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 Tesla exodus continues, with the departure of a top sales Exec just adding to the string of departures from the company. Mark Spiegel, Managing Member at investment firm Stanphyl Capital, explains why investors should avoid the stock as Telsa faces another executive's departure.
Rich Greenfield, media and tech analyst at BTIG, discusses why there's no better time than right now to get in on Spotify. The streaming music platform is set to announce earnings on Thursday.
Spotify is set to report earnings on Thursday, and Rich Greenfield, Media and Tech Analyst at BTIG, tells Cheddar that now is the time to invest in the music-streaming service.
Cheddar has learned that the company's VP of Hardware has left the company after disappointing sales of its Spectacles augmented reality glasses. The devices have lost Snap $40 million.
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Facebook has suspended analytics firm Crimson Hexagon for allegedly mishandling user data. The Boston-based company has also been banned from the site for possible ties to a Kremlin-based nonprofit and the U.S. government. Deputy Tech editor at [Mashable Michael Nuñez explains why users should be concerned.](https://mashable.com/2018/07/20/facebook-suspends-crimson-hexagon/)
The electric carmaker reportedly wrote to suppliers for refunds for purchases dating back to 2016, an unusual move for the auto industry. Tesla has been struggling to ramp up production of its mass-market Model 3 car, which is crucial to helping the company turn cash flow positive. Cheddar's Tim Stenovec and Kristen Scholer break down the details.
Market research firm SuperData estimates the uber-popular game has brought in $1 billion in revenue from in-app purchases, with gamers buying add-ons purely for cosmetics. "It does not make you have a better gun, it does not give you any advantage in terms of where you land on the map, it doesn't give you any special powers," says Eli Blumenthal, digital editor at USA Today.
The superhero franchise will launch its first virtual reality video game on July 26. The game, says Bill Rosemann, executive creative director at Marvel Games, will be a fully-immersive experience. "It unleashes that fantasy, that ultimate fantasy of being the Marvel character," he tells Cheddar. "You don't just look like Captain Marvel or Captain America. You have their powers."
Dan Neil, Automotive Critic at the Wall Street Journal, got the first test drive of the high-performance version of Tesla's Model 3. He says the company has at least a five-year head start on competitors in metrics like software, batteries, and packaging.
