Online retailer Overstock.com forays into robo-advisory space
American online retailer Overstock.com has launched a new robo-adviser platform in collaboration with tZERO Advisors.
The new platform is available within the retailer’s FinanceHub and will charge fees of $9.95 per month.
It will offer investors exposure to various pre-established adaptive dynamic portfolios that align with their risk profile. At the same time, it will also enable investors to create tailored combination of these portfolios.
The adaptive dynamic portfolios are developed based on dynamic market factors using FusionIQ algorithms and scoring system.
Overstock founder and CEO Patrick Byrne said: “This service introduces robo-advising investment management services to our millions of customers and continues Overstock’s commitment to bridging Wall Street and e-commerce.”
“Overstock currently delivers world-class service and award-winning customer experiences to as many as 40 million unique visitors per month. They trust us with their home and, more recently, auto purchases. “We are excited about this new programme that offers our customers the opportunity to bring artificial intelligence to their financial planning.”