A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
Wells Fargo Inc on Monday launched a new robo-adviser to give first-time investors a low-cost option to invest, joining other financial firms in the hunt for tech-savvy customers looking to enter the markets.
The robo-adviser, ‘Intuitive Investor’, works with Wells Fargo’s online banking services and also gives users access to the Wall Street bank’s market research and financial advisers.
“Technology enables us to address the investing needs of millions of next-generation Wells Fargo customers – many of whom are digitally savvy and seek convenient advice,” said Eddie Queen, head of digital and automated investing at Wells Fargo Advisors.
The Intuitive Investor allows users to start with a minimum $10,000 investment, at half a percent annual advisory fee. Existing customers will be offered a discount.
Wells Fargo is the latest Wall Street brokerage to join the robo-adviser party.
Bank of America Corp launched its Merrill Edge Guided Investing earlier this year and independent firm Raymond James Financial Inc debuted its Connected Advisor in January.
Wells's move comes as it looks to move on from a 2016 scandal in which employees, in order to meet sales targets, were accused of opening as many as 3.5 million deposit and credit card accounts without customers' permission.