Wells Fargo robo-adviser to target young, first-time investors

  • NEW YORK (Reuters) – Wells Fargo & Co’s wealth management business said on Tuesday it would launch its new robo-adviser Intuitive Investor later this year in a bid to develop a new revenue stream from existing Millennial customers who may be looking to open their first investment account in a crowded online market.
  • Devon McConnell, Wells Fargo Advisors’ head of digital and direct investing, said the digital advice platform, which will initially be rolled out to employees in the first half of 2017, would be marketed to Wells Fargo customers who have savings and are comfortable taking big life steps online.
  • Wells Fargo is the latest Wall Street brokerage to join the robo-adviser party following competitor Bank of America Corp, which launched its Merrill Edge Guided Investing earlier this month, and independent firm Raymond James Financial Inc, which debuted its Connected Advisor in January.
  • Wells Fargo Advisors announced last year that it was partnering with technology firm SigFig to create its digital offering, and a pilot version of Intuitive Investor will be rolled out to Wells Fargo employees in the first half of this year.
  • McConnell said Wells Fargo Advisors’ partnership with SigFig involved engineers from both firms collaborating to create software that worked with the bank’s broader systems.

Wells Fargo & Co’s wealth management business said on Tuesday it would launch its new robo-adviser Intuitive Investor later this year in a bid to develop a new revenue stream from existing Millennial customers who may be looking to open their first investment account in a crowded online market.
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