Ladenburg Thalmann (LTS) said Monday that it has launched $ymbil, a robo-advisor platform for clients with as little as $500 to invest. The aim is to give its 4,000 affiliated independent advisors a new way to grow their business.
“With $ymbil, we are helping advisors address the growing demand for wealth management services that harness the combined benefits of automation and human insight,” said Ladenburg COO Adam Malamed, in a statement.
Ladenburg Thalmann’s broker-dealer network includes Securities America, Triad Advisors, Investacorp, Securities Service Network and KMS Financial Services.
“$ymbil appeals to financial advisors and investors looking to maximize the benefits of technology with automated client registration, account administration, reporting and operational efficiencies,” Malamed said.
Rival Charles Schwab (SCHW) has an investment minimum of $5,000 for its robo-investing service, while Vanguard’s robo offering requires $50,000.
Betterment, a pure-play robo-investment service, has no account minimum, while competitor Wealthfront’s minimum is $500.
LPL Financial (LPLA), which has more than 14,000 affiliated independent reps, plans to roll out its robo service later this year.
“As our growth continues, advisors will benefit from an expanding suite of features and tools on the $ymbil platform that complement traditional wealth management services,” Malamed said. “This is a time of innovation in the financial services industry.”
According to the company, $ymbil uses proprietary scoring methodology to recommend portfolios in different risk categories. The portfolios include globally diversified asset allocations, which are tactically managed by Ladenburg Thalmann Asset Management (LTAM).