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.”
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.
Wham-O, a company best known for mass-marketing iconic toys like the hula hoop and Frisbee, manufactures most of its toys in China. But only now that has chosen to branch out into e-bikes does the company anticipate feeling the sting of the ongoing trade war. "To date, it hasn't really affected us that much," Wham-O President Todd Richards told Cheddar. "Now with this new technology and this new product, we foresee a little bit of a cost impact."
These are the headlines you Need 2 Know for Friday, Feb, 15, 2019.
A Nashville councilwoman called Amazon's abrupt cancelation of plans to build a campus in New York City "disheartening" on Thursday, saying it sends a negative signal about the company's willingness to work with local officials. "It seems like the politicians up there and the local elected officials started asking tough questions, and that's what elected officials are supposed to do ー we're supposed to be stewards of the taxpayer dollars," Councilwoman Kathleen Murphy told Cheddar.
Despite tumbling shares post-earnings and the loss of a longtime executive, SurveyMonkey CEO Zander Lurie is bullish on the future, saying independence from big tech backing could prove to be an advantage in an increasingly competitive market.
Amazon's decision to pull its new HQ2 out of New York City is very bad for the city ー and a sign that the home of Wall Street is falling victim to anti-business attitudes, according to former CKE Restaurants CEO Andy Puzder. "I think it's a hit to the New York economy. New York is a big city, it's a strong city, but it used to be the home to capitalism. Now it's coming under some of these socialist policies and it's going to lose companies like Amazon ($AMZN)," Puzder told Cheddar on Thursday.
Tilt Holdings CEO Alex Coleman is bullish on U.S. cannabis ー and Tilt is positioning itself to have a presence nationwide take full advantage of the shift from medical to recreational legalization as it happens. "There's no question this will be the biggest market ー our internal numbers say probably $100 billion," Coleman told Cheddar on Thursday.
Amazon has backed out of its plan to build a second headquarters in Queens, New York. The abrupt decision shocked even those who opposed Amazon's planned expansion in Long Island City. Cheddar spoke with Jimmy Van Bramer, deputy leader of the New York City Council.
Trufan, a new platform letting brands and influencers reward their most loyal fans on social media, has attracted the attention of big names in sports and entertainment, but CEO Swish Goswami told Cheddar he's taking a "very Canadian approach" by catering to mom-and-pop shops as well.
These are the headlines you Need 2 Know for Thursday, Feb. 14, 2019.
