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.”
Shares of the EV maker fell by more than 14 percent, their biggest one-day drop since January 2012. The sell-off was prompted by Thursday's fraud charges filed by the SEC against CEO Elon Musk.
Shares of Tesla dropped after hours Thursday after the Securities and Exchange Commission filed a [lawsuit] (https://www.scribd.com/document/389617044/SEC-vs-MUSK#from_embed) against CEO Elon Musk in federal court, alleging that the billionaire founder committed securities fraud when he tweeted about taking the company private with "funding secured" on Aug. 7. In the complaint, the SEC seeks to bar Musk from being an officer of a public company.
In the age of fake news and privacy concerns, people are asking if Big Tech needs more regulations, specifically from the federal government. John Chambers, former CEO and executive chairman of Cisco, said if Big Tech doesn't implement its own internal regulations, the government can ー and should ー step in.
Compound has raised $8 million in funding for its newest venture, money markets for Ethereum assets which allow investors to earn interest on their cryptocurrency. Robert Leshner, founder and CEO of Compound, said this is new technology for cryptocurrency lending markets.
Facebook announced its newest VR headset that will ship next year. "Oculus Quest" offers users the same virtual experience, but now users are able to move more freely while wearing the headset. Andrew Bosworth, VP of VR/AR at Facebook, said this is the next step in better connecting people around the world.
Sonny Perdue, U.S. Secretary of Agriculture, said American farmers understand the need for tariffs on Chinese imports, even if they might feel some short-term pain. After President Trump imposed tariffs on China, American farmers began to feel the effects. China is the largest importer of American soybeans and that revenue stream has now been cut off. The federal government pledged $12 billion as temporary relief for farmers affected by Trump's tariffs.
Bumped is a new app that tracks how much its users spend on products from publicly traded companies and rewards them with shares of those same companies' stock. David Nelsen, CEO and founder of Bumped, said in the world of consumer rewards, this is uncharted territory.
Polestar 1, Volvo's newest electric performance brand, has made its way to the U.S. Thomas Ingenlath, the CEO of Polestar, said the car should have the longest "pure electric" range on the market.
The e-scooter boom has led to two fatalities ー both on Lime products ー the first documented deaths since scooters charged into the public square earlier this year. Emily Warren, senior director of policy and public affairs at Lime, said in order for e-scooters to become integrated into everyday transportation, there needs to be infrastructure put in place to keep scooter riders safe.
In an exclusive interview with Cheddar as part of the debut of Cheddar Rides, MTA Managing Director Ronnie Hakim outlined the plan to keep the 225,000 people who commute between North Brooklyn and Manhattan via the L train moving.
