TIAA, a US-based financial services provider, has launched a new online investing platform known as TIAA Personal Portfolio.

The new platform, the firm said, will offer various investment choices including active, passive, socially responsible funds. It will also offer five different risk levels, ranging from conservative to aggressive.

The passive strategy named Basic will feature low-cost index funds and ETFs, while the active strategy, dubbed Insight, will comprise funds looking to outperform the market over the long term. The Impact strategy will focus on funds meeting socially responsible investing norms.

The platform will require a minimum account balance of $5,000 and will charge 0.3% per year as advisory fee. Customers will get personalised recommendations before funding their account.

TIAA Retail Financial Services business CEO Kathie Andrade said: “With the launch of TIAA Personal Portfolio, we are expanding the reach of our personalized financial support to more people, including younger generations, and those who value working with a mission-based organization. It is a great option for customers who would simply prefer to receive advice from us digitally.”