Wells Fargo launches robo-advisor hybrid service

Nov 7th, 2017 | By | Category: ETF and Index News

Wells Fargo has announced the launch of Intuitive Investor, a hybrid online offering that provides new and emerging investors with a robo-advisor service for investing in a managed portfolio of ETFs, with the additional option to speak to human investment advisors.

Wells Fargo launches robo-advisor hybrid service

The technology uses just eight questions to fit investors into one of nine risk-return profiles with a corresponding portfolio.

Jon Weiss, head of Wealth and Investment Management at Wells Fargo, commented: “Significant advances in technology, changing consumer preferences and evolving demographics inspired us to provide this new, compelling investment experience for our clients. As Wells Fargo continues to innovate to deliver experiences our customer can use whenever and wherever they want, the Intuitive Investor offering fills their needs while also preserving the advantages that come with having access to one of the largest investment firms.”

Aimed squarely at younger investors, the platform combines digital access to nine portfolios, built using ETFs, designed by the Wells Fargo Investment Institute to represent the full risk-return spectrum. New customers need to answer eight questions related to their investment needs and risk tolerance to be automatically allocated a fully managed portfolio. The portfolios range from conservative income (10% equity, 87% fixed income) to aggressive growth (91% equity, 7% fixed income).

Investors also have the option to speak to financial advisors from Wells Fargo Advisors on the phone. Investors must have a minimum of £10,000 to invest and fees are set at 0.50% annually.

Eddie Queen, head of digital and automated investing at Wells Fargo, commented: “Technology enables us to address the investing needs of millions of next-generation Wells Fargo customers – many of whom are digitally savvy and seek convenient advice. The Intuitive Investor offering delivers a compelling experience that combines the convenience of digital investing with the access to experienced financial advisors. We look forward to nurturing these new client relationships and growing with them as their long-term needs evolve.”

The launch of the hybrid investor platform comes after another major US player, Charles Schwab, announced a service that combines a similar mix of robo and human investment advice in March this year (see: Charles Schwab launches robo-advisor with human element).

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