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.”
Jeff Weiner will become executive chairman after 11 years as CEO of the Microsoft-owned business. Ryan Roslansky, senior vice president of product, will become CEO as of June 1.
Adjusted for one-time items, earnings came to $1.53 per share. Analysts polled by FactSet expected earnings of $1.46. Revenue rose 36% to $20.9 billion. Wall Street expected revenue of $20.7 billion. Disney shares rose 1.2% in after-hours trading to $146.50.
Technology companies and banks led a broad rally for U.S. stocks in midday trading Tuesday following solid gains overseas. China took more steps to soften the financial blow of the virus outbreak and its main stock index rose following a plunge a day earlier.
Kabbage is getting into small business payments hoping that it will help the company be a better underwriter in its funding business — the inverse strategy of payments companies like PayPal, Square, and Stripe.
Google parent company Alphabet released its first earnings report since Sundar Pichai took over as CEO in December when founders Larry Page and Sergey Brin stepped down from their management roles.
DirecTV's Spaceway-1 satellite is launching itself into a band of space junk called the graveyard orbit. The emergency measure became necessary after an unexplained battery malfunction in December put it in jeopardy of exploding.
Technology companies led U.S. stocks higher in early trading Monday as global markets mostly calmed down following a sharp sell-off last week over worries about the spreading virus outbreak that began in China.
In this age of personalization, information is collected from your online movements whether you’re aware of it or not. If you feel a bit eerie about it, you’re not alone.
With Roku set to possibly lose Fox channel by the end of Friday, Cheddar looks into alternate ways owners can still watch the Super Bowl on Sunday.
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.
