The Charles Schwab Corporation (Schwab) is set to launch its new automated investment advisory service, Schwab Intelligent Portfolios, to retail investors in the first quarter of next year.
The new service will enable investors to open individual, joint, IRA, and revocable living trust accounts at $5,000, that will provide automated portfolios and a streamlined client experience for more convenience.
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The service will offer investors diversified portfolios using Schwab and third party low-cost ETFs.
It will also offer access to about 20 globally diversified asset classes such as equities, fixed income etc. across U.S., international and emerging markets, as well as an FDIC-insured cash allocation.
Further it will enable technology-based daily portfolio monitoring and automatic rebalancing, automated tax loss harvesting for free for portfolios starting at $50,000, and help automatically fund accounts on a recurring basis.
Walt Bettinger, Schwab president and CEO, said, "The service alters the investing landscape by combining innovative technology with proven approaches to advice and the support that only people can provide, all without charging program management fees, advice fees, or commissions, while using low cost exchange traded funds."
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