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July 29, 2020 at 05:22 PM
(Credit: AP)
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.
