The Robos Are Getting Socially Responsible
Wealthfront and Betterment announced new SRI functionality.
Socially responsible investing (SRI) is one of the hottest trends in financial services, and the wealthtech companies don’t want to miss out.
The same day Morningstar announced a new sustainable investing initiative through a partnership with the Money Management Institute, Wealthfront on Tuesday introduced new SRI capabilities through its Direct Indexing feature, which lets investors with at least $100,000 own individual securities that comprise an index rather than using an index fund. Now, these users can click to remove securities related to fossil fuels, deforestation, weapons or tobacco. Wealthfront’s Direct Indexing also allows users to remove any individual security from their portfolio for any reason they wish.
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