Wells Fargo has finally launched its robo-advisory service, which the bank had initially planned to introduce at the beginning of this year.
Its Intuitive Investor hybrid product combines digital access to strategies from the Wells Fargo Investment Institute with the option of also consulting by phone with advisors from its financial services division, Wells Fargo Advisors.
Clients with a minimum of $10,000 can access the service for a fee of 50 basis points (40 basis points for existing clients who have $25,000 in deposits or $50,000 in combined banking, brokerage and credit assets at the bank via a link to the bank’s Portfolio by Wells Fargo relationship program).
(Related: Vanguard Is Way Ahead in the Robo Race)
The Wells Fargo robo offering is “designed to meet today’s younger investors where they are — online,” said Jon Weiss, the head of Wealth and Investment Management, in a Q&A published on the bank’s website. “It delivers what they want — a convenient, low-cost way to participate in the markets and pursue wealth over time.”