CEO and President, ALOM Technologies
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The machines are rising and the world’s biggest banks are joining the revolution.
Major financial institutions have been hustling over the past few years to catch up with robo-advisers like Betterment and Wealthfront, which use technology to help investors figure out what to do with their money. It’s an approach that millennials have found especially appealing.
It’s been just two years since JPMorgan got into the action with You Invest, run by Jed Laskowitz, global head of asset management. That puts him at the center of the adoption of the robo trend and new technologies by the world's biggest banks.
There, he made sure You Invest set the consumer-friendly tone its competitors had to follow. It lowered fees on stock trading, made options trading available, offered ETF purchases for free, and waived fees on underlying investments.
The approach is revolutionizing the industry and being viewed by Jamie Dimon as an “Amazon Prime” approach to investing.
“We do a little bit of the same by giving a lot of things away for free as part of a package,” Dimon said on an earnings call. “We look at the price of the whole package, not necessarily the products."