Wells Fargo is going after first-time millennial investors with its new hybrid roboadvisor, Intuitive Investor.
The product, which will be launched in February 2018 according to the bank, was designed with a hybrid approach. While the investment account is digital, with access to investment strategies from the Wells Fargo Investment Institute, users also have the option to connect with human financial advisors.
With this product, the bank is targeting those of its customers that already have an online account with the bank, but do not currently invest with it.
About 22 million of the bank’s 72 million retail banking customers are millennials or members of Generation X (those born between 1965 and 1995), Jon Weiss, a Wells executive, told Reuters.
Only a small amount of these customers are investing with the bank, according to Wells.
Those seeking to create an account with Intuitive Investor can start with a minimum investment of $10,000, with a 0.5% annual advisory fee.1 - Reader Likes This Post