JPMorgan Chase could introduce a pilot version of its robo-advisor service to some clients as early as March, according to a Reuters news report on Wednesday, with broader service available by mid-2018.
The company told Reuters that it planned to file required disclosures with the Securities and Exchange Commission this week and would begin testing the service this week by using a limited number of employee accounts.
It is calling the pilot program JPMorgan Digital Investing, according to Kelli Keough, head of digital wealth management, who spoke to the news organization.
Though the bank has not determined fees for its robo, it is set to offer the service to clients with less than $5,000, the news report said. “We are exploring and testing a variety of different pricing mechanisms,” Keough told Reuters.
JPMorgan, which confirmed the content of the Reuters story on Friday, is working on its program with the fintech firm InvestCloud. The two firms announced the partnership in September 2016.
The automated-investing service is part of the bank’s $300 million investment in asset management technology and automation, the Reuters report explains.