TD Ameritrade introduced its Essential Portfolios robo-advisory service in a “soft launch” on Tuesday, according to the firm’s press release.
The firm, which recently announced its acquisition of Scottrade, expects to offer the automated advisory service nationally in early 2017.
The new fully digital service builds on TD Ameritrade’s existing Amerivest Management Portfolios, a hybrid service model that combines automated investing with human support.
“Today’s investors want more choices for investment advice. Some want that guidance to come from a human, partnered with digital platform, while others might prefer an all-human or all-digital approach,” said Tom Bradley, president of retail distribution at TD Ameritrade in a statement.
(Related: TD Ameritrade-Scottrade Deal a ‘Brillant Play’ in RIA Space: Analyst)
Essential Portfolios “leverages Amerivest’s existing technology to create an all-digital version for the more value-conscious investor,” said Bradley.