LPL has increased their technology spending from $38 million in 2011 to $77 million in 2016; tech executives from the firm say that when it comes to wealth management, innovation firms, like Acorns, are better concepts for inspiration than for instance Betterment; company believes that micro transactions for savings are an important part of the younger generation's experience and the company is taking a generational approach to products to offer a customized product for each type of client; LPL is launching their new robot advice platform, Guided Wealth, this month. Source

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Fintech News Roundup USA

·Mar. 20, 2020

Luvleen Sidhu, CEO of BankMobile, Has Big Growth Plans

Luvleen Sidhu took over as CEO of BankMobile in January after serving as president and chief strategy officer; their strategy...

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Fintech News Roundup USA

·Mar. 27, 2019

Lyft Looks to Help Drivers by Offering Bank Accounts

Lyft has announced a set of tools to better serve their drivers; the incentives include bank accounts, debit cards as...

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Fintech News Roundup USA

·Jan. 16, 2018

M1 Finance Dealing with Backlash from Robo Advisory Peers

Investing startup M1 Finance decided in December that charging 25 to 40 basis points was not working, so it decided to allow users to use their platform for free; since shifting to the free model the company has seen more than $1mn a day come onto the platform; rival robo advisors like Betterment and Wealthfront think the move is an act of desperation, though both companies offer or have offered some version free services; CEO of M1 Brian Barnes tells Business Insider, “M1 is very limiting from a trading perspective but it is a phenomenal tool for building a portfolio for the investments you want." Source.

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Fintech News Roundup USA

·Mar. 9, 2018

M1 Finance Makes Big Bet on No Fees for Assets Under Management

Digital investment startup M1 Finance drooped their assets under management fees to zero in December; the company plans to make money through back end services and charges fees fopr paper statements, wire transfers and transferring to another brokerage; “It’s taking a similar approach to how the rest of financial services works,” CEO Brian Barnes said to TearSheet. “Banks make money on cash, assets, transaction revenue and the ability to cross sell — the more users, the more assets, and the more money M1 will make.”; the company current holds more than $100mn assets under management. Source.

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Fintech News Roundup USA

·Feb. 27, 2020

M1 Finance Surpasses $1 Billion Under Management

M1 is a unique company in the investment space, letting users open an investment account, checking account, debit card or...

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Fintech News Roundup USA

·Aug. 21, 2017

Machine Learning and Amazon’s Alexa for Financial Advice

Amazon has a number of clients using Alexa for financial advice and solutions architect Felix Candelario says, "Natural language processing is the new rocket science."; clients include UBS, LPL, Fidelity, Capital One and Betterment; overall, machine learning innovation is providing for new technology solutions and pairing it with voice automated interactions adds a new element of service for customers. Source

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