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.”
Rob Marvin, associate editor at PCMag.com, discusses Facebook's latest data controversy that may have compromised posts of 14 million users who thought they were posting privately to family and friends. We talk about what this means for the future of the company as it recovers from its last data scandal.
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Tesla's chairman and CEO Elon Musk escaped an attempt by shareholders to strip him of one of his titles at the electric car company he founded. Aaron Cole, managing editor at Motor Authority, said Musk was expected to hold on to his chairmanship, but the shareholders meeting was still an emotional one for the Tesla boss.
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