U.S. Bancorp has lowered the minimum account for Automated Investor, its digital advice offering, from $10,000 to $5,000. The bank also cut the management fee in half from 50 to 24 basis points a year.
The firm has also expanded the types of goals customers can choose from beside retirement savings. Investors can choose from multiple short- and long-term goals, such as buying a home or general investing.
Investors also have access to a financial advisor, if they choose.
“As easy as it is to use Automated Investor, even those who have grown up with technology want to talk to someone where investing is concerned,” Gailyn Johnson, chief operating officer for U.S Bank Wealth Management.
In a national survey the bank recently conducted of consumers, 83 percent of millennials indicated they wanted human help when using online services to manage their investments.