US banking group Wells Fargo has launched a hybrid robo-adviser named Intuitive investor that combines technology with human advice to offer customers access to investment strategies at a lower cost.
Intuitive Investor offers access to strategies from the Wells Fargo Investment Institute, an option to connect to advisers of Wells Fargo Advisors, and supports single-sign-on integration with other online Wells Fargo banking services.
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Customers can access the robo-advisory tool at a minimum investment of $10,000 and an annual advisory fee of 0.5%.
However, existing customers of Wells Fargo can get a discounted 0.4% annual advisory fee, if their Intuitive Investor accounts are linked to Portfolio by Wells Fargo, a programme with premium benefits.
Wells Fargo head of wealth and investment management Jon Weiss said: “As Wells Fargo continues to innovate to deliver experiences our customers can use whenever and wherever they want, the Intuitive Investor offering fills their needs while also preserving the advantages that come with having access to one of the largest investment firms.”
Wells Fargo Advisors head of digital and automated investing Eddie Queen added: “The Intuitive Investor offering delivers a compelling experience that combines the convenience of digital investing with access to experienced financial advisors. We look forward to nurturing these new client relationships and growing with them as their long-term needs evolve.”
