he said.

Persons: —, Morgan, Jed Finn doesn't, Finn, Andy Saperstein, James Gorman's, Saperstein, Jacques Chappuis, Ben Huneke, Andy Saperstein's, Larry Lettera, Wagner, multibillion, Morgan Stanley, Finn isn't, We're, Jeff McMillan Organizations: Service, McKinsey, bank's, Business, Wall Street, Solium, OpenAI, AIMS

☆ What you need to know about Skydance's bid for Paramount, from financing a deal worth $32 billion to its plans for the media empire
▼ + stars: | 2024-05-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Skydance Media and its largest private-equity backer RedBird Capital Partners have been wooing Paramount for the better part of a year. The Skydance consortium, including fellow Skydance investor KKR, submitted a revised offer on Sunday. The deal would be worth roughly $32 billion, according to the source, with the value of Paramount and its $15 billion in debt making up the lion's share. Here's what we know about the deal, how much Redstone would get, and what a new Paramount would look like. Keeping Paramount public sets the Skydance bid apart from Apollo's potential offer, according to one of the sources.

Persons: Bob Bakish, Shari Redstone's, Tom Cruise, Mario Gabelli, Bakish, Getty, Redstone's, David Ellison, Larry Ellison, Ellison, RedBird, Gerry Cardinale, Goldman Sachs, Goldman, Skydance, Jeff Shell, Ben Affleck, Matt Damon's, Axel Springer Organizations: Skydance Media, RedBird Capital Partners, Paramount, KKR, Business, Ex, CNBC, Apple, New York Yankees, NFL, Bakish, CBS, MTV, Nickelodeon, ' Equity, Amazon Studios, Sony, Apollo, Wall Street Locations: Santa Monica , California, New York City, Skydance, RedBird

☆ Meet the ex-Goldman Sachs partner behind the scenes of the Skydance-Paramount deal negotiations
▼ + stars: | 2024-04-30 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Read previewParamount's CEO Bob Bakish was ousted on Monday night, putting the entertainment giant one step closer to accepting a merger deal. The would-be buyer, film studio Skydance Media, is owned by David Ellison, son of billionaire Oracle founder Larry. An investor in Skydance since 2020, RedBird is the media company's largest shareholder other than the Ellison family. This story is available exclusively to Business Insider subscribers. "I think it's my biggest competitive advantage that I don't get emotionally attached," Cardinale told Business Insider in 2022.

Persons: —, Bob Bakish, David Ellison, Larry, RedBird, Ellison, Gerry Cardinale, Goldman Sachs, Jeff Shell, Skydance, " Cardinale, Goldman, Jon Winkelried, Gerry, Axel Springer Organizations: Service, Skydance Media, RedBird Capital Partners, Business, New York Yankees, Dallas Cowboys, NFL, AC Milan, Paramount, KKR, Sony, TPG Locations: Skydance, RedBird

☆ How rich are we? The wealthy families who don't prepare their heirs
▼ + stars: | 2024-04-29 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Rich families across the globe are concerned about how to prepare their children to manage their wealth, but few are doing anything about it. According to a survey by JPMorgan, 69% of ultra-wealthy families cite succession planning as a top priority. That said, she attributed some of the reluctance to many of these family offices being formed within the past 10 or even five years. "Conversations about wealth can be challenging and, in our experience, families often have found it difficult to get started," she told Business Insider. Only 15% of family offices with at least $1 billion in assets kept heirs unaware compared with 27% for firms with $50 million to $500 million.

Persons: Rich, Elisa Shevlin Rizzo, Goldman Sachs, Ackah, Edward Jones Organizations: JPMorgan, Business, Forbes, UBS

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ Merrill's Lindsay Hans and Eric Schimpf were thrust to the top of the $3.3 trillion wealth unit last year. Here's a look at their new playbook.
▼ + stars: | 2024-04-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Thirteen months ago, Andy Sieg unexpectedly left Merrill Wealth Management to run Citi's ailing wealth unit. His replacements, Lindsay Hans and Eric Schimpf, had big shoes to fill. Hans and Schimpf were company veterans but lesser known before they were anointed to lead the $3 trillion wealth business attached to behemoth Bank of America. Schimpf is more soft-spoken than his cohead Hans, who was promoted to run the private wealth business one month before Sieg left. AdvertisementMerrill has the benefit of being part of a bank with some 69 million consumer bank clients.

Persons: Andy Sieg, Lindsay Hans, Eric Schimpf, Merrill, Hans, Schimpf, Sieg, Lindsay, it's, Sieg's, Louis Diamond, Schimpf's, Hans said, AdvisorHub Organizations: Service, Merrill Wealth Management, behemoth Bank of America, Business, Merrill, Army, UBS, Schimpf, Northeast, Merrill . Bank of America, Bank of America, Customers, Bank of, First, JPMorgan Locations: Los Angeles, Coast, New York City, Nevada, First Republic, Merrill

☆ Andy Sieg is quickly shaking up Citi's wealth business. At least 11 senior execs have left since his arrival.
▼ + stars: | 2024-04-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Citi's wealth unit has seen at least 11 senior execs exit since Merrill Lynch veteran Sieg joined in September. The latest departure is David Bailin, chief investment officer for the global wealth division, who announced his departure on Monday. Sieg's mandate is to turn around the wealth business, which was barely profitable this past quarter. Sieg also plans to expand Citi's already successful wealth business in Asia. At least two other senior Asia executives have left.

