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Wells Fargo Lowers Minimums, Fees on Robo Platform

Wells Fargo Lowers Minimums, Fees on Robo Platform

Minimums on the platform were cut from $10,000 to $5,000, while the fee drops from 50 to 35 basis points.

Wells Fargo Advisors launched its robo advisor platform, Intuitive Investor, in 2017, with a required minimum investment of $10,000 and pricing of 50 basis points, making it one of the more expensive robos on the market. The firm announced this week that investors can now access the platform with a minimum $5,000 investment, and they’ll pay a 35 basis point annual advisory fee.

By comparison, Betterment’s premium plan, which also includes access to its team of Certified Financial Planners, has a minimum of $100,000 in assets and charges 40 basis points.

Wells Fargo’s change was aimed “to help emerging affluent clients start on their investment journey earlier,” the firm said in a statement.

The Intuitive Investor platform uses asset allocation models and ETFs selected from Wells Fargo Investment Institute’s research and portfolio management expertise. It also provides access to a call center of human advisors and integration with online banking. When it was launched, the firm had said it hoped those features would justify the extra expense.

“As digital and automated investing services evolve, we continue to enhance our platforms to attract the next generation of investors and compete with our peers,” said Joe Nadreau, head of Independent Brokerage and Platform Services at Wells Fargo Advisors. “We know our clients enjoy having access to financial advisors and ongoing account monitoring and rebalancing of their portfolios.”

In December, Wells Fargo Advisors joined the fray of brokerages offering zero-commission trades, announcing that it began offering the pricing change to self-directed investors on its online trading platform, WellsTrade.

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