The sky is not falling: Robo-advisor says ‘Black Monday’ was business as usual
By Michael del Castillo
Global stock markets suffered their toughest day in years after China’s “Black Monday” triggered multiple market sell-offs. But at one New York financial technology startup with a different kind of customer, yesterday was business as usual.
“It’s sort of odd, but if I didn’t know, if I was just looking at customer statistics, I wouldn’t have known that anything was going on,” said Dan Egan, director of behavioral finance and investing at Betterment, a “robo-adviser” targeted mostly at do-it-yourself investors, not those conducting business at traditional firms.