Morgan Stanley launched a robo-advisor to target fintech’s darling demography – millennials.
The robo-advisor, which is called Morgan Stanley Access Investing, was unveiled yesterday. The online service has a 0.35% advisory and users are required to have a minimum investment of $5,000.
Morgan Stanley’s robo-advisor users can invest in mutual funds and ETFs. This is divided into seven categorized portfolios under themes like sustainability, gender diversity, wave technology, etc – categories likely to attract the targeted millennial group.
Lisa Shalett, head of investment and portfolio solutions at Morgan Stanley Wealth Management, told Finextra:
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Our analysis has shown that the next generation of high net worth individuals is looking for more than traditional portfolio allocation. By offering a diverse set of portfolios, we are enabling our clients to invest in what they believe.