Persons: Andy Sieg, Merrill Lynch, Sieg, David Bailin, Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merril Lynch, Don Plaus, Hale Behzadi, Citi David, Eduardo Martinez Campos, Keith Lee Hong, Fernando Lopez Munoz, Luigi Pigorni, Jeff Sutton, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Citi, Business, Bankers, Citi Wealth, Citi Global Wealth, North America, Eduardo Martinez Campos Head, Mark, Mark Mills Regional, Fernando Lopez Munoz Head, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Keith Lee Hong Kong, Mark Mills, Shyam Sambamurthy South Asia, America, West China, hcuccinello@businessinsider.com

☆ Citi's plan to turn its wealth business around: get 'low performing' bankers to meet expectations and push investment products
▼ + stars: | 2024-04-12 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAndy Sieg has been quick to make his mark on Citi's ailing wealth unit since taking over the business in September. Some of his efforts are paying off, such as pushing investment products for existing clients to reduce reliance on loans and deposits. AdvertisementIn late September, Citi promoted its North American investment head, Kris Bitterly, to a new role overseeing investments globally. Adding investment assets has become a bigger part of private banker bonuses, according to The Wall Street Journal.

Persons: —, Andy Sieg, Mark Mason, Mason, Jane Fraser, Fraser, Kris, Sieg, Hale Behzadi, Merrill Lynch, Don Plaus Organizations: Service, Revenue, Business, Citi, London, North, Wall Street

☆ Morgan Stanley is betting on AI to free up advisors' time to 'be more human.' Nearly 100% of advisor teams use it, and here's how.
▼ + stars: | 2024-04-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Now, he can answer those questions mid-call by asking the bank's AI chatbot, which typically takes 15 to 20 seconds. Morgan Stanley plans to expand AI projects firmwide, promoting wealth management tech head, Jeff McMillan, in March to lead the effort. It can only reference the bank's internal content, can't use metaphors or analogies, and only answers questions related to wealth management. When asked if Donald Trump would make a good president, AIMS declined to answer, McMillan demonstrated to Business Insider. AdvertisementBefore AIMS, Morgan Stanley had a product called FAST that could answer about 5,000 questions.

Persons: —, Patrick Biggs, Morgan Stanley, couldn't, Jeff McMillan, Donald Trump, McMillan, doesn't Biggs, Biggs, Morgan Stanley's, Morgan, We're, Morgan Stanley's chatbot, Dr, Seuss, Morgan Stanley McMillan, hasn't, Jed Finn, Patrick Biggs Stavros Panopoulos, Morgan Stanley Morgan Stanley's, Biggs isn't Organizations: Service, Business, OpenAI, AIMS, IBM, Morgan Locations: Cayman Islands

☆ Morgan Stanley is betting on AI to free up advisors' time to be 'more human.' Nearly 100% of advisor teams use it, and here's how.
▼ + stars: | 2024-04-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Now he can answer those questions mid-call by asking the bank's AI chatbot, which typically takes 15 to 20 seconds. Morgan Stanley plans to expand AI projects firmwide, promoting Jeff McMillan, the head of wealth-management tech, in March to lead the effort. It can reference only the bank's internal content, can't use metaphors or analogies, and answers questions related only to wealth management. When asked if Donald Trump would make a good president, AIMS declined to answer, McMillan demonstrated to Business Insider. Related storiesBefore AIMS, Morgan Stanley had a product called FAST that could answer about 5,000 questions.

Persons: Patrick Biggs, Morgan Stanley, couldn't, Jeff McMillan, Donald Trump, McMillan, doesn't Biggs, Biggs, Morgan Stanley's, Morgan, OpenAI, We're, Dr, Seuss, ChatGPT, Morgan Stanley McMillan, hasn't, Jed Finn, Patrick Biggs Stavros Panopoulos, Morgan Stanley Morgan Stanley's, Biggs isn't Organizations: Business, OpenAI, AIMS, IBM, Morgan Locations: Cayman Islands

☆ Why Wall Street's biggest wealth managers could face an avalanche of lawsuits thanks to one judge's ruling
▼ + stars: | 2024-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +10 min

The banks, in turn, make shareholders happy by reporting lower compensation costs since deferred compensation is marked as a liability. At Morgan Stanley, advisors forfeit this pay if they leave for another employer before four years of service. This ruling was used by a lawyer on another case, Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. In November, Morgan Stanley successfully fought off a class action attempt by 12 ex-Morgan Stanley advisors. Lawyers told Business Insider that the award and the ruling in Shafer v. Morgan Stanley will likely inspire more ex-advisors to sue.

Persons: —, Morgan Stanley, Morgan Stanley's, Alan Rosca, Cerulli, Rogge Dunn, Biden, Dunn, Goldman Sachs, Spencer Platt, Rosca, It's, Shafer, Judge Paul Gardephe, Meaghan VerGow, Pamela Miller, O'Melveny, Jack Edwards, Edwards, Street Former Morgan Stanley, Phil Waxelbaum, They've, you've, — Rosca, Waxelbaum, We're Organizations: Service, Wall, Business, Advisors, Biden Administration, FTC, Getty, Financial Industry Regulatory Authority, Street Former, Ajamie LLP, JPMorgan Locations: Cleveland, Dallas, New York, Shafer, Houston, Wells

☆ SoftBank's View files for bankruptcy 3 years after its SPAC. Here's how it went from investor darling to problem child.
▼ + stars: | 2024-04-03 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +1 min

Glassmaker View Inc. has filed for bankruptcy 3 years after its SPAC and is going private. SoftBank invested $1.1 billion in View, which has been dogged by cash and regulatory troubles. AdvertisementSoftBank has made headlines for prized investments that have filed for bankruptcy, including WeWork, Katerra, and genetic testing business Invitae. There's an addition to the list: View, which raised $1.1 billion from SoftBank in 2018. This story is available exclusively to Business Insider subscribers.

Persons: SoftBank, — Organizations: Service, Business Locations: SoftBank, Milpitas , California

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