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.”
Facebook CEO Mark Zuckerberg testified on Capitol Hill Tuesday about the massive data scandal at the social media giant. Rep. Diana DeGette (D-CO) shares her reaction, and what she plans to ask Zuckerberg when he speaks to the House of Representatives Wednesday.
During both of Facebook CEO Mark Zuckerberg's testimonies on the Cambridge Analytica scandal, lawmakers hinted at the potential for basing regulation off European laws. But the First Amendment might make that difficult, says the New Yorker's Andrew Marantz.
Facebook CEO Mark Zuckerberg returns to Capitol Hill for a second day of questioning. Today, Zuckerberg testifies before the House Committee on Energy and Commerce. Ahead of the hearing, we spoke to Congressman Debbie Dingell (D-MI) about what she wants to hear from the Facebook CEO. Dingell is concerned about the privacy of Americans who use the social networking site and speculates about what a regulated Facebook would look like.
In other Washington news, House Speaker Paul Ryan (R-WI) announced today that he will not seek re-election this November. Ryan held a press conference to elaborate on his decision. He said he thinks he's done his part and looks forward to spending more time with his family.
Also, Joanna Coles stops by to talk about her new book, "Love Rules." She says her book can help readers find real love in the age of Tinder and Bumble. Coales, who sits on the board of directors for Snap, discusses what it's like to be a woman on the board of a Silicon Valley tech giant.
Approximately 5 million people buy fake tickets every year from unofficial sources. Ticketmaster and the NFL want to combat that problem with a new digital ecosystem, says Greg Economou, Head of Sports for Ticketmaster North America.
The Congresswoman admitted that changes won't come in time for the midterm elections in November. But the question is no longer whether social media be regulated but what that regulation should look like, says Dingell. She says European laws serve as good models. Facebook CEO Mark Zuckerberg faces a House committee Wednesday for a second round of questioning on the Cambridge Analytica scandal.
Congresswoman Diana DeGette, who is on the House committee that will question Mark Zuckerberg tomorrow, says perhaps harsher penalties will force companies to do more before breaches occur.
When women have more money, they tend to put more of it back into their communities, families, and non-profits, says Sallie Krawcheck, CEO and Co-founder of Ellevest, a female-focused investment platform. "Try to think about something that's good for women and bad for men. It's very hard to."
Democrats have already signaled that they're going to focus more on election interference and be "a little bit more aggressive than Republicans" during Mark Zuckerberg's testimonies this week, says Ali Breland, technology and politics reporter at The Hill. The Facebook CEO will appear before Congress Tuesday and Wednesday to face questions about the Cambridge Analytica scandal.
The Facebook CEO's hearings on Capitol Hill will likely dominate headlines for days. If those stories focus more on the new initiatives that the social network has recently rolled out, rather than the data scandal itself, "that would be a big win," says Aaron Pressman, Senior Technology Reporter at Fortune Magazine.
Washington won't easily forgive Facebook for sending a "low-level" deputy to testify when Congress first wanted answers about Russia's role in the 2016 election. And legislators are likely to take out their frustration on the CEO when he appears before them next week, says Ken Gude, Senior Fellow at the Center for American Progress.
