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.”
Robinhood, the popular single-stock trading app, now allows users to invest in fractions of stocks or funds. The new feature, launched Thursday, is the next step for the fintech unicorn in becoming “the best place for first time and new investors,” Abhishek Fatehpuria, a product manager, told Cheddar.
Wayv seeks to provide an Amazon-like, end-to-end service that includes financing, wholesale, and logistics for cannabis retailers, growers, manufacturers, and distributors.
An FAA analysis after the first crash of a Boeing 737 Max predicted there would be more disasters without a fix of critical automated flight-control system. Safety officials estimated there could be 15 more crashes of the Max over the next few decades. Yet the Federal Aviation Administration did not ground the plane until a second deadly crash five months later.
Google's 'Year in Search' report is out, and it shows what we've all been looking for in 2019.
The Recording Academy recently named Grammy award-winning singer-songwriter Jason Mraz as its District Advocate Ambassador. Mraz told Cheddar that it's currently "the wild west in music."
The New York State Department of Financial Services has proposed new guidance for licensed cryptocurrency firms that would make it easier for them to add new coins to their offerings, Superintendent Linda Lacewell announced Wednesday.
These are the headlines you Need 2 Know for Wednesday, December 11, 2019.
The flight marked a new milestone in the international partnership between Harbour Air, a seaplane airline, and magniX, an Australian firm developing electric propulsion systems.
Hawaiian Electric is committing to clean energy by working to achieve 100 percent renewable energy by 2045. In this episode of Slice, Connie Lau, President and CEO of Hawaiian Electric, talks with the New York Stock Exchange VP of Listings and Services Chris Taylor about how the company will achieve this goal.
It's been a quiet start to December for Bitcoin, which has held steady around the $7,500 mark. Bitcoin developer Jimmy Song joined Cheddar to discuss his outlook for bitcoin heading into 2020.
