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.”
Tesla's CEO tweeted out the number of people he claims have already put down money for a reserved spot in line for when the electric pickup truck rolls off the line.
The digital banking startup MoneyLion has appointed Samantha Roady to the newly-created role of chief operating officer as the startup looks to grow its product suite, membership offerings and customer base over the next year.
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.
These are the headlines you Need 2 Know.
TRM Labs, the year-old crypto risk management startup, is planning to use its newly raised $4.2 million to grow its engineering and data science teams locally, expand into new markets, and accelerate product development, Esteban Castaño, co-founder and CEO of TRM Labs, told Cheddar Thursday.
Charles Schwab is reportedly planning a $26 billion purchase of TD Ameritrade in an unsurprising response to the industry's tectonic shift to zero-commission trading fees.
Volkswagen gets its first chance to show off its new electric vehicle, the ID. Space Vizzion, even as the California government boycotts the show over some automakers siding with the White House in a fight over emissions standards.
For PayPal, whose customers comprise both consumers and merchants, this deal for Honey, the browser extension that scours the internet for coupons, helps the company move up the funnel to discovery.
Part of the updates includes testing “publisher white lists,” which will allow brands to select which accounts that their ads are approved to run on. It also includes centralized ways to create publisher blocklists, set ad inventory filters, and get reports.
These are the headlines you Need 2 Know for Wednesday, November 20, 2019.
