Wells Fargo has become the latest entrant in the digital wealth management sector with the upcoming launch of Intuitive Investor, the bank's new hybrid robo-adviser.
The offering combines digital access to a portfolio of ETFs designed by the Wells Fargo Investment Institute with access to human advice from a team of advisers from the firm's wealth management division, Wells Fargo Advisors.
The firm said that Intuitive Investor will offer nine different strategies based on the client's answers to a risk questionnaire and goals. Intuitive Investor requires a minimum investment of $10,000 and will charge an annual 50-basis-point advisory fee.
The new initiative will be fully launched in February 2018.
For the second quarter of 2017, Wells Fargo reported a net profit in its wealth and investment management division of $682 million, representing a year on year rise of 17 percent.