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.”
The team became the first in the NBA to introduce GIFs for the Facebook platform. Sandro Gasparro, director of social media for the Los Angeles Clippers, told Cheddar it's not just another way to promote engagement, but can also connect fans to players on a more personal level.
Cargo, a start-up that lets rideshare drivers sell convenience store items to passengers from their vehicles, recently raised $22 million after closing an exclusive partnership with Uber. Jeff Cripe, founder and CEO of Cargo, said the deal with Uber doesn't preclude drivers from using the service if they drive for Lyft, Via, or others.
On Tuesday, Amazon announced that it will be raising its minimum wage to $15 an hour. The news comes after months of criticism and even proposed legislation spearheaded by Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA). The "Stop BEZOS" Act introduced in the Senate in September would require corporations like Amazon to contribute to the cost of social services for its employees. Khanna was sponsoring a version in the House. He said he commends Amazon CEO Jeff Bezos and believes this move will propel other corporations in the same direction.
Ripple CEO Brad Garlinghouse says he's not focused on the day to day price movements of his crypto. "XRP is the most efficient digital asset to solve a payments problem," he said.
Dave Clark, senior vice president of worldwide operations at Amazon, spoke to Cheddar from the floor of one of its fulfillment centers about the company's move to institute a $15 minimum wage and lobby the federal government to raise its wage, which has stood at $7.25 since 2009.
Ralf Reichert, CEO of ESL, sat down with Cheddar at this weekend's tournament at the Barclays Center and talked about the esports world and what he believes is needed for the enterprise to grow.
Scott Belsky, who sold his company to Adobe and is now its chief product officer, described how the maker of creative software transitioned into a cloud-based business model. The stock has outpaced the broader market over the last several years. Belsky also serves on Cheddar's board of directors.
Shares of Tesla dropped Tuesday, even though the company posted better than expected production numbers for the third quarter. Among the issues weighing on the stock: tariffs. The company said it costs as much as 60 percent more for Tesla to produce the same car a Chinese manufacturer would.
The e-commerce giant announced Tuesday it would raise the minimum wage for all employees to $15 an hour and lobby for an increase in the federal wage, which has stood at $7.25 since 2009.
Tune in at 10:50 am ET, when we speak to David Clark, Amazon's SVP of Worldwide Operations, about the news.
Olivier Rabiller, president and CEO of Honeywell spinoff Garrett Motion, told Cheddar on Monday that the company's strategy will not be to change too much. Rabiller also said that as the company heads into the electric vehicle space, he sees Tesla as a potential customer, not a competitor.
