This week, the ripple effects of dropping fees in the wealth management industry, and a robo-advisor just for Asian-Americans.
The Asset Management Pressure Cooker (Bloomberg)
As money continues moving to low-fee, passively managed funds, BlackRock, Fidelity and Vanguard are seeing assets soar to new highs. But the revenue that fund managers generate per dollar is falling, putting pressure on the securities industry to rethink the way they do business.
Ex-Scottrade execs see Asian-American, Chinese market ripe for robo advice (Financial Planning)
As robo-advisors have grown in popularity, new entrants have started marketing them to specific demographics, such as Ellevest for women, and FinHabits, for Latin Americans. Now, Scottrade execs are forming a robo for the Asian-American community in LA and NY.
E*Trade is the Latest Entrant in the Online Broker Price War (Yahoo! Finance)
After remaining silent as its rivals, Schwab, TD and Fidelity slashed fees, E*Trade joined the race by dropping its trading fee from $9.99 to $6.95.