As zero-commission trading and stock-trading apps like Robinhood continue to grow in popularity, Fidelity on Wednesday updated its Fidelity Go robo-advisory fees and introduced the Fidelity Spire mobile app.
Starting Saturday, pricing for Fidelity Go, the robo-advisor service launched in 2016, will be $3 per month for investors with balances between $10,000 and $50,000. Those with balances under $10,000 will not be charged an advisory fee, while clients with balances of $50,000 and up will be charged a 0.35% advisory fee, as all clients are currently.
In comparison, rival Schwab’s robo offering, Schwab Intelligent Portfolios, has no advisory fee. Its subscription-based digital investing program, Schwab Intelligent Portfolios Premium, costs $30 a month, and comes with unlimited access to certified financial planners in addition to robo advice.
Fidelity also offers a hybrid robo service, Fidelity Personal Planning & Advice. That service has a $25,000 minimum, a 0.50% advisory fee and “provides unlimited coaching sessions with a dedicated team of advisors, and the ability to plan for multiple goals,” a spokesperson said.
New Mobile App
Fidelity’s Spire app is free to download on Android and Apple iOS mobile devices and offers access to a robo-advisor with zero-commission trading and no account fees, account minimums or investment minimums, the firm said.
The app aims to “help young adults achieve their financial goals,” according to Fidelity, and to “inspire young adults to stay focused, motivated and informed when making money decisions by enabling users to plan, save and invest more easily for short- and long-term goals.”
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