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 SVMK, otherwise known as SurveyMonkey, opened at $18.75, well above the original IPO price of $12.
SVMK, the parent of the online polling company SurveyMonkey ($SVMK), will begin trading as a public company Wednesday, looking to ride the wave of strong tech IPOs from the likes of Eventbrite, Farfetch, and Sonos.
Fintech firms' grand promise had been to unbundle services like checking, savings, lending, and wealth management. But as the big banks adapted to the ever-changing market, start-ups like Simple are now rebundling again. CEO Dickson Chu confirmed to Cheddar that the company, which was acquired by BBVA Compass in 2014, began offering personal loans up to $40,000 through a partnership with online lending company Prosper.
Adolphus Busch V is coming off the launch of ABV Cannabis, a marijuana start-up that operates in Colorado and sells disposable vape pens filled with cannabis oil. Next, Busch says he is looking to bring pre-rolled joints to market. He plans to brand the company as a healthy alternative to the product that made his family unimaginably wealthy.
Nearly all of cyclists who die in accidents weren't wearing helmets. Park & Diamond wants to change that. The start-up, which won the Red Bull Launchpad, is building a bike helmet that looks and feels like a regular baseball cap. Co-founders David Hall and Jordan Klein said the helmet is collapsible and light and made of a composite material that makes it as safe as a normal helmet.
Kimbal Musk, Tesla board member and brother of CEO Elon, told Cheddar, "If you have a Model 3 and you'd like it delivered, we can probably get done for you by the end of the week. If we haven't reached out to you, reach out to us."
Mark Cummins, CEO of Pointy, shares his advice for young entrepreneurs in our 'What Keeps You Going' segment.
These are the headlines you Need 2 Know.
Kevin Systrom and Mike Krieger, who launched the photo-sharing app in 2010, have resigned and will leave the company in the coming weeks, according to the New York Times. The news is the latest blow for Facebook, which bought Instagram in 2012 for $1 billion. The app has been a bright point for the company, with a billion monthly active users as of June.
Tune in to Cheddar Tuesday morning for the latest.
Mezu is joining the growing list of money-transfer apps by staking out a niche for privacy-conscious consumers. CEO Yuval Brisker said Mezu's selling point is the ability to transfer money without the use of personal information, like email or phone numbers.
