The latest headlines on the impact of technology on the wealth management industry.
Fintech News
Merrill Systems Hiccuped on Thursday as Stocks Slid
Advisors were unable to wire funds or take notes on client accounts while self-directed clients had trouble trading.
‘The Rock’ Invests in Finance App Acorns, and New Users Get $7
Dwayne “The Rock” Johnson and his business partner Dany Garcia are making a investment in digital personal-finance service Acorns — which will give each new user a $7 credit, a symbolic reference to when he was a struggling athlete and the amount of money he had left in his pocket.
High-Frequency Traders Love Business With Robinhood
No one is welcoming the new army of Robinhood day-traders into the stock market more warmly than high-frequency trading firms.
Jay Z, Charles Schwab-Backed Ethereum App Opens Doors to Public
The behind-the-scenes blockchain startup Alchemy, which powers 70% of the top applications on Ethereum, is stepping into the public eye as it opens its services to any company or developer looking for tools to build smart contract-based projects.
Goldman Says Pandemic Is Giving a Boost to Digital Banking
The coronavirus pandemic is accelerating a move by consumers toward online financial services and demonstrating that banks can operate with fewer physical branches, a Goldman Sachs Group Inc. executive said.
Robinhood Is Democratizing Markets, Not Disrupting Them: Nir Kaissar
The narrative borrows from a Wall Street saw that ordinary investors are fools not fit to handle their own money, a caricature that has long been used to exclude them from markets.
Banks Say They’re Gaining Against Fintechs During Pandemic
Fintech startups chipped away at U.S. banks’ customer base for years, in everything from wealth management to consumer lending and beyond. Now banks says they’re taking some market share back.
Bank of America’s AI Robot Learns 60,000 Ways to Talk About the Coronavirus
The artificial-intelligence program has come to recognize 60,000 coronavirus-related terms as customers seek to manage their cash flow, increase savings and watch their spending during the pandemic.
Robinhood Fixed Issue That Displayed Incorrect Portfolio Values
Robinhood Financial said Wednesday that it fixed an issue that had some users asking why their portfolios were displaying incorrect values.
Bitcoin’s Bounce Back Over $9,000 Masks a Potential Downtrend
Bitcoin’s trading above $9,000 once again, but technical indicators suggest the largest cryptocurrency is stuck in a funk.
Thiel-Backed Firm Helps Ultra-Wealthy Trade Hedge Fund Holdings
Addepar Inc., a Silicon Valley firm whose clients handle almost $2 trillion of wealth-management assets, created a way to more easily trade investments in hedge funds and private equity funds.
