Robo-advisers are on the march in wealth management
The launch of Wells Fargo hybrid robo-adviser for wealth management clients is part of an ongoing march into this space.
Wells Fargo’s hybrid robo-adviser is named Intuitive investor and 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.
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.
Meanwhile, Dutch banking giant ABN AMRO has said that it is preparing to shortly launch its digital wealth management platform Prospery in Germany.
The platform will offer customers wealth and investment management through a digital platform combined with a personal financial expert.
The service will be offered at a unique fixed flat rate, the company said.
Collaboration is the way forward for private banks and wealth managers on robo-advisory opportunities.