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.”
Square received conditional approval from the Federal Deposit Insurance Corporation (FDIC) late Wednesday to launch an independent bank focused on providing loans to small businesses – at a time when they’ll surely need them most.
The bank will continue to pay branch employees for their regularly scheduled hours even if they are affected by reduced hours, branch closures, or asked to stay home, the letter said. It is also giving branch employees two additional paid vacation days.
Square is making a supportive gesture to business customers going through financial pain due to the effects of social distancing in the time of COVID-19.
These are the headlines you Need 2 Know for Wednesday, March 18, 2020.
These are the headlines you Need 2 Know for Tuesday, March 17, 2020.
The Small Business Grants Program, revealed in a blog post on Tuesday morning, was created to keep workers working, help with rent costs, connect with more customers, cover operational costs. (Photo by Joe Raedle/Getty Images)
Lisa Callahan, the vice president of programs, told Cheddar about the Orion spacecraft set to aid the NASA Artemis project achieve its goals of returning to the moon and using it as a jumping-off point for a manned Mars mission.
These are the headlines you Need 2 Know for Monday, March 16, 2020.
Bitcoin is currently trading at $5,364, about 40 percent up from a low of $3,858 late Thursday night – the lowest since May 2019.
Matt Desch, Iridium Communications' CEO, spoke to Cheddar from the Satellite 2020 conference in DC, a day before the event was cut short when the city declared a state of emergency.
