Wells Fargo has reduced the annual fees for its Intuitive Investor robo-advisory service from 0.5% to 0.35% of assets under management.
At the same time, the firm also lowered the threshold for the service from $10,000 to $5,000.
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The firm said that the revision was aimed at enabling emerging affluent clients to begin their investment journey earlier.
The Intuitive Investor service, introduced in 2017, takes a hybrid approach to investing by offering access to an automated investing platform as well as a financial adviser. After determining their risk tolerance and time horizon,
Investors are segregated based on risk tolerance and placed in one of nine portfolios, designed by the bank’s investment strategy and research unit Wells Fargo Investment Institute.
Wells Fargo Advisors head of Independent Brokerage and Platform Services Joe Nadreau said: “Intuitive Investor empowers clients to affordably implement tailored investment portfolios aligned to their personal investment goals.
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By GlobalData“As digital and automated investing services evolve, we continue to enhance our platforms to attract the next generation of investors and compete with our peers. We know our clients enjoy having access to financial advisers and ongoing account monitoring and rebalancing of their portfolios.”
Wells Fargo Advisors offers investment advice via 13,512 full-service financial advisers and referrals from 5,471 licenced bankers.
At the end of December 2019, the business managed $1.7trn in client assets.
