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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Bankers are now facing their Uber moment

#Banks now facing their Uber moment  #Blockchain cometh ! #bitcoin #ethereum #BTC

  • For lack of any obvious alternative, we still overwhelmingly entrust the big banks with our money.
  • Over the years, the big banks have been subjected to any number of competition investigations, and little good have any of them done.
  • As things stand, all banks look the same, which is why there is so little switching, and why even when banks are broken up it makes little difference to the customer experience.
  • Blockchain, the technology behind Bitcoin, is just one of a number of technologies promising to transform the face of finance
  • Buried in the report was something potentially revolutionary – that banks be required to implement so-called “open banking application program interfaces”.

Read the full article, click here.


@MarkTOByrne: “#Banks now facing their Uber moment #Blockchain cometh ! #bitcoin #ethereum #BTC”


Bankers are a resilient lot. They survived the financial crisis, and they’ve largely survived the subsequent regulatory crackdown. More remarkably still, they have so far survived a digital transformation which has upended many other service industries, from retail to media, music and taxi-hailing.


Bankers are now facing their Uber moment