Morgan Stanley is getting into the “robo-advice” business, where software manages funds instead of people. The service, Access Investing, is aimed at younger investors, and helps them put their money with the businesses they’re most interested in.
“Forty percent of our clients have chosen to invest in a theme, and the most popular ones [are] robotics and artificial intelligence,” Naureen Hassan, Chief Digital Officer for Wealth Management at Morgan Stanley, told Cheddar.
The financial firm rolled out its Access Investing division, which focuses on advising clients online, in December. Hassan says that her team has seen a lot of engagement with from people 45 and under.
Robo-advisers, or digital investment portfolios, are not very new. The field has competitors, such as Betterment or Wealthfront, that have been making strides in the sector.
But Morgan Stanley says it’s betting on its legacy to differentiate itself in the industry.
“We think it’s the Morgan Stanley investing expertise that really differentiates it,” Hassan said. “That’s why we are offering clients choice, it just isn’t only a passive portfolio, we believe in a mix of assets.”
More than a decade after the term was coined by columnist Thomas Friedman in the New York Times, there is a Green New Deal proposal in Congress. Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Ed Markey (D-MA) have proposed a formal resolution that would frame climate change, economic sustainability and social justice together under a unifying theme, calling for a Depression-era national mobilization similar to FDR's New Deal, and serving as a litmus test for Democratic presidential candidates going forward.
Dave Hickey, president of diagnostics at BD Veritor, talked to Cheddar about Becton Dickinson's newly approved testing product and the need for widespread availability.
TikTok says it will stop operations in Hong Kong after the city enacted a sweeping national security law last week.
Zumba transitions to online courses as the coronavirus pandemic continues upend industries. Alberto Perlman, Zumba CEO, talks programs targeting families and content the company offers online.
The Supreme Court has upheld a 1991 law that bars robocalls to cellphones.
Uber finally got its food delivery company, acquiring Postmates in a $2.65 billion all-stock deal, the ride-hailing giant has confirmed.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Lemonade Insurance makes its public trading debut as its shares doubled in price. Co-founder and CEO Daniel Schreiber, talks company success in non-traditional online insurance business and becoming profitable after going public.
As audiences move away from traditional TV, digital media made its pitch for advertising dollars at the 2020 NewFronts.
Oura CEO, Harpreet Singh, talks development of a wearable ring that detects symptoms of COVID-19 and partnership with the NBA as the league heads to Orlando to restart game play.
