It has been a while since we last saw news regarding robo-advising. Once considered to be a major fintech trend, things have calmed down quite a bit. Morgan Stanley is trying to give this venture a shot in an effort to gain trust from Millennials. This demographic has no love lost for financial institutions, that much is evident. Whether or not this robo-adviser venture can be successful, remains to be seen.
Financial institutions all over the world have to get creative. Especially when it comes to Millennials, all bets are off. This demographic has a very different mindset compared to most bankers. Catering to these people is anything but easy, nor should it be. Morgan Stanley is not giving up just yet, though. Their new robo-adviser venture should hopefully get in the in the good graces of this particular generation. Their in-house developed adviser will help users make the right financial choices.
A Robo-advisor for Morgan Stanley
It is not the first time we see robo-advisers in an effort to cater to Millennials. Banks are struggling to grasp the attention of these young people. Moreover, making these individuals invest in bank-related products and services is a big hurdle to overcome. With a robo-adviser, that should become a lot more straightforward. Anyone looking to invest $5,000 or more should pay attention to the Morgan Stanley Access Investing tool.
Morgan Stanley Wealth Management CDO Naureen Hassan comments:
“Morgan Stanley Access Investing is an opportunity for financial advisors to grow their book of business by making connections with prospects earlier and eventually establishing full service relationships when clients are ready.”
There is a bright future ahead for robo-advisors in the financial sector. It all comes down to who implements it the best. Right now, the playing field is wide open for anyone to make a lasting impact. Whether that will be Morgan Stanley or someone else, remains to be determined. Socially responsible investing is of great interest to a lot of Millennials. An interesting business option to pursue, but also a very difficult market to be successful in.
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