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.”
Snap may have beat revenue expectations for the second quarter, but BTIG media and tech analyst Rich Greenfield says the Snapchat maker's performance is well below where many investors thought it would be when the company went public.
MoviePass CEO Mitch Lowe told Cheddar on Wednesday that he expects to turn a profit in six to nine months, despite the fact that the company is losing tens of millions of dollars each month as it struggles to find a sustainable business model.
Gene Munster, managing partner at Loup Ventures and a long-time Tesla bull, says there's a one in three chance Musk can take Tesla private. A Tesla-leveraged buyout, Munster adds, is very achievable.
The e-commerce site Etsy is spending strategically on "performance marketing" to offer consumers a stronger connection with the site's 2 million creative sellers, says CFO Rachel Glaser.
These are the headlines you Need2Know.
Snap beat analyst expectations for revenue in the second quarter, earning $262 million. But the company's Snapchat app lost 3 million users, its first quarterly decline. The company also reported a $250 million investment from Saudi Prince Alwaleed bin Talal, a billionaire tech investor.
Galileo Russell, Founder of HyperChange TV and a bull investor on Tesla stock, believes Musk's motion to take Tesla private at $420 was a long time coming if one were to follow signs of Musk's discontent with public investors. Russell's reaction is full of excitement, but hopes he will not be forced to sell shares because he would alt to hold.
With big-money backing from nearly every major Hollywood studio, NewTV should scare the established streaming services, says Julian Roman, correspondent for MovieWeb. "It's going to be prime-quality entertainment from Hollywood's biggest producers," meant to be distributed on mobile devices, Roman says.
A 12-month moratorium on most new for-hire licenses would let the city study how the expansion of ride-hailing services affects traffic, and how the Council can ensure drivers earn a living wage, says Speaker Corey Johnson. Uber and Lyft have pushed back against rules they say would limit their growth.
After years of spreading incendiary conspiracy theories, the right-wing gadfly Alex Jones was kicked off Facebook, YouTube, Apple, and Spotify because recent lawsuits highlight the "real-life harm" of his rhetoric, says Axios media reporter Sara Fischer, and the tech platforms have established a new standard for acceptable speech online.
