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.”
These are the headlines you Need 2 Know for Wednesday Feb. 13, 2019.
As technology and social media exacerbate the spread of misinformation, much of the burden is on individuals to keep themselves informed, said Shiv Singh, author of "Savvy: Navigating Fake Companies, Fake Leaders and Fake News in the Post-Trust Era."
What does it mean to trust something -- or someone? A new book looks at trust and how it's eroding because of our current culture. Shiv Singh, co-author of "Savvy," talked to Cheddar about how the problem has developed and how it's impacting our daily lives.
The theme of Bill and Melinda Gates' annual letter for 2019 is "surprise." The letter, released Tuesday, acts as a roadmap for how the Gates Foundation plans to invest in technology that will help make the world a better place in the years to come. And, as Melinda Gates told Cheddar in an interview, it starts with poop.
The star-studded Golden State Warriors is adding another flashy name to its team: Google. The NBA defending champions and the Chase Center just formed a new partnership with Google Cloud to create a high-tech sports and entertainment area. The Warriors' Chief Revenue Officer Brandon Schneider joined Cheddar to discuss the partnership.
Swedish startup Amuse looking to re-invent the record label through machine learning. The company, the world's first mobile record company, just launched a new feature called 'Fast Forward' that uses data to predict and pay artists for their future royalties. "We allow artists around the world to use our digital distribution service," explained Co-Founder and CEO Diego Farias. "They upload the music to us, we deliver it to Apple, Spotify, etc. Whatever earnings they get they keep, so 100 percent of what they make."
Ted Christie recently took over the chief executive role at Spirit Airlines, and said the airline's ultra-low fares are driving "really, really high" demand. Because Spirit crams more seats onto its planes, that means it can also better defray the cost of oil when prices spike, he said.
Video game development platform Unity Technologies is gearing up to go public, according to people familiar with the matter. The company, which was valued at a little more than $3 billion as of its last funding round in June 2018, is aiming to do its initial public offering during the first half of 2020 ー provided that market conditions are favorable, a source told Cheddar.
Mark Zuckerberg has both a champion and a critic in Roger McNamee.For some of the formative years in the Facebook CEO's early career, the famed investor served as a mentor. For the past few, McNamee has been a thorn in Zuckerberg’s side. McNamee has said he’s spoken out so strongly against Facebook because he feels "guilty" about the monster he helped to create, and wants to do everything he can to tame it. But he has never called for him to step down. Through McNamee's rose-tinted glasses, with the right mix of moral decision-making and regulation, Facebook can and will finish on the right side of history.
